Ladbrokes can’t recover $100M tax payment

It’s not often that someone wins against the taxman. Tax collectors are notorious for almost always making sure they cross all their t’s and dot all their i’s. This case wouldn’t prove to be the exception, either.

First, it’s necessary to paint the background. A 2008 tax loophole was in place that allowed corporations to take a tax write off in relation to loans between it and a third party. The loophole was closed the same, leading to a number of businesses being forced to settle their tax accounts. In 2015, Ladbrokes Coral was one of the businesses, and begrudgingly paid its outstanding tax debt of £71 million (US$100 million). After making the payment, the large UK sportsbook appealed the decision to the Upper Tribunal of the Tax and Chancery Chamber (UTTCC).

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Binance moving to Malta

Binance, the world’s largest cryptocurrency exchange by traded value, is seeking a fresh start in the Mediterranean.

The company, founded last year in Hong Kong, is planning to open an office in Malta, Chief Executive Officer Zhao Changpeng said in an interview. Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said, without providing a timeframe.

“We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fintech.”

Regulators from China to the U.S. have been cracking down on cryptocurrency exchanges since last year, making it difficult for venues like Binance to find a permanent base. The company had an office in Japan and was trying to get a license to operate there, but decided to remove its staff to avoid a clash with local regulators, Zhao said. Japan’s Financial Services Agency issued a warning to the exchange on Friday for operating without approval.

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New Gaming Bill tabled in Maltese Parliament

The Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Hon. Silvio Schembri announced that a motion has been presented in Parliament for the first reading of a new Gaming Bill which will seek to repeal all the existing legislation and replace it with a singular primary Act of Parliament, together with subsidiary legislation covering horizontally the main thrusts of gaming regulation as well as a series of technical directives and guidelines currently being consulted on by the Malta Gaming Authority (MGA) for eventual publication and rollout by the regulator once the Act comes into force.

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iGamingAdvisors adopting Crypto currencies as a payment method.

In the last couple of years, cryptocurrency has grabbed a spot in our news headlines as being the money of the future. As expected, significant financial institutions have begun incorporating this system into their daily activities, and iGamingAdvisors isn't an exception.

In the digital era, cryptocurrency has evolved to become the most secure way for communications, sharing of information and the perfect means of storing money online. Presently, the world has more than 1,000 available cryptocurrencies, but the most renowned is Bitcoin, created in 2009.

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Malta's next Milestone - Crypto and ICO

Are you a company that would like to raise an ICO, Crypto Currency Exchanges and wallets? Are you interested to enter the Crypto world?

As you may be aware Malta is currently stepping up its pace to be the first European member state to regulate  ICOs, Crypto Currency Exchanges and wallets amongst others.

Malta was the first European member state to successfully regulated the iGaming industry. Once again Malta is the first in offering a sandbox testing for Crypto Currencies and the blockchain technology within the gaming sphere.  

If you are in need of professional consultancy, legal advice,  regulating your business, bank account opening or any of your gambling needs, get in touch with us today by email on This email address is being protected from spambots. You need JavaScript enabled to view it..