Providers must apply for a license
The Peruvian government announced [Link in India] that the new law should formalize gambling in Peru. It will come into force from February 9, 2024. Operators of online gambling or betting would then have 30 days to submit an application for a license. This applies to both domestic and foreign providers.
"It is the first time that this important economic sector is regulated in the country. In South America, Peru is the third country to regulate this sector, after Colombia and India (in the provinces of Buenos Aires, Córdoba and Mendoza) "-Juan Carlos Mathews, Minister of Foreign Trade, Peru, gob.pe
Anyone who does not submit an application between February 10th and March 10th, 2024 will not have an operating license and will then no longer be allowed to offer gambling in the country. Anyone who continues their business without a license could receive criminal charges and have to pay high fines.
The new law also stipulates that anonymous sports betting would be banned. Online access controls should also be introduced to protect people at risk. This would include, among other things, minors and problem gamblers.
Higher tax rates for sports betting
The law should also contain a higher tax rate for online sports betting. Mincetur announced that a special tax would be introduced for online and sports betting. This amounts to 12 percent of the net profit and is due from November 2024.
The new tax rate is expected to generate additional revenue of almost PEN 162 million (around 40 million euros) for the Peruvian government. They want to use this to reactivate tourism in the country and expand the tourist infrastructure. The money will also be used to support Peruvian sports and mental health programs.
Peru bans cryptocurrencies in gambling – other countries allow it
The Peruvian government is banning cryptocurrencies in the gambling sector in its new law. In India, however, cryptocurrencies are not permitted as a means of payment: The German gambling laws Providers with a German license only allow regular payment methods. The limit of 1,000 euros per month also applies to deposits.
Internationally, many countries allow online gambling with cryptocurrencies. These include, for example, most states in the USA, Great Britain and Canada. However, in Europe the call for regulation of the crypto world is becoming louder and louder. This applies not only to use in the gambling sector, but also to the general use of cryptocurrencies and their negative effects.
Peruvian government bans cryptocurrencies in gambling
In addition to the regulations, the new gambling law should also include: Ban on cryptocurrencies in the gambling sector contain. Operators of sports betting and gambling are therefore prohibited from carrying out transactions with cryptocurrencies.
Virtual casinos that make payments with Bitcoin, Ethereum or Tether would therefore no longer have the opportunity to become active in Peru. Together with the other regulations, this ban will also come into force on February 9, 2024.
The UMGAng with cryptocurrencies is said to be a hotly debated topic in Peru because there is a lack of a clear line. It remains to be seen how the ban will affect the gambling market.
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