For several weeks, Paraguay’s deputies have been delaying the discussion of modifications to Law No. 1016/1997 regulating gambling verticals in the country. Finally, the situation got off the ground. The main issue that is planned to be considered is the abolition of the monopoly on the issuance of gaming licences.
Importance of Legal Changes
According to local deputies, the new law, which will be submitted to parliament immediately after discussion, should put an end to the monopoly in the market of online casinos and sportsbooks. They mentioned that the commercial gaming environment has evolved rapidly and the current legal format is no longer valid or useful for the industry or the country overall.
The most significant changes will affect Article No. 8. A proposal has already been prepared and it specifies that concessions must be handed to at least 3 top bidders that comply with the standards of the authorised body. The institution will be powered to increase the canon. The final decision to issue licences will be the Executive Branch’s responsibility.
This provision is in stark contrast to current legislative norms. As of now, the government gives a concession to only one company that shows the best result.
Adrián «Billy» Vaesken, the Deputy who presented the bill, received enthusiastic support among like-minded politicians.
Recommendations from Authorised Bodies
In May, several prestigious local organisations, such as CPJA, APOJA, and APEJA, resorted to Santiago Peña, Paraguay’s current President, with several legislative initiatives.
The main provisions of the sent letter:
- a proposal to maintain the gaming regulator Conajzar;
- a request to review existing laws to create a competitive framework;
- advice to integrate new technologies to globally promote the gambling market.
Dilip Chenoy, Bharat Web3 Association’s Chairman, highlighted the importance of considering compliance issues. He called upon the segment’s members to stay in line with AML-related laws and those that address fighting terrorism financing.
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