Netherlands gambling regulatory authority, Kansspelautoriteit has charged Virtual Coin Gaming NV, a Curacao-based operator, with a fine that totals around €600,000. The alleged operator reportedly offered illegal games of chance. The KSA published an enforcement notice where it named out Virtual Coin Gaming as a fraud operator. It put more stain on the operator’s name by saying that it was a firm of unlicensed and invalid domains futgalxy.net and futgalaxy.nl. The KSA said that the websites on those domains had been deemed to actively target customers from the Netherlands.
The KSA was being ordered to take instant action. As it debunked the way of both those sites to limit their services for minors and Dutch young adults, the KSA decided to increase the amount of the penalty. Other than these, the Dutch regulator issued another €100,000 fine to a different unnamed private person who was reported to do with the websites’ all illegal operations. It was believed that he was the head behind all the activities behind those websites.
New Regulations to Come on Effect
The regulator also reminded the domestic and also foreign operators that the current gambling regulations of the Netherlands are governed directly by the strict laws of the existing Games of Chance Act. At present, according to the latest news, KSA is getting the latest technical arrangements ready for the launch for the regulator’s licensing window of the Koa Act. This launch is scheduled for March, and hopefully, it will allow licensed operators to be a part of the Netherlands’ newly governed online betting market from September.
In a statement, the KSA said that the existing law does not seem to allow people to request a license for online games that are played on chance. The remote gambling act will change this situation. The law has been set to come into action in 2021. Under strict regulations and conditions, companies and operators can obtain a license for gaming activities through the internet. Only then, more effective supervision will be possible.