Curacao is an ideal offshore business hub and one of the most sought after jurisdictions globally for online bookmaker licenses.
The island’s approval regime is notable for its flexible and highly responsive approach to new entrant entry.
However, recently, the government has restructured the online gambling system, establishing a new licensing entity with stricter requirements, precisely to combat illegal gambling.
The island will handle licenses as the National Gaming Regulations (LOK) nears implementation. The LOK, meanwhile, is the planned legislation that will overhaul Brazil’s licensing system for foreign operators.
The government’s aim is to phase out this system and that licenses must conform to international standards.
Although the bill has not yet been presented to parliament, regulatory bodies will issue new licenses with enhanced obligations from September 1st.
Will it be possible to continue operations?
To ensure continuity of operations, the regulatory body will extend all master licenses for another year.
Furthermore, there will be no interruption or suspension of the activities of current licensees due to any action taken by the Ministry.
However, when the LOK goes into effect, all sublicensees will have 90 days to apply for a new license, regardless of the time remaining for the master license.
During the subsequent application process, the previous regulations will apply for up to nine months after the implementation of the LOK.
After September 1st, the gaming regulatory authority, the Curaçao Gaming Control Board (GCB), will start issuing licenses directly to operators.
These licenses will automatically convert to licenses granted under the LOK.
The 3 important new features about the Curaçao license
The Minister stated that the Curaçao license will have 3 important characteristics, such as:
- Licenses will be issued in accordance with current legislation, not the LOK;
- Licenses will be granted directly to operators. The approval will only grant the holder the right to operate games of chance, not to provide sublicenses;
- Curaçao’s new license will include clauses encompassing anti-money laundering and responsible gaming obligations.
After September 1st, existing master license holders will still be able to grant sub-licenses in accordance with applicable law.
It will be the responsibility of the licensees themselves to decide whether the sublicense application processes with ongoing or paused master license holders will be maintained.
How will the Curaçao license application process work?
After the changes, the new license application process will include 3 forms for operators to complete:
- Online Gaming Application: Candidate will be required to provide an analysis of business operations including marketing, distribution strategies and growth goals;
- Personal Declaration: the personal declaration requires the identification of the main people involved in the business. Any participant with 10% or more control over the company must provide information on source of wealth, source of funds and verifiable identity;
- Corporate Disclosures: As licenses are only granted to companies in Curacao, operators will need to provide details to the GCB.
Once the applicant has met the GCB‘s requirements regarding forms and submission of documentation, the license will be issued.
Within 6 months of this license, you will need to submit audited policies and procedures for review.
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