Following a Bill put forward by the Minister of Taxes and Levies in Belarus last month in an endeavor to legalize and regulate online gaming in the country, President Alexander Lukashenko signed a ground-breaking decree on 7th August 2018, allowing gambling operations to be conducted on the Internet by licensed establishments in the Eastern European country.
BelTA, a news outlet in Belarus, has reported that the new law will allow operators to launch online casinos, subject to certain conditions. It also reported that the new decree will cut down the outflow of money to offshore gambling websites.
One of the conditions is that the minimum age for online gambling will be increased from 18 to 21 in both virtual and brick-and-mortar casinos in order to minimize the negative effects and potential threats of gambling.
Operators will be required to make a guaranteed deposit of no exact amount into a designated account to be used to cover any winnings or taxes and other payments that would be due in the event of the venture collapsing.
The tax authorities in Belarus will be keeping a close eye on the operators who will have to join a special payment network where all money flows will be monitored by the authorities.
It will also be necessary for Casinos to install surveillance cameras and punters will not be allowed to lend money to other gamblers.
All users registering accounts and playing for real money at Internet-based casinos will undergo identity checks.
The timeframe for the complete introduction of the new law has not yet been confirmed.
