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New Curacao Gaming Regulations- what to expect?

The gaming industry in Curacao is set to undergo significant regulatory reforms beginning September 1, 2023.

Curacao, a small Caribbean island nation renowned for its online gambling operators, is implementing new gaming regulations on September 1, 2023. These regulatory changes, driven by the National Gambling Ordinance (LOK), represent a major overhaul aimed at bringing the gaming industry in Curacao in line with stricter international standards. The reform focuses on key areas such as anti-money laundering measures, fraud prevention, and player protection. Additionally, the establishment of the Curacao Gaming Authority as a regulatory body aims to prevent and mitigate unwelcome and unlawful activities within the industry.

Strengthening Compliance and Transparency

Finance Minister Javier Silvania, during the recent iGaming NEXT Valletta 23 conference, emphasised the demand for transparency regarding the source of funds entering Curacao. The goal is to align operators with legislation that meets the minimum requirements of reputable jurisdictions and international laws concerning money laundering. By addressing these concerns, Curacao aims to enhance compliance and transparency in the gaming sector.

Establishment of the Curacao Gaming Authority

One of the key provisions of the LOK is the creation of the Curacao Gaming Authority. This regulatory body will play a crucial role in overseeing and monitoring the gaming industry, ensuring that operators adhere to the new regulations. By establishing the Curacao Gaming Authority, Curacao aims to prevent and mitigate any unwelcome and unlawful activities. The authority will work in cooperation with other regulatory bodies worldwide to maintain fairness, safeguard player interests, and preserve the integrity of the gaming industry as a whole.

Transition and Seamless Business Operations

To facilitate a smooth transition for existing operators, the government of Curacao assures uninterrupted business operations. The Gambling Control Board (GCB), the current regulator, will launch a dedicated portal to streamline the licence application process. Existing operators will continue their businesses under the existing legislation while gradually aligning with the new regulatory framework. This transition process aims to ensure that operators can meet the enhanced compliance standards and continue to operate responsibly within Curacao.

Addressing Tarnished Reputation and Industry Criticisms

Curacao's gaming regulations have faced criticism in the past, with its licences being often associated with being "quick and easy to obtain" and lacking in regulations and monitoring compared to other jurisdictions. Finance Minister Silvania acknowledges these concerns and aims to reverse this sentiment unequivocally. The new legislation seeks to transform Curacao's image. By implementing stricter regulations and strengthening oversight, Curacao intends to establish itself as a reputable and responsible jurisdiction within the global gaming industry.

Compliance with International Standards and Responsible Gaming Practices

Curacao's regulatory reforms reflect a broader trend within the gaming industry, aiming to enhance transparency and responsible gaming practices. The new regulations place a strong emphasis on anti-money laundering measures, fraud prevention, and player protection. Curacao's commitment to aligning with international standards and reputable jurisdictions underscores its dedication to ensuring a fair and secure gaming environment.

In summary, the upcoming implementation of new gaming regulations in Curacao signifies a significant step towards enhancing the integrity and accountability of the gambling industry.

By strengthening compliance, improving transparency, and establishing the Curacao Gaming Authority, the nation aims to prevent unlawful activities, protect players, and reshape its reputation within the global gaming community. As Curacao transitions to the new regulatory framework, existing operators will have the opportunity to align themselves with the stricter standards, ensuring a responsible and transparent gaming environment in the future. These regulatory reforms position Curacao as a jurisdiction committed to upholding international standards and fostering a secure and trustworthy gaming industry.

As the gaming industry in Curacao prepares for the implementation of new regulations, businesses may seek guidance and support to navigate the changing landscape. SAXE Global is closely monitoring the situation and is well-equipped to provide expert advice and assistance. With our in-depth understanding of regulatory frameworks and industry best practices, we offer tailored solutions to operators seeking to comply with the new Curacao licensing requirements.

Book a free consultation with SAXE Global here

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