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.