Curaçao Sets the Bar Higher for Online Gambling LicensesPublished July 18, 2022 by Florin P
The Curaçao Council of Ministers has approved a bill that will bring sweeping changes to the process of issuing online gambling licenses.
Some of the most important casinos in the world are licensed in Curaçao, one of the first and most popular regulators. Known for its liberal system and sheer simplicity of entry, the licensing regime is about to go through major changes. A new licensing body will be set in place, and higher barriers will be erected, so those who apply for a license will need to meet new criteria. The changes are supposed to make the licenses even more reliable, with the government more involved in the process.
New Licensing System for B2C Operators and B2B Suppliers
The Curaçao Council of Ministers approved a new bill that will kick start the sweeping changes that will overhaul the gambling regulation in Curaçao. An independent body will be established by the government to license gambling operators instead of private entities. One of the most important changes implies the introduction of fees, so the licensing process will produce direct revenue for state coffers.
To ensure a swift and effective process, the local authorities have enlisted the assistance of experts in this field. Mario Galea, the former Malta Gaming Authority chief executive, provided counseling for the authorities on the island. According to him, the license application fee will revolve around €4000, with an annual fee of €12,000. Gambling operators will also have to pay €250 each month per URL, so there’s a lot of money expected to be made by the government.
Enhanced Security and Money Laundering Procedures
The new licensing system will generate more money for the government and make gambling safer for punters. Money laundering measures will be implemented to make the process more transparent, and licensed gambling operators will have to employ at least three people in key positions in Curaçao. The new system was envisioned using guidelines from the Dutch government, as the island is a constituent country of the European nation.
Curacao remains one of the most attractive destinations for online gambling operators seeking a license. Law-abiding providers of casino games, sports betting, poker, and other forms of gambling welcome the new changes. Now that the bill has been approved by the government, it will go through a consultation stage, during which improvements can be made. Ultimately, it will need to pass a vote in the legislature, with the most optimistic forecasts anticipating its approval by the end of the year.