Gambling License in Romania

Gambling businesses are flocking to Romania due to the country’s highly favorable profit margins. its gambling operational costs are lower, and the growing market of enthusiastic gamblers further enhances this financial advantage. However, companies that want to work in this environment must obtain a gambling license. Continue reading to learn more about this license. Overview of Romania’s Legal Framework For Gambling The National Gambling Office (or ONJN) oversees the gambling activities in Romania. Businesses must meet strict rules to get a Romania gambling license. The laws ensure gambling is fair and customers are protected. Violations can lead to fines or the loss of the license. This includes сovering financial stability, handling player protection, adherence to responsible gambling measures and compliance with technical standards. Benefits of a Romania Gambling License The benefits of obtaining this permit include: Legality Gambling license in Romania lets businesses legally offer gambling services in the country. It ensures they follow local laws and avoid legal problems. Legality To run a business successfully, a company needs a market, flexible regulations, a low tax rate, and support from the respective authority. Gibraltar fulfills all of these, and that’s why gambling companies opt for this region. In addition, there are several advantages to obtaining a Gibraltar Gambling licence, which is provided below. Market Access With an online gambling license in Romania, businesses gain access to the vibrant Romanian gambling market. This market has a sizable consumer base and a growing demand for the services. EU Expansion Romania is a member of the EU. Holding this permit can serve as a gateway to other EU countries. Companies are guaranteed expansion into the broader European market, subject to compliance with gambling legislation in other EU countries. Credibility The license enhances business credibility and trustworthiness. It shows compliance with strict regulatory standards and a commitment to player protection and responsible gambling. Consumer Trust Players regard authorized companies as more trustworthy. These companies operate within legal regulations and offer a safe and fair gaming environment. Operational Integrity Obtaining this permit ensures working integrity and accountability by meeting strict criteria related to financial stability, technical standards and player protection measures. Types of Gambling Activities Regulated in Romania In Romania, both land-based and online gambling activities are regulated. In this article, we will focus only on the online gambling activities. These activities can be divided into two general categories depending on who is the customer of the online gambling business – end user (player) or other business. B2C online gambling activities This type involves interaction with players who are placing bets or playing gambling games over the internet. These games include online casinos (covers online poker, online slot-machine gaming and live games), betting (fixed-odds betting, exchange betting, and mutual (pari-mutuel) betting), online bingo. Such novel forms of gambling as social casinos or fantasy sports are not expressly regulated under Romanian gambling laws, but they might fall into the scope of regulated activities if elements of such games fulfill the mandatory conditions of gambling (offering to a public, fee to enter a game, a random selection of outcomes and possibility to win a monetary prize). The companies aiming to carry out the mentioned activities shall apply for the Class I gambling license. B2B online gambling activities This type involves activities related to the supply of services to the licensed B2C operators in Romania. The following types of companies are regulated as B2B providers in Romania manufacturers, distributors and other entities performing activities with gaming qualities or gaming components, software providers, providers of platform management and hosting services, providers of live casino streaming services, certification laboratories, auditors and conformity assessment bodies, payment processors and marketing affiliates. To be able to offer the above services in Romania, a company shall apply for the Class II gambling license. Licensing Authorities and Their Roles Romania’s main gambling and betting authority is the National Gambling Office. It plays a central role in ensuring businesses follow the laws and maintain integrity in the market. The ONJN is responsible for issuing licenses, regulating the industry, enforcing compliance with laws, and promoting responsible practices. Requirements for Obtaining a Betting License in Romania Operators must meet the strict ONJN rules such as listed below Jurisdiction of a company Under local rules, only a company incorporated in Romania or the EU, EEA, or Swiss Confederation may apply for a B2C (or Class 1) license in Romania. B2B gambling licenses can be obtained for a company based outside the EU. Funding Within the application process, it would be necessary to demonstrate that an applicant have enough money to