Chile is now one step closer to launching a regulated online gambling market after the government gave its nod to draft legislative articles submitted by the Economic Commission of the Chamber of Deputies. Such articles will establish the legal framework for online gambling in Chile, something that is not covered by the country’s existing gambling laws.
Draft Articles Designed to Address iGaming Ambiguities
Economic Undersecretary Heidi Berner proposed 15 new articles aimed at addressing legislative uncertainties surrounding online gambling operations.
Under the update, licensed operators are required to register all of their products and games of chance with the Ministry of Finance. Additionally, operators need to indicate a legal beneficiary who will represent the license. That individual can either be a Chilean citizen or a foreigner.
The articles also set out the rules that will govern the prosecution of unauthorized online gambling providers, and the charges and penalties that authorities may impose on online gambling operators found to engage in criminal activities, including corruption, fraud, and cybercrime.
Chile Aiming to Launch Online Gambling in 2023
In the weeks ahead, Chile’s Ministry of Finance is also set to release its recommendations regarding taxes and licensing fees for online gambling operators.
The Chilean government aims to formally open the country’s regulated online gambling market by the end of 2023.