Last year, Curaçao revealed its intention to undertake a considerable revamp of its licensing framework. .
Recently, at the iGaming NEXT Valletta 23 conference, Finance Minister Javier Silvania confirmed that Curaçao is fast-tracking this reform process.
The upcoming changes will completely eliminate the existing licensing system and mandate that operators acquire a new license effective from September 1st. These new licenses will ensure that operators comply with international standards .
This development is expected to impact numerous offshore online casinos businesses that currently hold licenses in Curaçao. Stay tuned for more information!
The New Curaçao Licensing Reform
The National Ordinance on Games of Chance (LOK) is the name of the proposed legislation, which is presently in its final deliberations within the parliament.
According to Finance Minister Javier Silvania, “the lenient practices seen in gambling operations, especially regarding AML efforts, fraud prevention, and player safety,” can no longer persist.
The Gaming Control Board, which currently oversees regulation, has been directed to immediately implement the new legislation. This decision follows reports of questionable conduct by certain operators.
“It is disheartening to know that Curaçao licenses are perceived as being ‘quick and easy to obtain’, along with claims of ‘weaker regulations’ and ‘lax enforcement’ in comparison to other regions,” Silvania remarked.
This perception is about to shift with the introduction of new regulations. A new dedicated platform will facilitate the registration and licensing process for operators, but securing a license will be far from “quick and easy.”
Silvania emphasized that Curaçao aims to identify the owners of businesses operating within its jurisdiction by conducting comprehensive and ongoing due diligence.
Moreover, “We expect transparent disclosure regarding the source of funds entering our nation, and we demand that operators comply with regulations that align with reputable international standards, ensuring at least the minimum criteria for anti-money laundering laws.”
Under this new legislation, Curaçao will also advocate for stringent standards concerning data protection and security, player protection.
The Curaçao Gaming Authority
The fresh National Ordinance on Games of Chance (LOK) will also lead to the establishment of a new regulatory authority referred to as the Curaçao Gaming Authority .
This new authority will be responsible for issuing the new licenses and addressing any illegal activities.
Curaçao is committed to working in partnership with regulatory bodies from across the globe.
According to Curaçao’s Finance Minister, “By collaborating with other jurisdictions, we create a fair playing field for both operators and suppliers, while ensuring player safety and upholding the integrity of the gaming industry as a whole.”