The government of Peru has passed through a series of changes to the regulation of gambling, with the price of licenses going up over 300% to 2.97 million SOL.
The move was approved of by the country's Commission of Economy, Central Bank, Ministry of Finance, Financial Intelligence Unit and the Congress of Peru, which will change fees and taxes on gambling. There will now be a 12% point of consumption tax on gambling, and will end retail licensing of betting shops. Instead, these areas will have to put up a warranty of 24,750 to offer gambling services.
There will also be the establishment of Know Your Customer regulations, which will require gamblers to register and deposit with betting groups. Online betting through Peruivian web domains will also be available.
Those who violate these new regulations will be subject to fines, loss of licenses, and up to four years in jail for extreme cases.
The changes will go into effect 120 days after the publication of the law.
It seems that regulators are constantly finding ways to earn more money- they see how lucrative the business is. Interested to see if it will affect the end users.