Ministry of Finance of the Republic of Belarus
In Belarus, licenses for operating an online casino are approved by the Ministry of Finance of the Republic of Belarus. This is a carefully regulated industry in Belarus. Not all gambling is approved or legal, but it is possible for the people of Belarus to attend brick and mortar casinos, place sports bets online, and take part in online casino games. Online sports betting and casino sites only became legal in 2019 and the Ministry of Finance of the Republic of Belarus has issued a number of licenses to companies who want to operate such sites.
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Online casinos licensed by the Ministry of Finance of the Republic of Belarus
Online casinos that have been approved have had their systems thoroughly tested by the authorities and these checks are continued throughout the lifetime of the license. The Gambling Business Monitoring Center plays a key role in this process. All gambling operators are required to cooperate with the center and all data on players and financial transactions will need to be registered. There is a strict process for approving online casinos for their license and companies must adhere to this otherwise they cannot legally trade.
One of the restrictions in place for online casinos is the use of cryptocurrencies. This is not yet legal in Belarus, although people are permitted to trade in cryptocurrencies.
So far, a number of online casinos have been able to obtain an online gambling license. The authorities, while being quite strict with their regulations, recognize that this is a good source of income for them and are keen to encourage the industry to develop further. The restrictions are aimed at companies already established in Belarus so it is not possible for foreign companies to make an application and then start trading there.
About licenses offered by the Ministry of Finance of the Republic of Belarus
There is a series of steps that a company will need to take to be issued a license to operate an online casino or sports betting site. The company will first need to be registered within Belarus to apply. They must have a security deposit of at least $1 million and they must have a system that will allow the identification of all users of the websites in question. Companies must be operating a land-based gambling service before they can offer an online service and need a minimum of two years in the industry to qualify for the license.
The Belarus tax authorities also need to be able to access the site’s records to monitor turnover. One of the restrictions on a site offering gambling services online in Belarus is the requirement to pay a 4% income tax on winnings. This is a charge for the casino to pay and in some cases, companies have not continued with their application because the costs are too high. The applicants for the licenses will need to meet certain bank account requirements and pay fees to the Ministry as part of the application process. Approval can take several months.
