Philippine regulator implements strict probation for POGO industry

PACGOR’s new measures aim to curb illegal activities in the POGO sector

In a bid to combat illegal activities associated with offshore gaming operations in the Philippines, the Philippine Amusement and Gaming Corporation (PAGCOR) has introduced a new regulatory framework for offshore gaming companies. The move comes as part of a joint effort among various government agencies to address concerns surrounding the sector.

Atty. Jessa Fernandez reveals PAGCOR’s decision during Senate Committee Hearing on August 2, 2023.

During the Senate Committee Hearing on August 2, 2023, Atty. Jessa Fernandez, PAGCOR’s Assistant Vice President for Offshore Gaming Licensing, announced that all offshore gaming licensees and service providers have been placed on probationary status. These entities will be required to reapply for permits by September 17.

PAGCOR aims to ensure that only compliant and law-abiding operators and providers are granted licenses under the new framework. Companies that have been involved in illegal activities will not be considered for obtaining a new license.

Jessa Fernandez emphasised that under the present framework, all service providers accepting bets are obligated to apply for a valid license. Furthermore, PAGCOR will scrutinise the beneficial owners of these companies to hold them accountable if any unlawful activities are uncovered.

The new regulatory approach also stipulates that entities found engaging in activities beyond the scope of their granted license or accreditation will not be eligible for obtaining a license under the revised framework. Additionally, licensees or service providers who fail to re-apply within the specified period will face potential cancellation of their endorsements.

SiGMA Balkans/CIS

As a globally recognised nexus for networking, SiGMA Group sets its sights next to the Balkans this September, when the SIGMA Balkans/CIS Summit heads to Limassol Cyprus.

A host of networking opportunities and industry-leading knowledge will be emanating from the much-anticipated event which will pack panel discussions, keynote speeches, start-up pitches and much more into 3 days in the diverse Cypriot city.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.