The Curaçao Gambling Control Board has announced its plans to reform its iGaming licensing system by the start of 2023.
This decision came after pressure from the Dutch Government.
Following the country’s first public consultation on the reform last August, the details of the new system are being worked out. Despite still working on the reform, Curaçao’s Gambling Control Board has confirmed that this will include a supervisory regime.
The job of this new supervisory entity would be to oversee and issue licenses to interested applicants.
This new framework will also impact crypto casinos and their payment methods, as all payments will be dealt with by the Central Bank of Curaçao. This will be done through the introduction of new regulations for services and activities carried out in Curaçao.
The new reform will also include stricter Responsible Gambling rules to ensure the safety of casino players.
What does this mean for Curaçao’s current licensing system?
With Curaçao’s gambling licence being one of the easiest licences for casinos and operators to achieve, the new reform aims to enforce stricter requirements for applicants obtaining such permits.
The current legislation allows a set number of licensees to hand out an unlimited number of sub-permits.
Meanwhile, Curaçao’s Minister of Finance, Javier Silvania, said that the system currently in place is costing the country’s economy millions in losses.
The Finance Minister added that thanks to the new regulations, “trust officers should make larger contributions to the Curaçao state”, while also establishing an efficient licensing system regarding fees and taxes.
While in his comments Silvania noted that the country’s iGaming sector’s reputation must be restored, he emphasised that the Finance Ministry and the stakeholders involved are working closely together to ensure that the current situation is improved.
Curaçao’s Finance Minister also explained that enforcing stricter requirements would achieve more transparency in gambling.
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