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Panama Gambling Requirements
Acquiring the Panama Gambling License is possible as long as the following licensing requirements are met:
Residence in Panama
Living in Panama is a requirement for operators who want to provide services to Panamanian gamblers. They must secure the proper permits and authorizations from the Junta de Control de Juegos. Foreign entities must appoint a local director who resides in Panama to handle business with relevant authorities and has the authority to sign contracts on behalf of the company.
Open Bank Account
A bank account must be opened with one of the banks in Panama, where the operator will keep the player’s funds. Licensed remote gaming operators can pay players only through payment processors approved by the Junta de Control de Juegos.
Minimum Share Capital
The company’s minimum share capital will depend on the type of game being offered.
A monthly declaration must be submitted to the Junta de Control de Juegos, providing details on income from games of chance and the fees due.
Protection of Minors
It must also comply with the rules protecting minors, the content of promotional materials used, and the locations where they can be displayed.
It’s important to note that while a Panama gambling license allows operators to offer their services in Panama, it does not necessarily guarantee other countries will deem it legal. However, obtaining a Panama gambling license certainly adds credibility to an online crypto casino, signifying that the operator has met the aforementioned regulatory requirements.
Panama Online Gambling Regulations
The Junta de Control de Juegos in Panama is a small but highly advanced gaming jurisdiction regulating land-based and online gambling establishments. By law, all authorizations, contracts, and gaming licenses are issued by the Panamanian State.
In 2002, new legislation governing online gambling was implemented in Panama. Some of the world’s leading sports betting and online casino sites are licensed and regulated by the Junta de Control de Juegos.
The Junta de Control de Juegos monitors gaming companies and services to comply with the Government of Panama’s standards and regulations. To this end, regular compliance audits ensure all license conditions are met.
Player deposit records, financial transactions, and individual bets must be kept and made available to third-party auditors. Likewise, gaming systems, back-end software logs, gaming rules, results, and pay-outs must be stored and accessible by the Junta de Control de Juegos for five years.
In addition, the Junta de Control de Juegos also enforces the following regulations across all Panama Gambling Companies:
- National Anti-Money Laundering Regulations
- Unusual Transactions Act
- Counter-Terrorism Financing Regulations
- Know Your Customer Policies.
Panama iGaming License
Panama has become a major financial and trade center in Latin America, and many international transactions are tax-exempt. The Stock Exchange of Panama has opened its doors to many North American, Latin American, and European banks with branch offices in Panama City. The government has also taken steps to encourage offshore banking, becoming a hub for online casinos due to its low taxation, minimal governmental interference, and gambling-friendly banking industry.
Gambling is a popular pastime in Panama with over 30 land-based gambling operations, such as bingo halls, horseracing, and lotteries. The country’s infrastructure provides various services to online gaming operators and providers, including private racks, private cloud services, custom dedicated servers, and other hosting options.
Panama has become a go-to location for online gambling operators due to its progressive legislative system, political stability, top-notch telecommunications facilities, and well-established financial services industry. As a result, numerous crypto-gambling sites have established themselves in Panama.