THE Tinian and Aguiguan Legislative Delegation last week unanimously passed Senate Local Bill 24-1, allowing regulatory-compliant internet gaming and the creation of a Tinian Stable Token.
All of Tinian’s four lawmakers were present to vote favorably on the bill, with Senate Vice President Karl King-Nabors attending via Zoom video conference.
Authored by Sen. Jude U. Hofschneider, who chairs the Tinian delegation, S.L.B. 24-1 now goes to Gov. Arnold I. Palacios.
S.L.B. 24-1 seeks to amend the Tinian gaming law to authorize the Tinian Casino Gaming Control Commission to grant internet gaming licenses for a period not to exceed 20 years. The bill requires a qualified internet gaming investor to pay a $20,000 annual license fee and a non-refundable application fee of not less than $5,000 upon submission of an application to the commission.
“In the interest of promoting the Tinian gaming industry,” the bill would also allow the creation of a Tinian Stable Token “in order to be globally competitive and compliant with United States federal laws and regulations.”
Similar to the Wyoming Stable Token Act enacted on March 17, 2023, the Tinian bill would authorize public entities to issue stablecoins. A stablecoin is a digital one-to-one representation of U.S. dollars held in reserve by the issuer.
S.L.B. 24-1 would authorize the Tinian municipal treasurer to issue and redeem a stablecoin, and use that stablecoin as a “digital casino chip” in the Tinian internet casino ecosystem. According to the bill, this “efficiently solves the taxation and regulation challenges presented by internet casinos while simultaneously advancing the innovation and technology goals of the United States government.”
