Timor-Leste, heralded as a beacon of democracy in southeast Asia, is gearing up to carve its niche in the online betting and gaming realm, joining the ranks of established jurisdictions like Malta and the Isle of Man.
In a groundbreaking move, the Virtual Gaming Association (VGA) of Timor-Leste convened a pivotal industry event on Friday, February 2, shedding light on the proposed regulatory framework set to govern the burgeoning sector. The VGA advocates for the issuance of both B2C and B2B licenses, drawing inspiration from the regulatory frameworks of Malta and the Isle of Man. Anticipated to roll out in the second or third quarter of the year, these licenses aim to foster a climate of integrity and compliance within the gaming industry. Additionally, the VGA plans to engage in a consultative dialogue with industry stakeholders to fine-tune its regulatory approach.
President Ramos-Horta Champions Economic Opportunities
At the event held in London, President Jose Ramos-Horta, amidst an official visit, underscored the economic potential inherent in Timor-Leste. With aspirations to join the Association of Southeast Asian Nations (ASEAN) by 2025, the nation is actively diversifying its economy, with a particular focus on the digital and IT sectors. President Ramos-Horta emphasized the allure of Timor-Leste to global investors, highlighting the country’s strategic initiatives aimed at fostering economic growth.
In a landmark development, SoftSwiss and Vittoria Services inked agreements with Capital Group Timor-Leste, signaling the dawn of a new era in business process outsourcing (BPO) in the country. Set to create 120 new jobs, this BPO venture, slated to kick off operations in Dili, the capital of Timor-Leste, in the coming months, underscores the nation’s commitment to youth employment. With a sizable portion of its population under 30 years old, Timor-Leste views this initiative as a pivotal step towards socioeconomic advancement.
“This project holds immense significance for Timor-Leste, offering a lifeline of employment opportunities for its youth demographic,” remarked Antonio Sampaio, Chief Operations Officer for Capital Group Timor-Leste. “It epitomizes our commitment to driving private sector-led economic growth and underscores the transformative power of collaborative endeavors.”
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