Cyprus to introduce new legislation on casino licenses

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According to various media outlets in Cyprus, there have been reports about the Cypriot parliament adopting a new law on casino lisenses, taking place on May 21st. Next Tuesday Cypriot deputies are due to finalise discussions during a parliament committee meeting regarding financial questions is to be expected. Anti-money laundering issues are also supposed to be on the agenda.

At the moment such parties of the Cypriot parliament (such as EDEK, DIKO and DISY) have already supported the project implementation. This means it is highly likely for a majority vote in favor of the casino licenses adoption.

In the event of the new laws adoption, the project will most likely come into force next month; with its implementation taking slightly more than eight months. It should be noted that this new legislation grants a license to only those institutions using at least 100 gaming tables and 1,000 slot machines. According to officials, these requirements keep the number of possible candidates obtaining the license to a minimum.