Lithuanian and Ukrainian gambling regulators deepen ties

Europe is turning a new page in crypto regulation, spearheaded by jurisdictions such as the Netherlands and Germany, where regulators are beginning to cooperate on an international level to ensure consumer and safety standards at home are met.

In light of this trend, the Gaming Control Authority of Lithuania and the Gambling and LotteriesRegulation Commission of Ukraine have signed a new Memorandum of Understanding which sets out collaborative efforts in ensuring the integrity of lotteries and the gambling industry as a whole.

The new partnership is an important step forward for establishing deeper regulatory ties that allow countries in Europe and beyond to ensure that they can come up with a joint response against fraudulent practices in the gambling space.

Both gambling authorities will seek to improve their understanding of business supervision and regulatory practices, as well as enforcement of existing laws, the press release published by the Gaming Control Authority stated.

This process actually began a year ago but was ultimately put on the backburner due to the Russian invasion of Ukraine in February.Regardless, both gambling regulators will continue to work on best market practices together and exchange know-how, knowledge, and regulatory proposals to make the businesses in the gambling industry accountable, transparent, and fair to consumers.

Gaming Control Authority DirectorVirginijus Daukšys said that he was pleased to have the opportunity to exchange knowledge of the industry with his Ukrainian homologs. There will be a range of fields in which the two regulators can cooperate, Daukšys assured. These include problem gambling, measures against unauthorized operators, technical requirements, and so much more.

"We are very pleased with this agreement and with the fact that our new partners are colleagues of the authority of this tenacious, unyielding, and proud country," he added. Daukšys wrapped up by saying that the regulator is prepared to assist Ukrainian colleagues with all means at the Gaming Control Authority’s disposal to make it easier.

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