Curaçao, from iGaming Next Valletta 23 the turning point towards the new 'responsible' licenses

23 June 2023 - 18:16

The Minister for Finance Javier Silvania revealed Curaçao's decision to speed up the regulatory reform process during the iGaming Next Valletta 23 event.

Written by Ca
Foto iGaming Next 23

Foto iGaming Next 23

The regulatory framework of the State of Curaçao also changes and moves towards stricter regulation and attention to anti-money laundering measures and player protection. The central body will start issuing direct licenses to gambling operators and hold them responsible according to internationally recognized standards from next September.
The Minister for Finance Javier Silvania revealed Curaçao's decision to speed up the regulatory reform process during the iGaming Next Valletta 23 event.
Silvania said he has become increasingly aware of "concerning corporate behaviour" in recent months that deserves "immediate action".
Curaçao first announced last summer its intention to review the regulatory regime for the iGaming industry and abolish the current masters and sub-licenses system.
The new law, called National Ordinance on Games of Chance (LoK), is currently progressing through the parliamentary process.
Earlier this month, the Lok was presented to the country's Advisory Board, the last step before presenting it to the parliament.

While he was pleased with the progress, the minister said that "lax practices within gambling operations, particularly regarding anti-money laundering, fraud prevention and player protection measures" could no longer be tolerated.
New standards will also be presented. The Gaming Control Board (Gcb), the current regulator, will begin issuing new licenses to operators under existing legislation, with a plan to move these licenses into the new regulatory framework once it is enacted.
To ensure a easy transition for existing operators willing to adopt the new regime, the government will allow "uninterrupted commercial operations".
Gcb will launch a dedicated portal for operator registration, facilitating the process of obtaining a direct licence.
"I am so sorry to hear that Curaçao licenses have been labeled as 'quick and easy to obtain', accompanied by 'lesser regulation' and 'lax monitoring', compared to other jurisdictions," Silvania said.

Curaçao ”wants to know who owns businesses operating within our borders, by conducting appropriate and consistent levels of due diligence. We demand transparency regarding the source of funds flowing into our country and insist that operators adhere to the legislation that are lined up with respectable jurisdictions and, at least, meets the minimum requirements of international laws and guidelines on anti-money laundering".
Finally, as mentioned, Curaçao "will require strong player protection and data security."

The Lok, which includes the establishment of an entirely new regulatory body known as the Curaçao Gaming Authority, will not only prevent but also mitigate any unwanted and illegal activity, according to the minister.
This will ensure that Curaçao will no longer be known as the “black sheep” of gambling industry, Silvania stressed, and also pledged close cooperation with other regulators around the world.

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