The new Curacao Licensing framework will begin in 1 January 2023 with the new online gambling rules already submitted into Curacao parliment! Full update here. (Photo by Nick Fewings on Unsplash)
The writing is on the wall for online gambling operators that have been tricking the system under Curacao licensing.
These operators are about to be eradicated under newly instated gambling licensing laws, thus enhancing the reputation of one of the Caribbean’s offshore financial centres and online gambling licensing jurisdictions.
Changes to the current Curacao licensing are moving forward, and the government and other authorities are not using Christmas and New Year holidays to delay the process. On the contrary, new regulations have already been submitted to parliament before 2024 kicks in. Presumably, this ensures the licensing authority can kick start 2024 with the chances rearing and ready to come into place.
The new legislation proposes to etch out online gambling operators that are abusing the relatively flexible business and online gambling laws in the small Caribbean island country. Some main points submitted to parliament include phasing out operators under master licensors. These operators will no longer be able to renew or extend their licensing.
For additional safety measures, operators will need a digital deal of approval that confirms operators pass all requirements under the Curacao licensing framework, such as fair gaming results, anti-money laundering checks, and other financial checks.
On top of this, operators will move to the new Gaming Control Board’s regulatory framework beginning in 2024. For a more detailed overview, I have covered each of these points as well as information on Critical Deadlines put forward so the new look Curacao licensing is in place.
Matthew O’Connor last reported on the new changes coming to the Curacao licensing laws back in June 2023. The report named ‘Curacao Licensing Framework Enhancements‘ is one of the first to cover the new regulatory shift to enhance the reputation of the country’s online gambling regulatory framework.
When did the curacao online gambling licensing come into place?
Curacao Licensing is known for cryptcurrency casinos! (Photo by Aleksi Räisä on Unsplash)
In 1996 Curacao made its entrance into the online gambling entertainment scene with iGaming and sports betting licensing.
The licensing came around after the formation of the National Ordinance on Offshore Hazards in 1996. It has become one of the most affordable online gambling licensing certifications to gain as long as operators set up a company in Curacao. Although the country offers some of the most affordable gambling licensing, this isn’t the only major selling point that makes Curacao licensing popular.
Attractive crypto-friendly licensing: The Curacao licensing authority is one of the only licensing authorities that is cryptocurrency friendly. Online casinos operating under its framework are able to offer customers crypto gambling. This is something we do not see under the UKGC or MGA licensing models. As you can see from our Bitcoin crypto casinos information page, all the online casino operate under Curacao licensing.
What are the New Curacao Online Casino Licensing Laws?
Curaçao’s gambling industry is on the brink of a significant transformation with the introduction of the National Ordinance for Games of Chance. This new legislation proposes a radical overhaul of the current licensing system, aiming to streamline operations and enhance regulatory oversight.
Licensing Changes – New UBO Ordinance
Under the new ordinance, Ultimate Beneficial Owners (UBOs) will have the flexibility to own multiple accounts and obtain several licenses. This change is poised to reshape the gambling landscape in Curaçao, offering license holders more freedom and operational scope. In a departure from the existing system, each license will now have the capacity to support an unlimited number of domains.
Seamless Transition Strategies
The Ministry of Finance has outlined immediate steps to facilitate a smooth transition. One point that stands out is that some operators will no longer have the opportunity to renew or extend their master licensing. I assume these operators have been red-flagged as using loopholes to continue operating under the master licensing set-up but have not followed correct financial laws, and possibly some have been cheating their customers. On top of this, the Curacao licensing digital seals that we usually see in the footer of online casinos look like they are about to change.
At Casinoplusbonus we use these seals to check an online casino’s licensing is still valid, whether it is a Curacao, Malta Gaming Authority (MGA), UK Gambling Commission (UKGC), iGaming Ontario, or Kahnawake Gaming Commission (KGC) online casino. You can read more about this topic via our casino advisor guide: How do I check whether online casino licensing is valid?
What is the Curacao New Digital Seal for Enhanced Compliance?
As a New Year’s gift to the world of iGaming and online sports betting, starting on the first day of January 2024, operators will need to display a new digital on their branded online gambling websites. This seal, issued by the Curacao Gaming Control Board, will be a compliance token, ensuring that operators with licensing certification with Curacao have passed rigorous testing to ensure their online gambling platforms adhere to the new stricter regulatory standards. The board is currently formulating a policy to mandate the integration of this seal into the domain’s DNS, a welcomed move that will further tighten regulatory control.
Sublicensing Under New Terms
Under the outgoing law, Sublicense holders will see an immediate transition of their business operations to the Gaming Control Board’s regulatory framework. This move signifies a shift in regulatory responsibility and ensures that all operators fall under the ambit of the new ordinance.
Critical Deadlines and Provisions
A key deadline for the cutoff for sublicense registration and applications for direct licenses is now set for 31 March 2023, marking the. The ordinance allows for a ‘grandfathering’ approach, where existing licenses and applications seamlessly transition into the new framework. The key here is to minimise disruptions to operators. As for players, you will unlikely see the changes affect your online casino or sports betting account.
However, it is always a good idea to check how the new licensing laws will improve the safety standards of your casino, making your online gambling experience a more safe and enjoyable endeavour.
What are the pros & cons of the new Curacao licensing changes?
| Disadvantages | Explanation |
|---|---|
| Potential Market Disruption | The new ordinance might disrupt existing business models. |
| Adaptation Challenges | Licensees may face difficulties adapting to the new system. |
| Advantages | Explanation |
|---|---|
| Regulatory Improvement | Enhances transparency and control in the gambling sector. |
| Operational Flexibility | Offers more freedom for license holders and encourages innovation. |
| Improved Player Experience | Players will now play at Curacao casinos operating under safer and more stringent rules. |
Find out more about the Curacao licensing changes: On 13 December Zak Thomas Akoo on Next.io covered more information about the current changes planned for the Curacao licensing. This include information about changed in licensing fees and structure – see Curaçao cuts cost of annual licence. news report for a more in depth review of costs and regulatory changes.
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