⚡️Today, February 9th, the law regulating "remote" gambling and online sports betting came into effect in #Peru🇵🇪

⚡️Today, February 9th, the law regulating "remote" gambling and online sports betting came into effect in #Peru🇵🇪

The PHR team, in collaboration with corporate law specialist Carla Uribe Gonzales @carla_u, has summarized and translated the law and now present an excerpt for your reference.

📌 The law is the Supreme Decree N° 005-2023-MINCETUR.

📌 The Ministry of Foreign Trade and Tourism (MINCETUR) acts as the regulator. It will officially start exercising its supervisory and control functions from March 11, 2024. From that date onwards, only operators who meet all the requirements and have obtained authorization will be able to offer online gambling services.

📌 Legal entities wishing to obtain authorization can be registered both in Peruvian territory and abroad.

📌 The license is granted for 6 calendar years with the possibility of renewal for the same period, in relation to one (1) gaming room and one (1) technological platform.

📌 The Ministry of Foreign Trade and Tourism requires the operator to provide a guarantee equivalent to 200 UIT (~$270k), + 5 additional UIT for each gaming room for sports betting, in support of the obligations and sanctions established by the law and its regulatory norms. The guarantee is valid for one year, meaning it must be renewed (paid again) every year.

📌 The license is granted without the right to transfer.

📌 Physical servers can be located anywhere, but they must comply with the security requirements established by the laws of the Republic of Peru.

📌 The allowed domain name for this activity is the extension "bet.pe".

📌 Accepted payment methods are determined by the operator. Cryptos are not allowed.

📌 Welcome bonuses are allowed, but they cannot be converted into cash.

📌 There must be a player database with information about bets placed, payment methods used, prizes and bonuses received, as well as cancellations made. The handling of this information must be done in accordance with Law No. 29733 – on the protection of personal data.

📌 It is also necessary to have backups, backup media, and continuity control that allows restoration of all databases and transactions created.

📌 This type of business must comply with and implement the Anti-Money Laundering and Counter-Terrorist Financing System (SPLAFT).

📌 Online betting is prohibited for a)minors, b)athletes who can influence the outcome of a sports event, c) referees and/or coaches, d) individuals employed by the operator's company.

📌 Permits will also be required for advertising through the MINCETUR.

📌 Non-compliance with the rules carries a fine of up to $270,000 USD. Gaming rooms can also be closed, companies can be shut down, the license can be temporarily or permanently suspended, and IP addresses, URLs, websites and/or computer applications can be blocked.

📌 The monthly tax is 12% of the monthly net income.

#news #legal