Charting A New Course for Curaçao

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A serious overhaul

The Curaçao playing laws overhaul was introduced in 2022, promising improved participant safety, stricter anti-money laundering (AML) processes, and a change within the grasp licenses mannequin. The overhaul was deliberate to spring into motion no later than March 2023, however with the tip of June 2023 looming, there’s increasingly uncertainty about what comes subsequent.

present grasp license mannequin has a status for being lenient and simple to acquire

The Dutch-Caribbean island’s present grasp license mannequin has a status for being lenient and simple to acquire, with far much less monitoring than different jurisdictions. The regulation reform has been pretty gradual, garnering criticism from the Netherlands and different regulators. Nevertheless, the present Minister of Finance, Javier Silvania is dedicated to revamping the laws and ending what he referred to as, “unsavory practices.”

What’s occurred to this point?

The federal government of Curaçao sought monetary help through the COVID-19 pandemic, which put the Netherlands able the place it may ask for sure modifications. The identical authorities additionally blocked all operators beneath the Curaçao license from acquiring Dutch playing licenses. This has led to a push to streamline the present licensing in Curaçao.

this might push numerous operators out of the market

Along with the reform within the grasp license observe of this jurisdiction, the reform will enact stricter AML guidelines, that are at present non-existent and also will focus extra on participant safety and accountable playing. Each the Dutch and Curaçao governments perceive that this might push numerous operators out of the market, however many imagine this may be good for the gaming business.

Varied governmental entities have been concerned in drafting the brand new laws however have confronted pushback and overwhelming suggestions from the Dutch authorities. The approval from the Netherlands is essential because the related authorities must evaluate and make suggestions on the brand new laws.

What’s subsequent for Curaçao?

Though progress has been gradual and plagued with pushbacks and up to date cash laundering accusations from the Brazilian authorities, Curaçao is pushing ahead to have these laws come into motion as quickly as attainable.

Minister Silvania introduced at iGaming Subsequent in Valletta, Malta, on June 22, 2023, that the gaming management board may concern new licenses beginning September 1, 2023.

He additionally clarified that though the brand new laws will come into motion with the brand new licenses, the operators with the present grasp license received’t face disruptions, however will likely be consulted for points regarding AML, fraud prevention, and participant safety to transition to the brand new regime seamlessly.

Curaçao is working in direction of turning into a good jurisdiction

His ultimate feedback assured the viewers that Curaçao is working in direction of turning into a good jurisdiction that meets, a minimum of, the minimal AML worldwide legislations, and can maintain its licensees to greater requirements. Minister Silvania promised extra accountability, adherence to worldwide legal guidelines, and higher due diligence for the transparency of funds.

Curacao’s Minister of Finance Javier Silvania launched the brand new igaming regime, The Nationwide Ordinance on Video games of Likelihood (LOK) throughout a keynote speech at SIGMA on November 15th 2022

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