How to Apply for Curacao’s New Gambling License in the Year 2023
- According to the recent update from 5.9.2023
- We will assist with obtaining licenses under the new regime, once the new regulation is announced.
- New jurisdiction – Anjouan Gambling License. For details: [email protected] or WhatsApp us below.
GBO offers turn-key solutions: gaming license, company formation, bank accounts, legal, and everything that you need
With the new Curacao regulation in place, GBO will maintain its position as the industry leader in gaming licensing and provide a comprehensive package for complete gaming operations, including licensing, company formation, bank accounts, merchant accounts, and help with online casino white labeling.
We can help you obtain your Curacao Gaming License
What is the unique service we offer?
GBO gets you the sub-license that permits your Curacao casino to offer the full range of egaming activities – sports gambling, roulette, table games like poker, blackjack and baccarat, as well as bingo and lottery. With our assistance, you will have in place the company structure that you need to register the license and get going. And the payment processing merchant accounts necessary for your customers’ deposits and withdrawals will be ready in reputable European EMI service providers.
Why go elsewhere, when we can do it all for you at such a great cost.
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GBO is a market-leading Curacao Gaming license services provider
Curaçao to Establish New Regulatory Body and Raise iGaming Operator Standards
Curacao has strengthened its iGaming regulations. The Curaçao Gaming Authority and international gaming regulations were unveiled by Finance Minister Javier Silvania. This article demonstrates Curaçao’s regulatory reform and dedication to integrity and player safety.
Accelerated Regulation: Introducing LOK license
Curaçao’s move to accelerate regulatory reform shows its commitment to combating iGaming business misconduct. The LOK gaming license replaces the master and sub-license arrangement. This article covers LOK’s progress and importance in regulatory supervision.
High Standards
Finance Minister Silvania stresses the need of strong gaming rules, notably in AML, fraud prevention, and player safety. Curaçao’s regulator, the Gaming Control Board (GCB), must enforce these new rules. The essay discusses how these actions affect operators and the new regulatory framework transition.
Transparency and Compliance Change
Curaçao wants to change its image as a loose country. The government requires corporate ownership transparency and conformity with respectable countries and international anti-money laundering rules. Due diligence, source of finances, and data security are stressed to improve Curaçao’s gaming sector.
Curaçao Gaming Authority
The Curaçao Gaming Authority will be the new regulator as part of regulatory reform. This authority will curb industrial misconduct and improve Curaçao’s image. The article outlines how the Curaçao Gaming Authority ensures fairness and honesty.
Regulatory Cooperation
Curaçao values international regulatory cooperation. The article emphasizes cooperation with regulatory authorities globally to level the playing field for operators and suppliers and defend participants’ interests. This collaboration protects the worldwide gaming sector.
Rebuilding Trust
The Finance Minister believes most Curaçao-licensed operators are honest and ethical. The administration is striving to improve Curaçao’s industrial reputation. The essay stresses regulatory improvements and international standards to preserve a good reputation.
Conclusion: The Curaçao Gaming Authority’s tighter regulations demonstrate its dedication to openness, compliance, and player safety. Curaçao hopes to regain its iGaming credibility by adopting the LOK and working with global regulators. The Finance Minister’s goal is to protect the gaming industry’s integrity and stakeholders’ interests.
The Curacao Gaming Authority is responsible for the implementation of the new rules and regulation starting at summer 2023.
The Curacao Gaming Authority issues licenses for lotteries and online gaming, in addition to regulating the land-based and online casino industries in Curaçao.
They also oversee the gaming industry in Curacao to ensure it is following anti-money-laundering and countering the financing of terrorism (AML/CFT) laws and regulations. The Curacao Gaming Authority’s mission is to uplift the Curaçao gaming industry by safeguarding the public interest and ensuring the industry’s honesty, responsibility, competition, and freedom from criminal and corruptive elements.
Companies working together to regulate the Gaming industry finding the right partners and joining the right peer membership organizations are essential for effective gaming industry regulation of all relevant aspects. Some of our most valued intermediaries include: AML/CFT supervisors, the Central Bank of Curaçao and Sint Maarten (CBCS) and the Financial Intelligence Unit (FIU) Curaçao are invaluable resources. Regulators in the gaming industry can network with one another and learn about the latest trends by becoming members of the Curacao Gaming Authority.
When it comes to gambling, what exactly does the Curacao Gaming Authority oversee?
The GCB has been in existence since 1999 and is responsible for regulating the land-based casino industry. It had always been the intention of the government of Curaçao that the GCB would become the regulator for the entire gaming industry in and from Curaçao, and on December 4, 2013, they officially made that a reality. Regulating and supervising Curaçao’s gaming industry properly is one of the government accord’s stated aims for 2017-2021.
Since 2017, the GCB has been entrusted with the power to issue, modify, revoke, and suspend licenses for the lottery industry, as well as for ‘online gaming activities like bingo. It has been the responsibility of the GCB to oversee anti-money laundering and counter-financing of terrorism for all gaming businesses based in or servicing Curaçao as of February 2019. The GCB’s jurisdiction was widened at that time to include not just land-based casinos but all forms of gambling including online gaming and online casinos. Since March 2020, the GCB has been responsible for licensing and supervising the Curacao iGaming industry on behalf of the Minister of Finance.
The new The Curacao Gaming Authority
The government of Curaçao is revising its gambling laws in order to bring them in line with international norms and to implement a policy of responsible gambling for all forms of gambling that are currently or will soon be legalized. With the transmission period f this legislation, the GCB will be transformed into an autonomous agency with regulatory responsibility over all forms of gambling.
