Currently, Curacao is the most accessible and trustworthy international gaming jurisdiction for launching new gambling ventures or expanding the reach of existing ones. Curacao has become the most well-known and in-demand international licensed solution in the whole globe as a result of its lack of share capital requirements, its speedy licensing procedure, and its low cost relative to other options when it comes to the development of a licensed gaming operation.
Despite this, it is widely speculated that March 2023 is set as the target date for when Curacao would enact a new and more stringent gambling system. The contentious online gambling system in Curaçao is set to undergo major changes, including the creation of a new regulatory body. As the small nation-state works to dispel its image as a regulatory free-for-all, this will make it more difficult for new businesses to set up shop there.
The gaming regulations on the Caribbean island of Curacao are about to have a complete makeover according to a piece of legislation that was passed by the island’s Council of Ministers. This decision was made in response to economic pressure brought on by the Netherlands.
Significant Shift
The Curacao Gaming Authority (CGA), a newly established state regulatory organization, will manage the sector and provide licenses to both business-to-consumer (B2C) operators and business-to-business (B2B) suppliers, as was previously announced. This is a major departure from the current system, which plans to issue gambling sublicenses on online gambling operations and, as a result, has 4 private firms with direct licenses to regulate the online gaming sector.
The system’s major weakness is that it gives too much power to a small group of companies to regulate internet gambling establishments based in Curacao. To sum up, whereas countries like Malta and the United Kingdom have government-run gaming commissions, in Curacao private enterprises are in charge of regulation. Because of this, the government cannot exercise full control over the industry.
Assuming everything goes according to plan, the CGA will be able to issue and revoke gaming licenses, as well as collect taxes and fees from Curacao-based businesses. When the new rules go into effect, businesses will have to fork up almost €16,000 in application and renewal fees. Within two years, licensed gaming establishments will need at least three essential personnel situated on the island.
Until the final regulations are published, all of this is subject to change based on feedback. The casino industry, meanwhile, is keeping its fingers crossed while it awaits official word from Curacao on its future intentions.
