Plans for Curacao Gaming Authority and Stricter Requirements Announced
Curaçao, a small island nation in the Caribbean, has long been a popular destination for gambling operators seeking an affordable and straightforward licensing process. However, the country's gambling regime is about to undergo significant changes in 2023, with the introduction of a new independent regulator, the Curacao Gaming Authority, and a revamped licensing system.
The current system is considered one of the most liberal in the world, with minimal requirements for operators and low costs for obtaining a license.
However, this has led to concerns about criminal activity and problem gambling, as well as potential damage to the country's reputation. The government has therefore been working to modernize its gaming legislation to bring it in line with international standards and improve oversight.
Under the new system, the four master license holders who currently oversee licensees will be replaced by the Curacao Gaming Authority, which will issue independent B2C and B2B licenses. Companies that have already been licensed will have 18 months to transition to the new system, which will include stricter requirements for license holders, such as maintaining a higher share capital and meeting other stipulations.
While these changes may create some uncertainty for operators, the government has emphasized that it is committed to protecting the ongoing business of current licensees while preventing the misuse of the system. A new online registration portal will be introduced to streamline the process and ensure greater transparency.
Despite the changes, Curaçao is likely to remain a popular destination for gambling operators due to its affordable and straightforward licensing process. However, the new system should provide greater oversight and protection for participants, as well as improve the country's reputation in the industry.