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The Dutch government will introduce a number of reforms in Curacao by 2020. One of these is a complete overhaul of online gambling regulations on the island. The master license holders oversee these regulations. They are known worldwide for their ease in obtaining a gambling license. The regulations are characterized by their low fees, minimal requirements and lack of extensive supervision. The proposed changes by the Curacao Government are set to transform this landscape.
Proposed changes
Many have welcomed the impending reforms that propose the creation of a new Curacao regulatory body. This body is responsible for overseeing all gaming activities and licensing. The new body is also expected to introduce B2C and a B2B license for operators. Other proposed changes include mandatory hiring of local staff for critical roles on the island, and strengthened anti-money laundering control and monitoring measures.
Latest Developments
Javier Silvania announced, on the 22nd June 2023 in Malta while speaking to an audience, the formation of the new regulatory body “Curacao Gaming Authority”. The CGA is expected to start granting licenses on the 1st September 2023. It has taken longer than Curacao officials had originally anticipated to establish this authority. The comprehensive regulatory framework – dubbed the “National Ordinance on Games of Chance” (LOK) – is now complete. It was presented to the Council of Advice at the beginning of the month of June. This is the final step before the legislation goes to Parliament.
We understand that the new license holders will be required to increase their physical presence on Curacao. The change, which has been the topic of intense speculation over the last six months, will not shock many. This would require the hiring of a minimum one local person, and eventually three within five years. Operators will also need to lease or purchase office space. The space is to be used solely for the gaming operations that are associated with the license.
Political pressures
The Curacao Chronicle published a Q&A piece in which the latest development was revealed. The article was published in early June and featured a conversation between VVD Members Roelien Kamminga, Ruben Brekelmans who asked Dutch Minister of External Affairs Wopke hoekstra several questions. They asked, “What steps have been taken in the past years to enhance the supervision of gambling companies on Curacao?”
Hoekstra responded by explaining that “the Curacao Government is actively pursuing this measure through the formulation and implementation of a new gambling law, which includes the discontinuation of the master sub-license system.” The new law will create a new gambling regulatory body with more authority than the current one. The regulator will also be expected to supervise offshore gambling within the country.”
He said, “The aim is to implement these reforms in full by the end 2023.”
The Minister of Finance of Curacao announced on the 22 and June 2023 that Curacao aims to “reverse the current reputation” of the country with the new regulatory framework. He wants to achieve this through “enhanced diligence” and greater transparency about the origins the funds of operators.
Is Curacao Currently licensed?
These changes can be confusing for those who already hold an online gambling license in Curacao, as well as anyone considering Curacao to meet their licensing requirements. Some operators may be able to benefit from a different jurisdiction due to the transformational nature of these changes.
Mark O’Neill is Director of Global Gaming Solutions. He adds, “One jurisdiction which is continually viewed as an innovative move from Curacao, is the Isle of Man. It is a popular online gambling centre and a renowned jurisdiction. Numerous gambling operators choose it as their operational base. The Isle of Man licence is well-respected and helps operators overcome challenges related to banks, payment service providers, and software vendors. The licensing framework in Isle of Man offers a comprehensive umbrella licence that can be obtained within 12 weeks from the submission of an application to the hearing.
To find out more, please visit the Global Gaming Solutions website via www.globalgaming.solutions or should you wish to speak to the team directly, please contact [email protected].
