Introducing the New 2023 Curacao Gaming License
by Maria S
Exciting developments are underway in Curacao’s gambling industry, as the country gears up to issue new licenses directly to gambling operators from September 1, 2023. This eagerly awaited regulatory change, deemed “unavoidable” by Minister of Finance, Javier Silvania, was announced during his speech at iGaming NEXT in Malta on June 22, 2023.
The Key Changes: National Ordinance on Games of Chance (LOK)
The cornerstone of this reform is the National Ordinance on Games of Chance (LOK), which has already been presented to the country’s Council of Advice and is now on its way to parliament. The LOK gaming license is set to replace the current master and sub-license system, where only four master license holders are authorized to issue sub-licenses to operators.
Focus on Online Gaming and the Curaçao Gaming Authority (CGA)
While LOK 2023 introduces provisions applicable to all games of chance in Curacao, the government’s initial focus will be on online gaming. To ensure a smooth and secure regulatory environment, the LOK includes the establishment of the Curaçao Gaming Authority (CGA), an independent administrative body. The CGA’s role is to not only prevent but also mitigate any unwelcome and unlawful activities related to gambling.
Seamless Transition for Existing Operators
Minister Silvania reassured existing operators that they can continue their business without interruption during the transition period. To facilitate this process, the Gambling Control Board (GCB) will launch a dedicated portal to streamline the license application process. Moreover, Curaçao master license holders will receive a license extension of up to one year until the new gambling law is fully enforced.
Transition Period and New Licensing Framework
Upon the enactment of the LOK, master license holders will automatically transition to the new regulatory regime, provided they comply with the specified policies and regulations. Sub-licensees who wish to continue operating under the new framework will have a three-month transition period to apply for a license under the LOK. During the application and processing period, sub-licensees can continue their operations as usual for up to nine months after the LOK is implemented. However, operators who do not transition to the new licensing regime must cease operations once their relevant master license expires.
Application Process for New Licenses and How We Can Assist
From September 1, the Gaming Control Board (GCB) will begin issuing new licenses directly to operators under the current legislation. However, it’s essential to note that these new license holders will not be allowed to issue sub-licenses. We understand that navigating the licensing process might seem complex, but we’re here to help you every step of the way. Our team can assist you in completing the necessary forms and compiling the relevant supporting documentation for a smooth application process. We’ll ensure that your license application meets all requirements, including Know Your Customer (KYC) checks, and adheres to the highest standards of player protection, AML procedures, KYC, responsible gaming measures, and information security.
Curacao’s gaming landscape is evolving, and securing your 2023 NEW License with LOK is an opportunity to thrive in this dynamic market. Let us assist you in taking this exciting next step for your gambling business. Reach out to us today to learn more about our support and services.
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