cover costs like prize payouts and taxes. Certified licensed gambling software and technical infrastructure Licensed B2C operators in Romania can use gambling software that meets specific standards to ensure fair and secure games. For this reason, the IT systems and gambling software of the applicant must be certified by the certification bodies holding Class II licenses in Romania. Responsible gambling measures Licensed companies shall implement player protection measures such as checking their age and offering help for problem activities and policies to encourage responsible gaming and prevent addiction. Compliance with laws Regulated businesses shall obey all gambling-related laws, including taxes, advertising, and preventing illegal transactions, run their business transparently, and stick to their license conditions. Documentation and Application Process The steps below will help you obtain a Romania gaming license. Incorporation of a company and preparation of necessary documents At first, you will need to create a company and then gather all the necessary documentation required for the application process. This may include legal documents, financial statements, technical specifications for gaming equipment and software, policies related to player protection and responsible betting. Application Submission Submit the application to the ONJN. The application must be accurate to avoid delays. It shall be noted that formal procedure requires applicants to apply for the license itself and also for authorization. Evaluation The ONJN reviews the application to assess compliance. Inspection The ONJN may inspect and audit the operator’s premises and operations

For an extended period, Bulgaria has maintained a cautious stance towards cryptocurrencies, lacking specific regulations or extensive discussions about their status. The Bulgarian National Bank (“BNB”) and the Bulgarian Financial Supervision Commission (“FSC””) have yet to classify cryptocurrencies as financial instruments or electronic money, allowing them to remain unregulated and not deemed illegal. The lack of a defined regulatory framework has led to no special licensing regime for establishing a crypto asset entity in Bulgaria. Thus, the widely used term “crypto license in Bulgaria” refers to an additional registration requirement with the National Revenue Agency (“NRA”) in Bulgaria, rather than a distinct licensing process. This registration enables entities to engage in various crypto-related activities, including cryptocurrency exchange, custody services, wallet provision, crypto payment services, and crypto advisory services given a way for a “Bulgarian crypto license” in the industry. Bulgaria’s regulatory approach to cryptocurrencies has largely followed the guidance of the European Central Bank. The BNB expressed concerns about the inherent risks of buying virtual currencies in 2018, highlighting their extreme price volatility and potential pricing bubbles. The FSC echoed these sentiments in 2022, issuing warnings about the volatility and unregulated nature of crypto investment funds. Despite the absence of specific regulations, cryptocurrencies in Bulgaria are indirectly regulated by measures aimed at preventing money laundering. In 2019-2020 the Measures Against Money Laundering Act in Bulgaria (or well-known “MAMLA”, in Bulgarian “Закон за мерките срещу изпирането на пари”) introduced the first legal definition of cryptocurrencies in Bulgarian legislation. It defines “virtual currencies” as digital representations of value accepted by individuals or entities as a medium of exchange, without being issued or guaranteed by a central bank or public body. Based on the 5th Money Laundering Directive (Directive (EU) 2015/849) MAMLA also implemented the definition of “wallet provider, offering custodial services” is defined as “a natural or legal person, or other legal entity, providing services for the protection of private cryptographic keys on behalf of its clients for owning, storing and transferring virtual currencies” Further referring to these concepts the Additional Provisions of Ordinance No. Н-9 of 7 August 2020 in Bulgaria, established requirements to crypto-asset exchanges and custodial wallet providers to register in a public register maintained by the NRA in Bulgaria. This created a so-called “cryptocurrency license in Bulgaria”. Upon registration, companies receive a crypto-certificate or crypto-license, the only state-issued document allowing them to provide crypto-related services. In summary, Bulgaria’s regulatory landscape for cryptocurrencies remains open, recently a registration process replaces a formal licensing regime. The position on unregulated status of cryptocurrency activity is confirmed in court practice and opinions of BNB and FSC in Bulgaria. There are no specific crypto-currency or fintech law that regulated this shpere. The country’s approach aligns with preventing money laundering, ensuring transparency, and promoting responsible crypto-related activities. It is expected that in its further movements towards “crypto license in Bulgaria” regulation the country will mainly follow