Looking to Revamp Economy, Ukraine President Introduces iGaming LegislationPublished September 12, 2019 by Lee R
A new President has commissioned a new political superteam to draft effective legislation after many failed attempts in the Ukraine.
The Ukraine market is looking to reform and adapt.
Word is the Ukraine President has taken the most active role, commissioning the new federal government to pass laws to legalise and regulate gambling by the end of the year as part of a greater overall economic stimulus package.
In a meeting with newly elected leaders of the Ukraine Parliament Verkhovna Rada, President Volodymyr Zelensky instructed the July election winners to draft new gambling legislation by October 1st, with a target approval date of December 1st.
The New Policy
The directive is consistent with a new policy to integrate the regulation of gambling into an overall mission to “de-shadow” the Ukraine economy.
The Dark Times
Legitimate Ukraine operators have been fully stifled from offering to the market going on a decade. Since prohibition was introduced in 2009, a thriving black market is known to have arisen, with he economists estimating in 2017 that some $1.5bn in potential tax revenues could be raised through regulation.
Among the recent attempts to bring regulated gambling to the Ukraine was the drafting of a gambling bill in 2015 proposing to open the market to land-based casinos, sports betting and online gaming.
Two years later, in 2017, the Ukraine government committed to a legalised gambling system within a year by the end of 2018 which ultimately never came to fruition.
The First Roll-Out
Since the Prohibition, lotteries have been the only form of legalized gambling in the Ukraine.
For the current plan, President Zelensky targets first legalisation and activity as casino gambling at five star hotels in popular tourist destinations in the Black Sea region.
The regulation development team includes Prime Minister Oleksii Honcharuk and Minister of Finance Oksana Markarova overseeing the drafting of the gambling bill; Presidential Servant of the Party Leader David Arakhamia; and Verkhovna Rada chairman Dmyro Razumkov to oversee legislation adoption.
If the team is successful, this could pave the way for the Ukraine President to seek cross border alliances for joint ventures and even foreign investment.