Nevis Launches Gaming License

The Caribbean island of Nevis is launching an online gaming licensing so online casinos can apply and base their gaming operations on an island slightly larger than Manhattan with a population of less than 12,000 people.

Insiders call it the new gold standard of offshore regulation, and Nevis aims to become a Tier-1 iGaming licensing authority. With no published regulations to date, that’s a bold claim, but Nevis is promising to release more information on its rule structure in the weeks ahead. We already know that it will be crypto friendly and Nevis has worked hard on Web3 compatibility and blockchain integration, without sacrificing the oversight that goes with a top tier license. It’s an intriguing proposition.

Casinos and Game Provider Licenses on Offer

There are two types of licenses on offer. The first is a B2C license for online casinos, sports betting sites, and lotteries. Game providers, affiliate networks, platform providers, and others can apply for a B2B license.

Companies will have to incorporate in Nevis and the total start-up costs are estimated at $40,000-$55,000, including all legal and compliance fees. The annual license fee is set at $30,000, which covers two domains.

That could make it an attractive option for new online casinos and game providers who want a license and still want to control the costs.

Nevis is part of the Federation of St Kitts and Nevis, and St Kitts has a much bigger reputation as a tourist destination. The igaming license is limited to Nevis, though, and it passed the Online Gambling Act on April 29th of this year. In doing so, it established a brand new gaming authority and an international alternative to casinos and providers that aren’t satisfied with the constantly changing conditions in Curacao or the lack of gravitas that goes with the Anjouan license.

Full and Proper Checks?

Nevis isn’t skipping out on due diligence and says that all directors and shareholders will have to go through the full checks. It’s also promising to implement proper procedures for Anti-Money Laundering and KYC compliance.

It aims to ensure full compliance with the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD).

That does fly in the face of Nevis’ reputation as a tax haven. Like the Seychelles and Belize, it has become a popular jurisdiction for forming International Business Corporations (IBCs), which are often shell companies. The island nation has strict confidentiality laws, low to zero tax burden, and limited information-sharing with foreign governments.

Nevis has set its sights much higher than the likes of Curacao and Anjouan, though, and wants to rival the likes of Malta and the Isle of Man in terms of the strength of its license, while maintaining the flexibility to accommodate crypto casinos and Web3 companies.