Curaçao is on the verge of implementing a new bill in 2023
The Curaçao gaming license is usually operators’ first choice due to its affordability and reasonable requirements. However, 2023 has some big changes in store, including an overhaul of the islands’ entire licensing system. What’s going to change?
Legal changes in curacao
The current gambling regime in Curaçao is considered one of the most liberal in the world, with its low costs and minimal requirements when opening a casino, as well as business-friendly supervision. Not surprisingly, about 450 companies around the world have chosen this license, and that number is growing regularly.
The Curaçao Gaming Control Board has announced plans to create a new independent regulator — the Curacao Gaming Authority — which will replace the existing regulatory agency.
Also, instead of the previous system (four master license holders had exclusive rights to issue sublicenses and oversee licensees), the body will issue new gambling operators with independent B2C and B2B licenses.
Companies that have already been licensed under the previous regime will have the opportunity to register in the new format during an 18-month transitional period.
Since 2021, the government of Curaçao has been in the process of modernizing its gaming legislation in order to bring it into line with international standards. The current regulatory overhaul is focused on preventing criminal activity, protecting participants, safeguarding against problem gambling, and protecting the jurisdiction’s reputation.
One of the government’s priorities is to protect the ongoing business conducted by current licensees to the extent that they operate legally while preventing misuse of the advantage.
To aid in that pursuit, registration through an online portal will be introduced. The new system will include stricter requirements for license holders, among which is the need to maintain a higher share capital, as well as other stipulations.
“Based on what the government of Curaçao says we shall get a new legislation for online gambling, but operators should not worry because there will, according to the ministry, be a transitional period,” notes Petr Stehlik, Lawyer at Slotegrator.