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Guernsey, Alderney To Collaborate On eGambling Expansion

by Jason Gorringe, Lowtax.net, London
28 October, 2014

Guernsey and Alderney have announced that they are to offer dual licensing to the spread betting industry, and also jointly regulate Binary Options, a type of option for which there can only be one of two outcomes, and Contracts For Difference, which are akin to financial derivatives.

Robin Le Prevost, the Director for Business Development for Alderney, said the landmark agreement between the gambling regulator in Alderney, the Alderney Gambling Control Commission (AGCC), and the financial regulator in Guernsey, the Guernsey Financial Services Commission, will enhance the islands' world-leading offering to the eGambling sector.

"We were aware that the spread betting, CFD, and binary options sector were looking for a quality jurisdiction from which to base their operations. We have often been approached, but the Alderney Gambling Control Commission has been unable to accommodate their requirements due to the investment nature of some of the products," he said.

"The AGCC has been in discussions with the Guernsey Financial Services Commission over the demarcation of their respective remits and this collaboration is the result. The two organizations have combined their skill sets and will offer dual licensing covering the ful rate of products this sector specializes in. This means binary options, binary betting, contracts for differences, and all types of spread betting can be covered by this dual licensing system."

"Alderney is world renowned for its beneficial commercial environment, stable Government and technical prowess and these compelling elements will remain and are indeed enhanced by Guernsey's involvement. The combined benefits of the two islands offers a highly attractive location from which to base companies from this sector."

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