⛔️ Chile🇨🇱: blocking gambling transactions by law is being considered

⛔️ Chile🇨🇱: blocking gambling transactions by law is being considered

The Financial Market Commission (CMF) proposes declaring payment operator services provided to illegal gambling unlawful. This is particularly relevant given that gambling in Chile is not regulated as a general activity.

➡️ What does the CMF want❓ To allow financial services to be provided only to licensed organizations whose activities do not contravene national laws. To close a potential loophole for offshore gambling, the proposal would prohibit such services from being provided to foreign platforms operating with Chilean customers.

➡️ The wording establishes that the authorization does not apply to financial services related to activities carried out abroad that, if conducted in Chile, would be considered illegal. Since unlicensed gambling operators are not recognized under Chilean law, the regulation would restrict not only the processing of deposits made by users, but would also make it more difficult to withdraw funds from offshore platforms.

➡️ Context: the CMF initiative opens a third or fourth front against illegal gambling. Previously, a Supreme Courtruling declared unlicensed gambling illegal, while the Internal Revenue Service (SII) required foreign platforms to register and pay 19% digital VAT, not to mention the bill proposing a tax of 20% of GGR. In addition, in August, an appeals court introduced a permanent blocking mechanism for online casinos. Meanwhile, Congress continues to debate the regulation of online gaming, with no end in sight.

#news #Chile #gambling #betting

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