Curaçao announced last year that it was planning a major overhaul of its licensing regulation.
Last week, during iGaming NEXT Valletta 23, Finance Minister Javier Silvania announced that Curaçao was expediting the reform.
The reform will altogether abolish the current system and require operators to obtain a new license as of September 1st. The new licenses will hold operators to internationally recognized standards.
This news is very likely to affect many offshore online casinos that are currently licensed in Curaçao. Keep reading to learn more!
The New Curaçao Licensing Reform
The National Ordinance on Games of Chance (LOK), as the new law is called, is already going through the final steps in parliament.
Finance Minister Javier Silvania has said that “lax practices within gambling operations, particularly concerning AML measures, fraud prevention and player protection,” can no longer continue.
The Gaming Control Board, the current regulator, has been instructed to start implementing the new law. This comes after troubling behaviour by certain operators.
“It pains me to hear that Curaçao licenses have been labelled as ‘quick and easy to obtain’, accompanied by ‘lesser regulations’ and ‘lax monitoring’ compared to other jurisdictions,” Silvania has commented.
This is set to change with the new regulation. A new dedicated portal will make it easier for operators to register and obtain a license; however, the license will be far from “quick and easy to obtain”.
Silvania has said that Curaçao, “wants to know who owns the business operating from within our borders by conducting appropriate and constant levels of due diligence.”
Furthermore, “We require transparency regarding the source of funds flowing into our country, and we insist that operators adhere to legislation that aligns with reputable jurisdictions and, at the very least, meets the minimum requirements of international laws and guidance on anti-money laundering.”
With this new law, Curaçao is also set to demand the highest standards in data security and player protection.
The Curaçao Gaming Authority
The new National Ordnance on Games of Chance (LOK) will also include the set up of a new regulatory body known as the Curaçao Gaming Authority.
The new regulatory body will be in charge of issuing new licenses but also dealing with any unlawful activities.
Curaçao is also pledging to cooperate with other regulatory authorities from around the world.
Curaçao’s Finance Minister has said, “By collaborating with and working alongside other jurisdictions, we ensure a level playing field for operators and suppliers, all while safeguarding the interests of players and preserving the integrity of the gaming industry as a whole.”
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