UK Law Firm Works To Create Legislative Framework For Internet Gambling In Cyprus

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

31 August 2004

UK-based licensing law specialist firm, Poppleston Allen has revealed that over the past six months, it has been helping the Cypriot government create a new legislative framework for internet gambling in the jurisdiction.

Following research which suggested that the Cypriot authorities were losing around £30 million in revenue per year as a result of untaxed illegal gambling activity, the decision was taken to create a new legal framework, a process which Poppleston Allen announced last week is nearly complete.

Speaking to the regional media in Nottingham, where the firm is based, Poppleston Allen partner, Paddy Whur explained that:

"With these two pieces of legislation in place, Cyprus will benefit early from the lifting of government monopolies and other liberalising moves within gambling across the EU. They will also be able to take advantage of the expected developments in online gaming technology and its growth as a leisure pursuit."

He went on to add that:

"By evaluating the existing legal framework in comparable jurisdictions, especially in EU member states, a modern law has been created to offer protection to gamblers, children and vulnerable people and to keep online gaming crime free."

The draft framework will be considered by the government's betting steering committee within the next two months.

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