Daw Global Weekly Company Brief: Week Commencing: 11th May 2026

The Costa Rica remains widely used within the iGaming industry, although its role is often misunderstood. Unlike established international licensing jurisdictions such as the Anjouan Offshore Finance Authority (AOFA), the Kahnawake Gaming Commission (KGC), or the Tobique Gaming Commission (TGC), Costa Rica does not issue a recognised gambling licence and does not operate a dedicated gaming regulator or formal licensing framework.

Instead, operators typically establish a local Costa Rican company that acts as a base for offshore-related activities and the day-to-day running of gaming operations. This structure relies on general corporate law rather than gambling-specific regulation. In many cases, the Costa Rican entity forms part of a wider licensed structure, either acting as the operating company or maintaining the contractual relationship with an external licensing jurisdiction.

As a result, Costa Rica is not used as a replacement for licensing, but rather as part of a broader international corporate structure where different jurisdictions fulfil different operational roles. The jurisdiction offers a stable business environment and a cost-efficient operational base, allowing operators to manage key functions without the administrative burden associated with maintaining a full regulatory regime locally.

However, the absence of a recognised gambling licence means a Costa Rican entity alone cannot provide regulatory credibility, market access, or satisfy the requirements of payment providers and commercial partners. Operators therefore typically pair the structure with a recognised gaming licence, where the regulatory authority sits with the licensing jurisdiction while the Costa Rican entity supports the wider business operation.

CySEC Investment Firm Licence: Insights by Euan Maskell

The Cyprus Securities and Exchange Commission (CySEC) is one of the most established financial regulators within the European Union, operating under a legal framework aligned with MiFID II (Markets in Financial Instruments Directive II) and the wider EU regulatory architecture.

For broker-dealers, the CySEC Investment Firm Licence represents one of the most commercially significant regulatory credentials available in international financial markets.

One of the key advantages of the licence is its passporting capability across all EU member states. A company regulated by CySEC can offer services throughout the European Union without needing separate authorisation in each jurisdiction. This streamlined route into EU markets remains one of the primary reasons internationally active broker-dealers pursue the licence.

Beyond market access, CySEC imposes defined capital requirements alongside ongoing conduct, compliance, and reporting obligations. These standards give the licence substantial regulatory credibility among institutional counterparties and banking providers, often reducing friction when firms establish financial relationships and operational infrastructure.

For broker-dealers targeting both professional and retail clients across the European Economic Area (EEA), the CySEC Investment Firm Licence continues to provide a recognised and commercially reliable framework for operating under a single regulatory structure while accessing multiple European markets.

Tobique Gaming Commission (TGC): Insights by Richard Picton-Turbervill

The Tobique Gaming Commission (TGC), based within the Tobique First Nation territory in New Brunswick, Canada, has emerged as a credible offshore licensing authority for online gambling operators.

Rooted in the jurisdictional authority of the Tobique First Nation, the TGC provides a structured regulatory framework for remote gaming operations targeting international markets.

For operators, the licence offers a formal regulatory structure without the high costs and administrative demands commonly associated with more established jurisdictions. It supports online casino and related gaming activities while providing the regulatory foundation needed to engage with payment processors, software providers, and other essential commercial partners.

This balance of practicality and recognisability has helped the licence gain traction among operators seeking an alternative offshore licensing framework outside more saturated jurisdictions.

The TGC places emphasis on oversight and maintaining a clearly defined legal basis for its licensing activity. While recognition among banks and payment providers can still vary depending on the counterparty, the commission has established itself as a viable entry point for operators looking to formalise their business structure under a recognised licensing authority.