Bulgarian National Revenue Agency, the State Agency for National Security and the Gambling Operators Join Forces Against Money Laundering and Terrorist Financing

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Montenegro’s evolving digital landscape has been facing a significant hurdle with the introduction of Article 68f of the Gambling Law since the beginning of 2024. Legal experts, spearheaded by the prestigious law firm Schoenherr, have also raised concerns over the provision’s controversial nature and reminded on the constant scrutiny of the market participants regarding the risks to of the Article 68f to stifle not only the gaming industry but also jeopardize the expansion of Montenegro’s fintech sector.

Schoenherr’s Legal Scrutiny of Article 68f

The amendment, aimed at regulating online betting transactions, restricts funding the online accounts payments to cash in physical premises or through traditional payment cards, excluding a wide array of digital banking – e-banking and mobile banking solutions.

Delving into the entire problematic of Montenegro’s subject legal landscape, Schoenherr has conducted a thorough examination of the recent amendments to the Gambling Law, with a keen focus on the widely debated Article 68f. They reminded on a significant concern from market participants as well as on their massive response, in light of petition with over 25,000 signatures gathered and various legal initiatives initiated aimed at its repeal and constitutional review. Schoenherr underscored the depth of the controversy surrounding the new legislative measures and their impact on the online gaming sector in Montenegro.

Industry and Public Backlash

The introduction of Article 68f has not gone unnoticed by the market’s stakeholders, eliciting a strong response from gaming organizers who view the measure as unjustified and potentially illegal. A significant mobilization effort led to the initiation of a petition that garnered over 25,000 signatures, demonstrating widespread opposition to the law. This public outcry resulted in formal initiatives being submitted to both the Montenegrin Parliament and the Constitutional Court to challenge the provision’s legality and constitutionality.

Awaiting a Resolution

As the legal and public spheres await the competent authorities’ decision on these initiatives, the uncertainty surrounding Article 68f raises pressing questions about the future of digital innovation and consumer rights in Montenegro. The law firm’s analysis highlights a pivotal moment for the country, as it grapples with balancing regulatory objectives with the need to foster a competitive and inclusive digital economy.

The Broader Implications for Montenegro’s Fintech Industry

Beyond the immediate concerns for the gaming sector, the law’s restrictions on digital payment methods signal a potential setback for Montenegro’s fintech ambitions. In an era where digital financial services play a critical role in economic development, restrictive measures like Article 68f could deter innovation and investment in this crucial sector. The legal analysis by Schoenherr serves as another alarm-bell-call for a reevaluation of the law, urging policymakers to consider the long-term impacts on the country’s digital and financial landscape.

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The upcoming EEGS conference, happening in parallel with the BEGE expo on November 27-28 in the Inter Expo Centre in Sofia, Bulgaria, is set to engage industry professionals from across Europe to discuss crucial topics in its 2024 edition. The events have now released the enhanced concept for this year’s meeting.

“This event creates a prime opportunity for networking, knowledge-sharing, and staying informed on industry trends,” its organisers said in a press release.

Among the topics that EEGS covers are Cryptocurrencies in gaming and Blockchain technology, Regulatory changes in the region, Implementation of new technologies, responsible gaming practice and many more subjects. Officials are preparing for pre-event initiatives to be announced soon.

Natalia Baevska, Project Manager of both events, said: “The Proximity idea from last year has undergone a significant evolution to consolidate our focus on fostering partnerships, exploring new opportunities, and nurturing innovative ideas within the industry.”

The revamped concept lies within the theme: “Proximity to business. Proximity to opportunities. Proximity to innovation.”

“These carefully crafted slogans mirror our dedication and commitment to uniting customers and industry professionals, fostering collaborations, and establishing a thriving hub for the gaming industry,” a press statement reads.

Already in its 15th edition, the BEGE Expo draws many of the globe’s leading gaming companies to showcase and promote their latest innovations and cutting-edge technology. Attendees will benefit from a range of features, network with industry experts, acquire valuable insights and stay ahead of the latest industry developments at this vital gaming event.

“Both the EEGS conference and BEGE Expo promise to offer an exceptional experience for exhibitors, attendees, partners, sponsors, and affiliates,” the events’ organisers concluded.

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EGT Digital has entered into a strategic partnership with the global gambling leader bet365. The Bulgarian company has developed a game aggregator, through which some of the largest and most popular game providers in the Bulgarian market will become available to the operator. Among them are Amusnet, CT Interactive, Playson, Wazdan, 7mojos, 7777 gaming, as well as EGT Digital itself.

A spokesperson of bet365 said: “Bulgaria is an exciting market, and we’re thrilled to expand our gaming portfolio in the region. The aggregator, designed by the proven casino software developer EGT Digital, will enable us to enrich our Games product with high-quality slot games that have established themselves as favourites with local players.”

Tsvetomira Drumeva, Head of Sales at EGT Digital, said: “We are very happy to work with one of the biggest brands in the gaming industry on a worldwide level and to have the opportunity to contribute to their success in our country. It’s an honour to us that bet365 chose EGT Digital and I am excited to see the results of our collaboration.”