European Union approach. Advantages of Bulgaria Crypto License Bulgaria crypto license has several advantages, few of which are listed below. EU Location: Bulgaria’s strategic location within the European Union provides businesses with access to the EU market, fostering international credibility. Ease of Setup and Obtaining License: The process of a crypto company formation in Bulgaria is quick and easy, as well as obtaining a crypto license in Bulgaria is relatively straightforward compared to some other jurisdictions, promoting a hassle-free experience for businesses. Flexible Regulatory Environment: Bulgaria’s crypto regulatory environment is less stringent compared to some EU counterparts, offering businesses flexibility in their operations as holders of so-called “Cryptocurrency license” in Bulgaria. Competitive Tax Rates: Bulgaria maintains a relatively low tax rate, enhancing the financial attractiveness of operating a crypto business in the country. Favorable Business Environment: The country’s overall business environment is conducive to growth, with supportive policies and a commitment to fostering economic development. Currency Stability: Bulgaria’s adherence to the currency board arrangement and its use of the Bulgarian lev (BGN) contribute to a stable economic environment for crypto businesses. Cost-Effective Operations: Operating costs in Bulgaria, including a crypto company setup in Bulgaria, as well as a crypto license Bulgaria obtaining, labor and infrastructure, can be more cost-effective compared to some other EU countries. Skilled Workforce: Bulgaria boasts a skilled workforce, offering expertise in various fields, including technology and finance, to support crypto-related ventures. Innovative Ecosystem: The country is fostering an environment that encourages innovation, with a growing ecosystem of tech startups and businesses. These advantages collectively position Bulgaria as an appealing destination for obtaining a Bulgarian crypto license, attracting businesses seeking a conducive and cost-effective environment for their crypto-related operations. Types of Cryptocurrency Licenses in Bulgaria Despite the fact that crypto activity is not specifically regulated in Bulgaria, there might be situations when certain part of crypto activity falls under the existing licensing rules. Therefore, we could conditionally divide the following types of cryptocurrency licenses in Bulgaria: I. Registration with National Revenue Agency (NRA): Authorized Activities: A registration with the National Revenue Agency in Bulgaria grants entities the authority to engage in various crypto-related activities. These activities include cryptocurrency exchange, custody services, wallet provision, crypto payment services, and crypto advisory services. Applicability: This option is suitable for businesses primarily involved in cryptocurrency activities that do not fall under the categorization of financial services or financial instruments. II. Financial Services Commission (FSC) License: Scope of Financial Services: If the crypto-related activities potentially qualify as financial services or be categorized as related to financial instruments, a license from the Financial Services Commission (FSC) might be required. Investment Firm License: Services related to crypto-assets, particularly those that can be considered financial instruments, may necessitate obtaining an investment firm license under the Markets in Financial Instruments Directive II (MiFID II), transposed in Bulgaria as the Markets in Financial Instruments Act. Application of EU Financial Rules: According to the European Securities and Markets Authority (ESMA), when crypto assets qualify as financial instruments, various EU financial rules, including the Prospectus Directive, the Transparency Directive, the Market Abuse Directive, the Short Selling

Benefits and features of the Costa Rican gambling license While Costa Rica is a popular jurisdiction for online gambling operations, it’s important to understand that there is no official gambling license offered by Costa Rica, meaning that online gambling sites based in this country are not subject to licensing, regulation, or oversight. There is an official authorization called “data processing license” that is often considered as an analog of the standard online gambling license. Still, even holders of data processing licenses in Costa Rica are not under any formal regulatory framework. In Costa Rica, a gambling company is essentially a corporate entity with its primary purpose defined as conducting online gambling. This setup enables operators to run online gambling activities from Costa Rica, despite the lack of a dedicated regulatory framework for online casinos and betting. For the sake of simplicity, under “Costa Rica online gaming license” in this article, we will understand the setup which includes the incorporation of a company in Costa Rica with the receipt of the data processing license for online gambling operations. Here are some key benefits and considerations of obtaining a gambling license in Costa Rica 1. Cost-Effectiveness Compared to other jurisdictions, the cost of obtaining and maintaining a gambling license in Costa Rica is relatively low. This makes it an attractive option for startups and smaller operators. 