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    Breaking news, 25.6.2023


    Curaçao to Establish New Regulatory Body and Raise iGaming Operator Standards

    Curaçao has strengthened its iGaming regulations. The Curaçao Gaming Authority (CGA) and international gambling standards were announced by Finance Minister Javier Silvania. These changes aim to change Curaçao’s image as a jurisdiction with lax regulations and monitoring and make it a respected and responsible iGaming player.


    Curaçao’s decision to accelerate regulatory reform shows its commitment to addressing iGaming corporate misconduct. The LOK gaming license replaces the master and sub-license system. LOK license has been fully drafted and consulted on and will be presented to Parliament soon. The current law doesn’t address iGaming’s technological advances and operational complexities.


    The Finance Minister emphasizes the need for robust gambling standards, particularly in anti-money laundering (AML), fraud prevention, and player protection. Curaçao’s regulator, the Gaming Control Board (GCB), must enforce these new rules. To protect its gambling industry, Curaçao wants more transparency in business ownership, funding, and data security.


    The Curaçao Gaming Authority will be the new regulator as part of regulatory reform. The CGA can issue licenses, monitor operators, and punish violators. Until the CGA launches, the Gaming Control Board will issue new licenses. The CGA is expected to curb industry misconduct and improve Curaçao’s image. Curaçao values international regulatory cooperation. The government collaborates with regulatory authorities worldwide to level the playing field for operators and suppliers and protect players. This collaboration protects the global gaming industry and strengthens Curaçao’s regulatory oversight.


    The majority of Curaçao-licensed operators follow best practices, but the government wants to improve Curaçao’s reputation. Curaçao seeks transparency, compliance, and player protection through the LOK regulation, CGA, and stricter standards. The gaming industry’s integrity and stakeholders’ interests depend on these regulatory reforms and international standards.


    As part of regulatory changes, Curaçao will directly license gambling operators from September 1, 2023. The Finance Minister said these changes are “unavoidable” and will change the island’s image. The new Curaçao Gaming Authority (CGA) will license, monitor, and enforce iGaming. Until the CGA is operational, the Gaming Control Board, which is ineffective, will issue new licenses.


    The National Ordinance on Games of Chance Curacao gaming license (LOK) is being finalized before being introduced to Parliament. The industry’s technological advances and operational complexities aren’t covered by the law. Anti-money laundering, player protection, and fraud prevention are concerns. The new law seeks greater transparency and due diligence, particularly regarding source.

    Curaçao’s new gambling law is called the National Ordinance on Games of Chance, or LOK 2023


    The Government of Curacao is actively developing the Landsverordening op de Kansspelen (LoK) to regulate all games of chance. This comprehensive legislation aims to update existing laws, address social and technological advancements, and establish an independent gaming authority responsible for enforcing rules and combating gambling addiction.


    The Curacao LoK 2023 introduces general provisions applicable to all games of chance offered in or from Curacao, covering areas such as prohibited gambling activities, licensing procedures, responsible gambling practices, and robust enforcement mechanisms. The Curacao Gaming Authority (CGA), an independent administrative body, will oversee license granting, law enforcement, and impartial supervision across all games of chance.


    With the ability to regulate specific games of chance through national decrees, the government will initially focus on online gaming, paving the way for further sectoral regulations. By implementing this new legislation, Curacao aims to revitalize the online gaming industry, promote integrity, and enhance its global reputation.


    The Social and Economic Council (SER) of Curaçao has provided its advice to the Minister of Finance on the revised version of the National Ordinance on Gambling, known as LOK 2023. The objective of The National Ordinance on Games of Chance, LOK 2023 is to modernize the existing legislation, considering social and technological advancements. It seeks to establish an independent gaming authority to enforce regulations and address gambling addiction.


    The newly formed gaming authority will implement LOK 2023 and any additional rules set forth by national decrees or regulations. The SER previously advised on an earlier version of LOK and the gaming tax bill (LOKS), stating that both bills did not adequately serve the purpose of modernizing the gaming industry, including online gaming.


    The SER recommended careful coordination with the gaming industry, incorporating industry input with the assistance of tax advisors and financial experts. They emphasized the importance of a comprehensive vision and conducting an evaluation of the financial implications. Proceeding with caution and diligence, Curacao aims to shape the future of gaming regulation, promoting responsible practices and ensuring the industry’s growth.

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