If you are looking to create a new gambling business or increase the reach of an existing one, Curacao is the easiest and most reliable international gaming jurisdiction to do it. Due to its lack of share capital requirements, its rapid licensing process, and its cheap cost compared to other possibilities, Curacao has become the most well-known and in-demand international licensed solution in the entire world when it comes to developing a licensed gaming enterprise.
Not only is a trustworthy reputation crucial to attracting and retaining customers, but it also provides gamers with peace of mind when it comes to the moral standards upheld by different gaming establishments. Curacao has always strived to uphold that.
According to new legislation approved by Curacao’s Council of Ministers, the island’s gambling rules are poised to undergo a major overhaul. That said, a new and stricter gaming system is expected to be implemented in Curacao by March 2023, as has been widely reported. There will soon be significant modifications made to the controversial online gambling system in Curaçao, such as the establishment of a new regulating authority.
A Change of Pace
This move will make it more challenging for new enterprises to set up shop in the tiny nation-state as it strives to dispel its reputation as a regulatory free-for-all.
Curacao’s newly formed state regulating entity, the Curacao Gaming Authority (CGA), will oversee the industry and provide licenses to B2C operators and B2B suppliers. This is a radical shift from the present system, which seeks to award gambling sublicenses on internet gambling activities and so has 4 private corporations with direct licenses to control the online gaming industry.
One key flaw is that too few corporations have any say over how Curacao-based online gaming sites operate. In contrast, although nations like Malta and the United Kingdom have government-run gaming commissions, in Curacao private firms oversee regulation. This means that the government has little ability to regulate the sector.
If everything goes as planned, the CGA will be able to grant and revoke gaming licenses, as well as collect taxes and fees from Curacao-based enterprises. Businesses would have to pay about €16,000 in application and renewal costs once the new regulations take effect. At least three key employees must be based on the island for regulated gambling operations within two years.
All of this is subject to change depending on opinions until the final rules are published. In the meanwhile, the casino sector is keeping its options open as it waits for formal word from Curacao on the latter’s plans for the foreseeable future.