2. No Specific Gambling Legislation Costa Rica does not have specific laws governing online gambling. Instead, companies operate under a “data processing license” which is less stringent than a typical gambling license. 3. Tax Benefits One of the major advantages is the favorable tax situation. Companies in Costa Rica enjoy low taxation, and since there is no specific gambling tax, this can be financially advantageous. 4. Privacy and Anonymity Costa Rica is known for offering a high level of privacy and confidentiality, which can be beneficial for operators. 5. Global Reach There are no restrictions on offering online gambling services to international markets, allowing operators to target a global audience. However, local rules of countries where the company operates, shall be taken into consideration. 6. Perception Since the regulations in Costa Rica are less stringent, some players and business partners may perceive Costa Rican-licensed casinos as less trustworthy compared to those licensed in stricter jurisdictions. 7. Banking and Payment Processing The lack of specific gambling legislation can sometimes make banking and payment processing more challenging. InteliumLaw’s Costa Rica Gaming License Services At Inteliumlaw, we specialize in guiding businesses through the establishment of online gambling operations in Costa Rica. Our services encompass company formation and registration, ensuring compliance with Costa Rica’s unique legal framework. We provide expert advice on legal compliance, banking, and crypto solutions available to gambling companies in Costa Rica, ongoing support in navigating Costa Rican laws, along with risk management and adherence to international standards. Costa Rica gambling license requirements In general, there a no specific requirements to incorporate a company with a data processing license in Costa Rica. You will only have to provide some KYC documentation such as a passport, proof of address, source of funds confirmation, etc. to setup a company and receive a license. Costa Rica Gambling License Process The process of setting up an online gambling operation in Costa Rica, while not involving a traditional gambling license, does require a series of steps to legally operate under the framework of a “data processing license”. Here’s a general overview of the process: 1. Company Incorporation The first step is to incorporate a company in Costa Rica, as this entity will be used to conduct the online gambling operations. This process involves registering the company with the appropriate Costa Rican authorities, which requires various legal documents and may involve legal assistance. 2. Obtaining a Data Processing License Although not a gambling license per se, a data processing license is necessary for online gambling activities. The process involves applying to the Costa Rican government. This application typically includes details about the company, its owners, and the nature of the data processing (i.e., online gambling). 3. Opening a Corporate Account You will need to open an account (fiat, or, more often, crypto) for your company. This step can be challenging due to the nature of the business and may require finding a bank that accepts online gambling-related businesses. 4. Payment Processing Solutions Due to the nature of the business and the lack of a specific gambling regulatory framework, finding payment processing solutions can be challenging. Often, companies opt for cryptocurrencies or other alternative payment methods. How long does it take to obtain a Costa Rica gambling license? The entire procedure, from inception to completion, typically spans from 2 to 6 weeks. Costa Rica Gaming License Cost Due to the absence of a regulatory framework for online gambling in Costa Rica and the lack of a formal online gambling license, the Costa Rica gaming license cost is significantly lower compared to jurisdictions that mandate an online gambling license. If you have a question “How much does it cost to get a casino license in Costa Rica?”, please contact us to receive the most up-to-date pricing information. Costa Rica gambling license fees and taxes As there is no formal Costa Rica casino license, no license fees are due from the gambling business in Costa Rica. Also, a Costa Rica-based gambling company is not subject to tax on its revenue. This is because the revenue is generated externally, not within Costa Rica, leading to the non-imposition of taxes by the authorities on such companies. In general, you will have to pay only annual fees related to the company’s maintenance. Additional Services Except for assistance with Costa Rica online gambling license and associated matters, we could help you to obtain a license in other jurisdictions such as Curacao, Anjouan, and Isle of Man. In addition, we provide a broad range of other business legal services such as assistance with bank accounts opening, incorporation of companies etc. Leave Us A Message And we wil get back to