Market update: Cura ç ao
The reform of the Curaçao gaming license The new legislation will align with counterpart licenses in EU jurisdictions, thereby reinforcing the global recognition of the Curaçao gambling jurisdiction says Stefan Sluijter.
INTRODUCTION: WHAT TO EXPECT FROM THE CURAÇAO REGULATORY REFORM Changes in the licensing regime in Curaçao have been in the making for several years and are presently top of the priority list for the Curaçao government. The current regime, which enables new operators to apply for sub-licenses with any of the four master license holders, is soon to be replaced by a central government-controlled authority; the Curaçao Gaming Authority (CGA). The CGA will not only have licensing authorizations but will also occupy the supervisory role within the sector and will be provided adequate enforcement powers. Currently, the CGA already exercises this role for land-based gaming in Curaçao. SCOPE OF THE NEW LICENSING REGIME Operators desiring to obtain a license in Curaçao under the existing regime must apply with one of the master license holders, however once the new legislation comes into place, new operators will apply directly with the CGA for a license. The aim of this new legislation is firstly to strengthen
the Curaçao license by imposing higher barriers to entry for operators. The aim of this new legislation is firstly to strengthen the Curaçao license by imposing higher barriers to entry for the operators, hence aligning the Curaçao license closer to its counterpart licenses in EU jurisdictions. Another important goal is to centralize the process from the Curaçao government side, for the CGA to have full oversight of the licensees and to address more effectively important concerns about illegal gambling and Anti Money Laundering (AML). Furthermore, the new legislation will provide better protection to participants in games of chance as further conditions are set for operators. The result of this effort should, in the long term, lead to the Curaçao license being further recognized and valued by other jurisdictions. WHAT PROMPTED THIS NEW LEGISLATION TO BE INTRODUCED? The changes are due to several factors. For one, to reinforce international recognition of Curaçao as a reputable and supervised jurisdiction in the iGaming sector, while being
IMGL Magazine • November 2022 • 51
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