Cape Verde Gaming License_Guideline
Cape Verde Gaming License
The Law no. 77/VI/2005 of 16th August, provides the gambling legal framework, and the Decree no. 1/2017, of 9th January, establishes the basic rules on the various gambling games.
Regulated by the Cabo Verde General Gaming Inspectorate.
As per the Act, the allowed gaming activities are; Casino gambling, Bingo, Poker in Cape Verde, Sports betting, Lottery, Bitcoin and Online gambling.
The entity making the application is a Cape Verde company under the Commercial Code, Law No. 3284.
|Director’s Requirements||The licensee requires a minimum of three (3) director. Director can be of any nationality and need not be resident in Costa Rica. Corporate directors are permitted.|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
The Applicant must employ at least one individual who is licensed as a principal.
The Principle must:
The Applicant must employ at least one individual who is licensed as a representative.
The representative must:
|Local Office||The applicant must have a local office. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The Licensee, to establish an internal Audit department.|
|Insurance||Indemnity insurance coverage or a fidelity bond is mandatory.|
|Minimum Capital Requirements||
The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.
The prescribed minimum paid-up capital of USD 100
- Licences are to be renewed every 3 (three) Months.
- It is not a requirement to File Audited Accounts. But filing of Annual returns is a requirement.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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