Government of Equatorial Guinea introduces regulatory framework for online gaming, online betting, and online casinos
Equatorial Guinea has recently established a comprehensive regulatory framework for online gaming, online betting, and online casino activities. This move marks a significant step in the African nation's efforts to become a regulated market within the iGaming industry.
Under this new framework, a master license has been awarded to Mascott Capital Partners, a multinational operator that can now support other companies in submitting applications for an online gaming license in Equatorial Guinea. The regulatory framework is set to run through 2027.
The framework introduces a formal licensing system for online betting operators, suggesting a structured market regulation approach. It is designed to ensure industry integrity, consumer protection, and compliance with international best practices.
Companies seeking to operate under Equatorial Guinea's jurisdiction must meet certain financial thresholds to demonstrate their ability to repay user funds. They must also provide information about the risks of gambling on their websites.
In addition, international online casinos must undergo regular audits to ensure compliance with anti-money laundering (AML) laws. Companies are required to request user identification and report suspected fraudulent transactions to authorities.
The Government of the Republic of Equatorial Guinea believes that this initiative will help diversify the economy, attracting international investment to the digital space. The aim is to strengthen consumer confidence in the remote online gaming services provided under Equatorial Guinea's jurisdiction.
However, it's important to note that cryptocurrencies are not recognized as legal tender in Equatorial Guinea, and there are warnings against their use in gambling. This suggests that the framework may not currently support crypto gambling.
H.E. Mr Antonio-Pedro Oliveira Burupu, head of the Ministry for Tourism and Tourism Infrastructure, Equatorial Guinea, stated that the launch of online gaming, online betting, and online casinos is a significant measure taken by gaming regulators. He believes that this initiative represents an important step forward in promoting Equatorial Guinea as a recognized jurisdiction for remote online gaming, online gambling, and online casino business.
Mascott Capital Partners and its authorized partners will use a proprietary software system to support and manage all international gaming licenses through a single portal. This initiative makes Equatorial Guinea an international destination of choice for iGaming.
In summary, Equatorial Guinea has implemented a regulated iGaming legal framework with licensing managed by authorities presumably awarding master licenses like that given to Mascott. The framework covers online betting and casino gaming and is in place until at least 2027. Cryptocurrencies are not integrated into this framework and may be prohibited for gambling purposes. Detailed operational and compliance requirements, fees, or enforcement mechanisms were not specified in the information available.
- In line with the new regulatory framework, Mascott Capital Partners, a major player in the iGaming industry, has been issued a master license to manage online casino activities in Equatorial Guinea, promoting responsible gaming through a system that ensures industry integrity, consumer protection, and compliance with international best practices.
- The absence of cryptocurrency support in Equatorial Guinea's iGaming framework signifies that online gambling businesses operating under this jurisdiction must adhere to traditional banking methods, avoiding the use of digital currencies for gambling purposes as they are currently not recognized as legal tender.
