The Curacao Gaming Control Board (GCB), Curacao’s gaming regulator, has taken an important step in regulating the country’s online gaming by officially opening the application process for operators seeking new online gaming licenses.
Latest online portal
Interested operators can access it from Friday, September 1st GCB recently launched an online portalthat provides guidance to new applicants Approval process. Once inside, they can fill out a license application form and view instructions and downloads to ensure everything goes smoothly. Additionally, the submission of final applications will begin in November this year.
The portal is open not only to newer operators, but also to those who already own it Sublicenses existing. However, these operators can work without any obstacles “under their current agreements.” In addition, the recent opening of the portal represents preparation for this National Gambling Regulation (LOK).
However, this was not the case in the most recent licensing process “Reforms but expands the National Regulation on Offshore Gambling, the existing legislation in Curaçao.”
Once final application submissions close in late November, those formally accepted for a license will receive one temporary license the above-mentioned regulatory authority. In addition, it is subject to the adoption of revised policies and procedures for a period of 6 months from issuance.
However, the most important advantage is that those operators who have officially obtained the above-mentioned license do not need to reapply under the above-mentioned LOK, as their position remains unchanged “transferred to the new authority.”
LOK changes the existing regulatory framework for online gambling
The goal of LOK is Updating and simplifying the regulatory framework online gamblingThis makes it one of the best standards and practices in the world. In addition, the latest licensing requirements, enhanced oversight to ensure the continued fairness and integrity of the online gaming segment in Curaçao, and compliance measures will be introduced. In addition, this new law will undoubtedly be “monumental for the market”, although it was once defined as “passive in the sense of regulation.” In this context, after noting that the latest and updated licensing regulations could lead to the displacement of excise operators from the region, the Minister of Finance of CuraçaoJavier Silvania commented on this “I didn’t see any problem with that.”
This is because the country’s excise law requires operators to apply for 1 out of 4 “existing master licensees” In order to obtain a sublicense, holders of previous sublicenses have a period of three months after the entry into force of the LOC to submit a new application to the Regulatory Authority to obtain a sublicense “direct operator license.”
Regarding the details of the new licensing process, Sixiènne Jansen, legal advisor to the Ministry of Finance of Curaçao, said at iGB L!VE in July: “The application process consists of three forms. Each form requires appropriate supporting documentation. The first is an online gaming application in which the applicant presents business forecasts and strategic goals. The second is a personal statement with detailed information about the key figures in the company. A source of funds review is conducted for all parties who have more than 10% control of the company. The final form consists of corporate and business disclosures.”
Spring:“Curaçao opens license application portal. IGB. September 1, 2023