The Curaçao gaming market is undergoing a complete transformation and the adoption of a new legislation, the LOK. The Managing Director of a local regulatory body, the GCB, spoke about the key stages of these changes and the intricacies of the casino sector’s future.
Cedric Pietersz also cleared up some misunderstandings that have been evolving around the topic lately and went on about the jurisdiction’s reputation and potential.
Director’s Explanations at ICE London 2024
The representatives of the country’s Ministry of Finance visited the prestigious event in February to answer attendees' questions regarding the latest shifts in local gaming legislation. The organisation’s experts were busy during the entire 3-day exhibition as many guests of the show wanted to stop by and learn about Curaçao's new legal environment.
Among visitors were:
- advisors;
- gambling managers;
- other jurisdictions' representatives.
Mr Pietersz also attended the trade fair and expressed his enthusiasm in this regard. The specialist said that it was a great opportunity to explain important details to the industry’s members and dispel misinformation.
There were some rumours about the Curaçao Parliament rejecting the newly offered regulations. The situation arose because the island’s Council of Advice issued a communication about the disability to present the LOK to Parliament in June 2023. However, this detail was published half a year later, which led to a big misunderstanding.
In reality, the local authorities have been actively preparing to implement the fresh legislation. Currently, licensees still operate under the NOOGH rules while the LOK, submitted to Parliament in December, is going through hearings. The data of the regulations' official signing and publishing is not set yet.
Improving the Jurisdiction’s Reputation
The new gambling standards are aimed at increasing economic benefits and improving Curaçao's overall image. Mr Pietersz is confident that this legislation will help GCB better monitor the gaming industry.
The law will make it possible to obtain direct licences for operators and effectively supervise amusement projects for regulators. With such changes, the jurisdiction attempts to boost its reputation, especially in the fields of AML, KYC and responsible gambling. This also will bring benefits to operators as they will obtain clear rules and a fair business environment.
Another advantage of the new legislation is a greater level of competitiveness for Curaçao as a gaming supervision body. The authorities want to be on the same line as other prestigious offshores like the Isle of Man or Malta.
Aspects of the Future Legal Environment
Mr Pietersz emphasised the importance of following the revealed rules for gambling managers to continue working legally and without pauses in a new landscape. If operators refuse to adhere to the fresh standards, there will be serious consequences related to the law.
The expert, however, mentioned that it is not beneficial for the island to attract illegal businesses or lose the trust of responsible entrepreneurs. Thus, applicants are given enough time to acquaint themselves with the LOK and take the necessary measures.
Some of the unveiled important details:
- Managers are required to check in on the GCB official website by March 31 to continue lawful operations.
- From April 1, there will be no possibility to register a sub-licence or require a direct one under the NOOGH.
- Failing to apply timely, businessmen can still work under their permits until the expiration date or till the LOK is officially signed and published.
- Platform owners without approval for providing services will be required to stop all activities until the obtainment of the new-type document.
- Such a situation can lead to the necessity to pause the project functioning for 3−4 months and, thus, evoke a massive loss of revenue.
Even though these conditions may seem harsh for some of the industry’s members, it is one of the easiest and most streamlined variants for all the parties involved. The process of novel legislation implementation is always a difficult transition. However, in the end, such a decision will pay off.
Also, Mr Pietersz highlighted that businesses will obtain permits under the current rules but the documents will mimic the fresh standards. Thus, operators who adhere to the requirements will be able to work without any issues and dramatic changes when the LOK is officially implemented.
Curaçao enhancing regulation with the help of a new legal system proves it cares about its reputation and participants. The jurisdiction is ready to go through some serious transformations to better cater to the members' needs.
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