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The Ministry of Finance of the Democratic Republic of Congo (DRC) has reaffirmed it holds sole authority to oversee the nation’s gambling sector.
In a press release dated 27 August, the DRC’s Ministry of Finance reminded gambling operators that Ordinance No. 25/293 formally transferred responsibility for regulating the sector from the Ministry of Sports and Leisure to its own remit.
In the Ministry of Finance’s view, this ended “any institutional ambiguity” over who should oversee the DRC’s gambling industry.
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Large and demanding portfolios were highlighted as a key challenge, with 64% of managers overseeing 100 or more VIPs, while one in five managed more than 500.
The report highlighted the intense workload by estimating that a manager looking after 250 players would have roughly 100 seconds to commit to each player each day if their time was split equally. Data quality and fragmentation were also issues.
Grygorenko emphasised that prioritisation was the key to adapting these portfolio sizes.
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A new type of Designated Contract Market (DCM) dedicated to crypto trading is among the elements being looked at. Selig’s approach would enable existing and perhaps new crypto exchanges to gain CFTC recognition and offer leveraged or margined digital asset products under rules tailored for the sector.
However, the latest filing does not create such a system right away. Its OIRA entry describes the action as a preliminary measure and says it is not economically significant under the relevant review criteria. No legal deadline has been listed for review either.
It could, therefore, take quite a bit longer than the timing of the initial filing indicates. The CFTC would have to publish its action and solicit public comment after White House review before writing a formal proposed rule. Any final rule would have to undergo another review and comment period before it could take effect.
