|A UK law firm specialising in licensing law, has revealed this week that it has been working closely with the Cypriot government to help create a new legislative framework, which could result in Cyprus become a fully fledged liberal licensing jurisdiction for online casino and sportsbooks. A spokesperson for the Poppleston Allen law firm has said that work on the draft is almost complete it and will be presented to the government's betting steering committee within the next two months.|
Poppleston Allen partner, Paddy Whur, said that research suggest that the Cypriot government is losing an estimated 32 million GBP a year to untaxed illegal gambling. He added that with the new legislation in place Cyprus would: “benefit early from the lifting of government monopolies and other liberalising moves within gambling across the EU. They will also be able to take advantage of the expected developments in online gaming technology and its growth as a leisure pursuit.'
'By evaluating the existing legal framework in comparable jurisdictions, especially in EU member states, a modern law has been created to offer protection to gamblers, children and vulnerable people and to keep online gaming crime free.'