The Curacao certificate has long been favoured by virtual casino owners due to its availability and low cost. However, amendments to the legislation have changed the situation, so operators need to fully familiarise themselves with the revised regulations before gaining or renewing a licence.
Casino Market professionals provided a comprehensive overview of the current conditions, recent changes and future modifications to receiving a Curacao gaming permit for business owners to navigate the landscape.
Start of Changes to Curacao's Gambling Laws
The main innovation was the abolition of the previous system of master and sub-licences. It was substituted with a simpler format with an authorisation for either a B2B or a B2C vertical. This amendment is intended to streamline the process of legalising any type of entertainment activity as much as possible.
The procedure for issuing the new documents is overseen by the recently formed Curacao Gambling Control Board (CGCB). This body is in charge of the entire regulatory regime in the iGaming segment and is engaged in the systematic development of a safe, transparent and centralised business infrastructure in the country.
The new regulator has already greatly simplified the licence submission process by launching a special website with easy navigation for registration. Additionally, there are many agencies on the island specialising in legal support for iGaming start-ups. With their help, it is possible to quickly go through the key stages of preparing documents, sending reports, etc.
The Legal Environment of the Authority Before 2024
Curacao is an isle in the Caribbean Sea that is part of the Kingdom of the Netherlands. For a long time, the region has been the centre of various remote businesses, especially in the iGaming segment. This was facilitated by conducive tax terms and a developed business infrastructure.
Key dates in Curacao's legal environment up to 2024:
- 1993. The National Offshore Gambling Decree was enacted, paving the way for a comprehensive regulatory program in the entertainment sector.
- 1996. The government began granting the first gaming permits under the ordinance.
- Pre-2023. Curacao operated a split-level authorisation model with master certificates provided by the Department of Justice for a 5-year period, qualifying registrants to issue sub-licences to third entities.
- 2023. The island received a new regulation from the Netherlands. This held to the cancellation of the established format.
The aim of restructuring the local legal environment was to establish a more unitary governing scheme and boost the reputation of the offshore sector.
Chronology of Events
In July 2023, the island's Ministry of Finance declared the cancellation of the previous licencing format. This was done specifically in advance of the National Ordinance for Games of Chance (LOK) coming into effect.
The advance notice allowed existing certificate holders to prepare for future changes in a timely manner. Registration for a master's licence under the National Ordinance on Offshore Games of Hazard (NOOGH) commenced in November of last year.
In April 2024, the LOK Act officially came into force. NOOGH sub-licence holders were granted a nine-month term to reissue their documents. New submitters had 90 days to adapt and learn as much as possible about the island's restructured legal setup.
September 2024 is the cut-off for recertification applications. After that, all gambling ventures, without exception, will be subject to the updated laws.
Effects of Legal Changes on iGaming Vertical and Offshore Reputation
The industry’s experts have yet to reach a consensus on the impact of such major legislative transformations. Some analysts are concerned that global changes may lower the jurisdiction's business appeal. Others are confident that a clearer and stricter regulatory programme will have the most positive impact on Curacao's reputation and reliability.
A recent survey showed:
- 60% of the niche's specialists predict a decline in the island's investment attractiveness following the legal innovations;
- 30% of the analysts are confident that the amendments will not have a radical influence;
- 4% of respondents expect Curacao's reputation and prominence to increase.
Key Updates for the iGaming Industry
Moving away from the master and sub-licence format, the Island Government has offered applicants two options. The first variant is a B2B certificate for suppliers of gaming products and services. The second kind is B2C permits for companies covering all types of entertainment.
The main focus of the new governing scheme is the control of responsible gambling. The main requirement for applicants is to ensure the creation of the safest and most trusted space for users.
Regulatory amendments have also affected the assessment of the casinos’ financial stability. In order to obtain a certificate, interested parties must now collect an expanded package of banking documents. In addition, Curacao's government has increased annual licence fees.
Another innovation is that ventures can only operate offshore after opening a physical office on the island's territory.
Benefits of Buying a Curacao’s Licence in 2024
Despite stricter requirements, local authorisation remains one of the most sought-after and affordable, especially for investors with minimal experience in the segment or limited start-up capital.
Key benefits of the Curacao’s licence:
- Broad scope, facilitating transactions in most regulated markets in the world.
- Ability to operate cryptocurrency services on a legal basis.
- Coverage of all types of entertainment products under a unified authorisation, from slots and lotteries to live streaming and crash content.
- A vast array of tools and offerings to scale the business.
To apply, the regulator requires a standard list of documents:
- notarised copies of the passports of the company’s founders and owners;
- certificates on the absence of criminal records of key persons of the venture;
- proof of physical address on the island;
- resumes or CVs of business representatives;
- an audit assessment and technical review of all products on the site;
- a comprehensive list of AML measures.
The application procedure takes approximately two months.
The Main Things about Curacao Gambling Licence in 2024
The local legal background in the iGaming segment has undergone tremendous changes. The core objective of the innovations is to enhance the regulator's reputation and create a safer and more transparent business environment.
Key updates in Curacao’s licence:
- Applicants now have access to two types of permits, one for the B2B sector and the other for the B2C vertical. The latter allows them to work directly with punters in virtually all regulated markets worldwide.
- The current reforms have had a positive impact on the level of offshore security. The regulator has taken a range of steps to combat funds laundering and protect vulnerable categories of users.
- Despite the increased tax rate, the jurisdiction remains one of the most attractive for start-ups. A loyal pricing policy makes the offshore an ideal choice for investors with limited start-up capital.
Visit the Casino Market studio to find out more about the intricacies of licencing different gaming projects. Contact our team to order a turnkey entertainment solution and run a certified gambling or betting site with all-rounded support.
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