The new Curacao licensing framework enhancements

The new Curacao licensing framework enhancements are coming into effect. The plan is to enhance player protection and clean up AML practises. (Photo by Dave Drury on Unsplash)

The Curaçao government has confirmed its plans to enhance the credibility of its iGaming and online sports betting licensing as well as improve its entire interactive gaming business sector.

A new National Gambling Ordinance (LOK) will serve as a regulatory body and play a crucial role in combating illicit practices within its gambling industry. The aims are to enhance play protection, prevent AML, streamline licensing processes and eliminate any lax regulations by the current regulator. It is also likely being fast-tracked to tackle the threat of the new Malta Gaming Authority crypto framework.

Finance Minister Javier Silvania made the announcement via the LOK with the new rules will be due to come into effect starting on 21 September 2023. Through these enhanced regulations, the Curaçao licensing authority aims to solidify itself as a trustworthy and secure destination for online gambling.

Much of the focus is on combating money laundering and preventing fraud, which is something the regulator has long come under criticism. This doesn’t mean AML laws are not followed and is more to do with transparency as Curacao’s financial scene has long been cloaked in secrecy.

The bigwigs in the Curaçao government are under the importance of transparency when it comes to the source of funds and Sylvania is adamant that operators will meet the international basic standards on money laundering. That means casino and sports betting operators will need to abide by the new framework and laws outlined.

One of the main promises the Curacao government outlined in the past was its focus on player protection. A previous promise was to tighten up its licensing framework and focus on preventing fraud and prioritising player safety.

The Gaming Control Board (GCB): There are plans to introduce a dedicated portal for operators to submit their license applications directly. This efficient approach ensures that operators undergo thorough assessments to meet the elevated standards set by the LOK.

Collaboration with other jurisdictions is a key strategy for Curaçao

By establishing a level playing field through cooperative initiatives the government seeks to protect player interests and uphold the integrity of the gambling industry. This collaborative approach is expected not only to enhance resilience within the industry but also to weed out fraudulent operators.

Despite numerous Curaçao-licensed operators adhering to ethical practices effectively, Silvania has expressed concerns regarding potential harm inflicted on this jurisdiction’s reputation. He admitted that some operators have unfortunately abused what appears as an effortlessly attainable Curaçao license, resulting in a blemished track record for the country.

The main issue is that some have signed up using lax Curacao business and licensing laws and got away with malpractice for as long as possible before the Curacao government boots them out. It is the timelessness of cancelling businesses and licensing certs that have sometimes come into question.

New Rules to Solve the Issues: With new laws in place, those skirting the rules will now come under fire. New checks and documentation will help identify the corrupt companies allowing the Curacao licensing authority to enhance its reputation on the gambling entertainment scene.

Curacao Looks to Enhance Its Reputation

Although the Curacao licensing authority has made clear its intentions, it may be reacting sooner and implementing new laws since its main rival, the Malta Gaming Authority (MGA), now has new laws allowing casinos to offer players crypto. Both the MGA and the Curacao are competitive licensing authorities listed with many of the platforms outline on our secure online casino sites list.

This does pose a threat to the Curacao licensing authority which was the only internationally recognised iGaming and online sports betting framework allowing operators to offer players crypto bets and games. Although the authority’s licensing applications and yearly renewal fees are still far more affordable compared to the MGA, there is a threat.

What about responsible gambling? A point that will need to be addressed is responsible gambling tools. For the moment the focus is on AML laws, but I believe forcing casinos to offer deposit, stake, and loss limits as well as options to self-exclude should also become part of the framework’s rules.

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