Switzerland Initiates Online Gambling Regulation ProposalPublished August 25, 2014 by Lee R
Legislation in the liberally banking country is on the horizon.
Switzerland, a country known for its liberal banking policies, has made a move towards online gambling regulation. The construction and implementation of online gambling regulation would enable the country to legalize online gambling, and in so doing drive out “brick-and-mortar” online operators who are already operating unregulated by Switzerland in and outside of the country.
Online Gambling Activity Already
Switzerland is the latest country in Europe making its way towards proper online gaming regulation. Currently, the Swiss government is considering regulation of online gambling in a country where many nationals already play online and transfers funds from their national banks through payment systems to operators outside of the country, rendering current law hardly more than a formality.
To this end, Switzerland's Conference of the Cantonal Directors in Charge of Gambling and Lotteries have offered full support introducing a legal framework to tax domestic operators and legalize online gambling in the European nation.
New laws would be protected, or tempered, by the condition in the legislative proposal cautioning against “excessive liberalization.”
CDCM praised the proposal in asserting that “it would be convenient to give gambling operators the opportunity to offer their games on the internet.” If added revenue can be gathered from revenue taxes, then the convenience can't be denied.
Currently, there is no specific time frame or referendum date for a vote to pass the bill, but online gambling experts believe that in early 2015 the process of legalising gambling is likely to come to fruition as part of worldwide governmental process of regulating and thus allowing online gambling as a revenue-adding measure.