The proposed prohibition of the provision of binary options services from within Israel has come a step closer to realization. A draft legislation passed the country legislature’s Reforms Committee by an unanimously positive vote yesterday.
Binary options and gambling are positioned as two very similar activities under the new legislative piece. During a Monday discussion preceding the vote on the bill, representatives for the Israel Securities Authority said that the provision of binary options services from within Israel is unacceptable and that lawmakers should make no compromise and ban the activity.
Here it is important to note that if and when the bill is enacted, it will only prohibit the provision of the services and not the development and distribution of binary options software.
However, lawmakers have repeatedly pointed out that the line previously drawn between production and provision has gradually disappeared, hence the necessity for new regulations. (READ SO: ISRAEL AND THE REGULATIONS WITH BITCOINS)
Police officers shared the general opinion that the actual issue was the fact that software companies have been transforming their business models to eventually become brokers. It was also pointed out during the Monday discussion that players transferring from online gambling to binary options had been what had spurred the above-mentioned trend of suppliers turning into brokers.
They also pointed out that the case is similar with gambling activities and that the proposed binary options ban actually does not come as anything new.
Technology providers will thus be forced to either change their business model in a manner that abides by local laws or to leave the country and find a refuge where they would be able to retain their combined operations.
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The third Ethical Gambling Forum on the lovely Sunborn in Gibraltar.
“Hear from an excellent array of speakers about Safer Gambling & ESG. Our range of experts includes C-Level Executives, Safer Gambling teams, HR officers and a range of experts from many fields across the many subject areas. Get practical advice, case studies and the chance to share your views on the big questions!” This was the campaign with which Gibraltar promoted the event.
Gibraltar's Minister for Justice, Trade and Industry, Nigel Feetham, gave the opening speech at the Ethical Gambling Forum 2024, highlighting the importance of ethical practices within the gaming sector. In his speech, Feetham emphasized the need for responsible behavior by the regulated sectors (both financial services and gaming) in Gibraltar, which is crucial to maintaining the Rock's reputation and fostering economic growth.
The highlights of his speech were as follows:
It is a very important sector for Gibraltar and is highly valued.
The importance of gaming companies contributing financially to Gibraltar, acting responsibly and maintaining the good reputation of the jurisdiction.
Government support for regulated businesses to expand into international markets (not just the UK) to strengthen economic resilience.
The responsibility of authorized operators to comply with various laws and regulations, including tax and labor regulations.
The emphasis on public benefits derived from taxes [that levy the sector], such as financing education, health, and social services.
A call for a joined-up approach to regulation, focusing on economic contribution, compliance mindset and social commitment.
The importance of trust between the government and the business community, with a strong emphasis on integrity and compliance with ethical issues.
The Minister's support for responsible gaming initiatives, including the University of Gibraltar's Center of Excellence for Responsible Gaming.
In a press release on Friday, the Netherlands Fiscal Information and Investigation Service (FIOD) revealed that it arrested a 26-year-old male on April 29 on suspicion of money laundering, embezzlement, and fraud.
The authorities searched the Dutch national’s residence, seizing assets worth more than €11.4m ($12m), such as a luxury car, real estate, and cryptocurrency. It said that further arrests could be in the cards.
Raising suspicions
The FIOD started looking into ZKasino on April 25 after receiving complaints from people who invested in the blockchain casino project. Investigators worked closely with cryptocurrency exchange Binance’s Financial Crime Compliance and Investigations team to freeze funds.
The FIOD intends to return the money to the victims if they cooperate with the investigation. A Telegram group named “ZKasino Legal Task Force” was set up by people impacted by the scam; the FIOD posted in the channel when the arrest was made.
Investors began to question the legitimacy of ZKasino shortly after the network went live on April 20. More than 10,000 investors had invested 10,515 ETH ($33m) on the promise of earning rewards for their locked-up funds.
The platform’s owners swapped the ETH with its $ZKAS tokens, which they put into the Lido staking protocol. The website also no longer showed a statement saying investors would be guaranteed to receive their returns in ETH. Numerous cryptocurrency exchanges quickly moved to cancel their plans to list the $ZKAS token over these suspicious actions.
Parliament restricted gambling advertising on Tuesday. The texts were adopted unanimously at second reading with 198 votes in favour.
Advertising of gambling is prohibited in radio and television programmes, except for the broadcasting of the draws of the Bulgarian Sports Totalizator and their announcement, in printed works and electronic media, including websites, on state-owned and municipal property and on sites licensed under this law.
It is allowed to advertise gambling on outdoor constructed billboard-type facilities located no less than 300 meters from educational institutions – schools, universities, kindergartens, community centers, playgrounds, etc.
Advertising of gambling is allowed on equipment, sports facilities, sports halls, stadiums and swimming pools, materials or products of sports federations, clubs, associations, and organizations, except on sports equipment, materials or products intended for use by minors.
Gambling with slot machines and in a gaming, casino will only be allowed in settlements with more than 10,000 inhabitants, giving operators a three-year period to bring their operations in line with the adopted changes.
The Municipality of Salerno, through a union ordinance, has established that for public gaming halls and betting halls (including bowling and bingo halls) with gaming as their exclusive or main activity, and in which access to minors is prohibited, the following timetable must be observed: from 10am to 2am.
For businesses - equipped with slot machines - with exclusive or prevalent activities other than gaming (bars, tobacconists, etc.), and in which access to minors is not prohibited, the machines may remain switched on during the following hours: from 9 am to 12.30 pm, and from 14.30 pm to 23 pm.
The ordinance does not apply to businesses that have installed exclusively gaming machines without cash prizes and in any case to machines without cash prizes installed outdoors inside public establishments.
The UK government has published its response to the Culture, Media and Sport Committee of the House of Commons observing sessions and consultations related to the Gambling Review.
Chaired by Dame Caroline Dinenage (MP), in December, the Committee published its ‘second report of sessions 2023-to-2024’ related to implementing changes and proposals outlined by the Gambling Review’s White Paper.
The remit saw the Committee underline the 17 overarching policy proposals of the White Paper to include “new protections for online gambling consumers; the creation of a statutory gambling levy to raise money for problem gambling research, prevention and treatment; the relaxation of certain restrictions of land-based gambling premises, as well as new powers for local authorities which licence them; and the creation of a non-statutory gambling ombudsman to adjudicate disputes between gambling companies and the customers relating to social responsibility failings.”
Further proposals include strengthening the Gambling Commission with new powers to tackle unlicensed online gambling, and a review of how the Commission’s fees are set and applied.
Observing the White Paper’s proceedings, the Committee detailed recommendations that “the government must set out a detailed timetable for the delivery of the White Paper’s proposals, including when relevant primary legislation will be introduced to Parliament.”
However, the government expressed its commitment to proceeding with the consultations on the White Paper swiftly and has highlighted the ongoing work to implement the proposed measures.
Work to date includes the three public consultations on key proposals from the White Paper related to new land-based gambling measures ,the design of the Statutory Levy for safer gambling, and new stake limits for online slots.
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