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Curacao Revolutionizes iGaming Regulation: Direct Licenses and Enhanced Standards

Curaçao Revolutionizes iGaming Regulation: Direct Licenses and Enhanced Standards
by
June 23, 2023
in iGaming News, NEWS Malta
292

In a groundbreaking move set to transform the iGaming industry, Curacao has announced its decision to issue direct licenses to gambling operators and hold them accountable to internationally recognized standards, effective from 1 September. Finance Minister Javier Silvania unveiled this revolutionary step during the iGaming NEXT Valletta 23 event, citing the need for immediate action to address troubling corporate behavior. With this regulatory reform process, Curacao aims to enhance its reputation, foster transparency, and bolster player protection. This article explores the significant changes underway and the impact they will have on the iGaming landscape.

Troubling Corporate Behavior and the Need for Immediate Action

Over recent months, concerns surrounding corporate behavior within the iGaming industry have raised red flags in Curacao. Finance Minister Silvania has been increasingly aware of these issues and deems them deserving of immediate action. In response, Curacao has embarked on a regulatory reform process to tackle the problems head-on.

Overhauling the Regulatory Regime

Last summer, Curacao first signaled its intention to overhaul the existing regulatory regime for the iGaming industry. The current system of master and sub-licenses will be abolished under the National Ordinance on Games of Chance (LOK), which is currently making progress through the parliamentary process. As the LOK nears completion, Curacao is on the cusp of a new era in iGaming regulation.

Implementation of New Standards

Recognizing the urgency of the situation, Finance Minister Silvania has directed the Gaming Control Board (GCB), the current regulator, to begin implementing and upholding the new standards. The GCB will issue new licenses to operators under the existing legislation, with a future plan to transfer these licenses into the new regulatory framework upon its enactment. This phased approach ensures a smooth transition for existing operators willing to adopt the new regime while maintaining uninterrupted business operations.

Smooth Transition for Existing Operators

Curacao acknowledges the importance of facilitating a seamless transition for existing operators embracing the new regulatory framework. To support this endeavor, the government will launch a dedicated portal for operators to register, streamlining the process of obtaining a direct license. This commitment to uninterrupted business operations emphasizes Curacao’s intent to foster an environment conducive to the sustained success of iGaming ventures.

Reversing the Perception of “Quick and Easy” Licenses

Finance Minister Silvania expresses his concern over the prevailing perception of Curacao licenses as “quick and easy to obtain” with lesser regulations and lax monitoring compared to other jurisdictions. However, Silvania asserts that the new legislation will unequivocally reverse this sentiment. By implementing enhanced standards, Curacao seeks to establish itself as a jurisdiction committed to stringent regulations and robust oversight, prioritizing integrity and trust.

Enhancing Due Diligence and Transparency

Moving forward, Curacao aims to improve due diligence practices and enhance transparency within the iGaming industry. Silvania emphasizes the necessity of knowing the owners of businesses operating within the country’s borders. Additionally, the government insists on legislation that aligns with reputable jurisdictions and complies with international laws and guidance on anti-money laundering. Through these measures, Curacao aims to ensure transparency in fund sources flowing into the country.

Robust Player Protection and Data Security

Player protection and data security are of paramount importance in Curacao’s regulatory overhaul. The new legislation demands robust player protection measures to safeguard the interests of players. Moreover, Curacao insists on maintaining data security standards that align with reputable jurisdictions and international requirements. These measures ensure a safe and secure gaming environment for players and build trust in the industry.

Establishment of the Curacao Gaming Authority

As part of the regulatory reform, the establishment of the Curacao Gaming Authority will be a pivotal step. This new regulatory body will not only prevent unwelcome and unlawful activities but also mitigate their impact. By focusing on maintaining integrity and implementing best practices, Curacao aims to shed its past reputation and become a respected and reputable jurisdiction in the global gambling industry.

Regulatory Cooperation and Collaboration

Curacao recognizes the importance of regulatory cooperation and collaboration with other jurisdictions. By working alongside other regulatory authorities, Curacao ensures a level playing field for operators and suppliers. This collaborative approach safeguards the interests of players while preserving the integrity of the gaming industry as a whole. Curacao is committed to establishing robust partnerships and fostering regulatory harmony across borders.

Final Thoughts

Curacao’s decision to issue direct licenses to gambling operators and enforce internationally recognized standards heralds a new era for the iGaming industry. With a firm commitment to transparency, due diligence, and player protection, Curacao aims to redefine its position in the global gambling landscape. The forthcoming regulatory reform process, bolstered by the establishment of the Curacao Gaming Authority, will usher in an era of heightened integrity, accountability, and collaboration. By taking immediate action, Curacao seeks to transform itself into a trusted jurisdiction that sets the standard for iGaming regulation.

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