😨Philippines🇵🇭: Central Bank proposes stricter rules for online gambling

😨Philippines🇵🇭: Central Bank proposes stricter rules for online gambling

Just a year ago, a full ban on POGOs was under discussion, and now the regulatory focus is intensifying again.

The Central Bank of the Philippines has proposed a set of tighter rules for online gambling activity.

➡️Although the Philippine Amusement and Gaming Corporation (PAGCOR) does not support a full ban, it endorses stricter advertising restrictions, aiming to strike a balance between regulation and continued operation.

➡️The new measures mainly target payment gateways that interact with the gambling sector. Companies will need to obtain a Central Bank license if they meet the following criteria:

➡️Maintain a minimum capitalization of 300 million Philippine pesos (approximately USD 5.29 million).

➡️Implement effective systems to prevent money laundering, terrorist financing, and fraud.

➡️Establish a dedicated board-level committee to oversee these areas.

➡️Submit monthly or on-demand reports detailing transaction volumes and gambling-related partners.

➡️Limit betting services to a maximum of six hours per day.

➡️In cases of excessive use, enforce a mandatory 24-hour cooling-off period.

➡️The rules also prohibit payment service providers (PSPs) from redirecting users to gambling platforms. In addition, they exclude certain groups from participation, including individuals under 21, college students, members of the military and police, public officials, and recipients of social welfare programs.

➡️The Central Bank has launched a public consultation period, open for feedback until July 25.

#news #Asia #online_gambling

🏦 Payouter.com — reliable payment partner in the CIS and 🇮🇳 India: Intent, UPI P2C conversion 54% by FTD