The Curaçao gambling licence is a prestigious document acknowledged and valued by many international operators. The demand for this offshore jurisdiction’s services has become so high that the local legalisation system has been experiencing some strain lately.
Casino Market's team has explored the recent boom in attention from operators and the regulator’s plans for resolving the issues related to the surge. With our expert assistance, you can obtain a gambling licence in promising countries.
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Details of the Current Legal Situation
The Curaçao GCB’s Managing Director (MD) declared that their system is now overloaded with all the requests from both potential and existing licensees. According to Cedric Pietersz's statement, such a boom causes some delays in the organisation’s work.
The volume is as follows:
- entrepreneur have sent 740 iGaming permit applications in the 1st half period closed in April;
- about 300 licensing requests are expected in the new window that opened in July.
The MD noted that currently, the board handles around 10 document packages from gambling managers per week and plans to increase this number to 20−30. For this, the commission will enhance its internal procedures and resources.
New Licensing Framework
The jurisdiction is now preparing the official implementation of fresh legislation, the LOK, which was announced last September. Mr Pietersz mentioned that the industry’s representatives expect the transition to be as quick and efficient as possible. Nevertheless, it is hard to avoid delays in these circumstances due to dealing with many parties.
The introduction of the LOK was one of the reasons for the increased demand for the regulator’s services. The new framework demonstrates Curaçao's dedication to player protection, operator effectiveness and modern trends.
The fresh system requires 3 forms describing the following aspects:
- iGaming operations;
- management’s personal history;
- general corporate and business details.
Entrepreneurs who hold the regulator’s master permits have the certifications valid till August 31. Then, these documents will be abolished, and new ones will be obligatory to provide gambling services legally.
Ongoing Transition Challenges
Accepting forms from B2B, B2C, and B2B2C brands, the GCB observed many things that needed to be corrected in the requests. A lot of applications were returned as they contained incomplete packages of documents, which further worsened the situation with delays.
Mr Pietersz said the organisation strives to be an excellent partner to its clients, especially during the regime transition. The jurisdiction’s representatives have constantly communicated with licensees to help them with the re-applying procedure.
The MD acknowledges that it will take effort for iGaming companies to adjust, but it is necessary to ensure a safe and efficient business environment. An enforcement function will be set up for those who try to ignore the new requirements. The island’s Minister of Finance claimed the system would weed out illegal operators.
The GCB plans to leverage its contacts with other regulatory bodies from abroad to uphold fresh standards.
The approach is necessary as it provides better results in:
- addressing complaints;
- enforcing adherence to rules.
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