Timor-Leste, one of the most stable democracies in Southeast Asia, is developing a new gaming market in online betting and gaming, complementing the activities of Malta and the Isle of Man.
The Virtual Gaming Association (VGA) of Timor-Leste presented further details of the proposed regulatory framework at a special event on 2 February.
The VGA recommends that the Government of Timor-Leste issue both B2C and B2B licenses, applying rules similar to Malta and the Isle of Man. It is planned to issue licenses in the second or third quarter of this year. It has also confirmed that the VGA will consult with industry to improve its approach to regulation.
Richard Leather, Chairman of the VGA, commented: “ It was a great honor to host an event in London representing Timor-Leste and welcoming President Ramos-Horta as speaker. Our focus at the VGA is to support Timor-Leste in becoming a jurisdiction that meets and exceeds best practices in online gambling regulation and licensing. Moreover, we look forward to speaking with responsible operators and suppliers looking for a serious, safe and secure jurisdiction for their business.”
Timorese President Jose Ramos-Horta, who was on an official visit to London, spoke at the event about economic opportunities in Timor-Leste.
The country aims to join the Association of Southeast Asian Nations (ASEAN) in 2025 and is actively diversifying its economy, including the digital and IT sector, with growing investor interest. At an event in London, SoftSwiss and Vittoria Services entered into agreements with Capital Group Timor-Leste, creating the first 120 new jobs in a new business process outsourcing (BPO) project, including customer service services in Timor’s capital, Dili, in the coming months.
The BPO, which is currently being developed in the state-of-the-art ETO Tower in Dili, includes a training center where up to 100 operators and managers will receive training before starting their work.
Antonio Sampaio, Chief Operations Officer for Capital Group Timor-Leste, noted: “This project is particularly important for Timor-Leste, a country in need of more job opportunities for young people and where around 70% of the total population is under 30 years old. It represents a significant investment by Capital Group Timor-Leste and also showcases the importance of private sector initiatives towards economic development.”
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