In the summer of 2023, a new set of rules will go into effect regarding gambling in Curacao
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A new regulation that will completely revamp Curacao’s licensing system is almost ready for implementation. The regulation ‘s effective date is set for summer 2023. The Curacao Gaming Control Board will be replaced by the Curacao Gaming Authority, an independent regulatory body. New gambling operators will be issued separate B2C Curacao licenses and B2B Curacao licenses by the new Curacao Gaming Authority, replacing the previous master license / sublicense system; existing licensees will be given the opportunity to express and register interest in a new permission. They’ll be given an adjustment period of 2 -1.5 years. Companies seeking a Curacao gaming license will pay a 5,000 USD application fee in addition to a 14,000 USD annual license fee and designate key personnel to oversee anti-money laundering activities and responsible gambling policy.
The new C2B Curacao gaming license explained
There is a brand new gaming license available for Curacao-based online gambling companies, called the C2B Curacao gaming license. Features like an easier application process and cheaper entry point make it more adaptable and sensitive to the needs of gaming professionals. The C2B license also features a variety of services and support, such as guidance with banking and payment processing, technical issues, and legal and compliance issues. The C2B Curacao gaming license is designed to be a simple and affordable way for gaming professionals to start and run their own online gambling sites.
The new B2B Curacao gaming license explained
Curacao has issued a new type of gaming license tailored to enterprises that offer their services to others in the industry. Without needing to get their own gaming license, holders of B2B licenses can legally offer their services to online gaming operators that hold a valid Curacao gaming license. Businesses who provide services like game and software development, affiliate programs, and other comparable services might save money by purchasing this license. The B2B license ensures that these businesses can run and grow their services within a safe and regulated environment. The goal of the B2B Curacao gaming license is to create a functional and adaptable licensing framework for the online gaming industry’s service providers, hence promoting the industry’s expansion and development. GBO is a leading B2B gaming services company
What are the consequences of running a casino without proper authorization?
Without the proper licensing, online casino owners put themselves in jeopardy of a wide range of complex and serious issues. You shouldn’t expect to find a wide selection of high-quality gaming products at an unlicensed casino because many game developers and software providers are unwilling to cooperate with such operators. A negative reputation among players for an unlicensed casino can spread rapidly and be difficult to overcome. When a player encounters a casino they consider untrustworthy, they are quick to take their complaints to a forum. Heavy fines may be imposed on illegal casinos that are located in a country or region that controls gambling. If the casino does not follow the laws of the country in which the parent company is located, it faces closure. Some business owners avoid paying their fair share of taxes and regulatory fees because they believe doing so would be too costly. While there may be some short-term financial benefits, these savings won’t be enough to offset the much larger costs of the resulting damage. The financial effects of fines and jail time far outweigh the initial expense of obtaining an online casino license.
Changes to Curacao’s online gambling regulations, know as National Ordinance on Games of Chance, or LOK for short:
- Tolerance for Cryptocurrencies: Cryptocurrency exchanges will be permitted until crypto-specific regulations are enacted.
- A local government-controlled financial institution will facilitate local transactions without the involvement of conventional banks, which will benefit the gaming authority, tax authority, local individuals, and local employment.
- Consideration is being given to tax exemptions for sales tax (VAT) on B2B activities within Curacao’s online gaming industry. The Investment Tax Incentive regime will provide tax exemptions to companies that establish a physical presence in Curaçao and hire local labor. The expatriate regime provides favorable tax treatment for foreign personnel with exceptional qualifications.
- The exact license fees have not yet been determined, but they will be competitive and affordable. Those who meet the requirements for real economic presence may be eligible for fee reductions or exemptions.
- Real Economic Presence Requirements: Only legally established entities in Curacao will be granted online gaming licenses. Within five years, a physical office and the employment of at least three key personnel on a permanent, full-time basis will be required. These requirements may be exempted for new businesses.
- Existing operators will be granted a transition period of 18 months to comply with the new legislation by applying for a government license within three months of its implementation.
- A web-based application portal will be established for the pre-licensing of operators. Within three months, the CGA must decide on the compliance license application. The license is non-transferable and cannot be sub-licensed.
- The new legislation will include a National Ordinance on Games of Chance and a National Decree for Online Gambling, which will establish the regulatory framework and the Curacao Gaming Authority (CGA) as the regulatory authority. The CGA will publish additional policies and guidelines on particular topics.
- The government intends to increase revenues from the online gaming industry, ensure licensees’ accountability through CGA oversight, and generate employment opportunities. The modernized legislation is the result of collaboration between the public and private sectors.
The draft law for games of chance (LOK) has been approved by the Council of minister and is undergoing review by the Sociaal Economische Raad (SER), with additional steps expected to take at least six months before its implementation.
The National Ordinance on Gambling, also known as LOK 2023 (Landsverordening op de Kansspelen 2023), aims to update the existing laws regarding the organization of games of chance. It takes into account societal and technological advancements and seeks to combat and prevent gambling addiction. A new independent and expert gaming authority will be responsible for enforcing the regulations and overseeing the implementation of LOK 2023, as well as any additional rules established through national decrees or other regulations
FAQ
When the new Curacao gaming regulation will take effect?
It will take effect in summer 2023 with a long transmission period of up to 2 years
What is the new iGaming Laws (LOK) in Curacao?
What will the cost of the new Curacao gaming license?
It is estimated that obtaining a Curacao gaming license will entail a fee of approximately $20,000. Additionally, a key individual located in Curacao and a physical office space will be necessary, so the total expenses are currently uncertain.
