Japan Inches Closer to Gambling Legalization

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Japan Inches Closer to Gambling Legalization
Japan Inches Closer to Gambling Legalization

Japan is only one step away from fully regulating casino gambling. The country passed a legislation that will establish casinos this week, with an Integrated Resorts Implementation Bill adopted by the officials of the Committee on Cabinet in the House of Councilors.

One final obstacle remains before Japan gets the sought-after gambling legalization.

The bill was adopted despite the no-confidence motion planned by the anti-gambling opposition parties who are in some minority in Japanese parliament. The country's governing block is constituted by Prime Minister, Shinzo Abe's Komeito coalition and Liberal Democratic Party.

Implementation of the bill is being voted on as you read this article and the conclusion of the session of parliament is expected to take place on July 22nd.

Key Points

Some of the crucial points in this bill include a 30% tax on casino gross gaming revenue and an entry levy of $53 for all residents of the far-East country (population of 126 million people) who wish to enter online portals.

However, even if the bill gets fully adopted, which it most certainly will…

there remains an awful lot of work to be done, primarily in regards to creating first licensing system.

The first casino licenses are not expected to be issued before 2020, while some estimates say that the first casino resort, out of three planned by this legislation, could open in 2025.

Late last year, some of the largest financial companies in Japan have begun mining for Bitcoin, which they found is a good way of making extra revenue.

Source:

“Japan casino bill upper house committee nod, vote Friday”, ggrasia.com, July 19, 2018.

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