Curaçao's new set of rules for gambling, the LOK, has been unveiled along with revised prices. The regulation replaces the previous model of managing the entertainment segment — NOOGH. This move underlines the island’s commitment to modernising and improving its legal framework and ensuring a reliable online gaming environment.
Core Changes in the Legislation
The old regulation scheme included Master and Sub-Licenses and lacked proper centralised control with efficient supervision. A new set of standards was needed to provide a flexible legalisation process. That is why the LOK was introduced, which promises to cause a progressive transformation within the jurisdiction.
The island’s Minister of Finance noted that the transition signified a solid step forward. According to Javier Silvania's statement, the fresh package of norms is a result of close cooperation and comprehensive consultations with iGaming representatives.
He expressed delight regarding the submission of the LOK, calling it:
- pragmatic;
- comprehensive;
- modernising to regulations.
The licensing scheme was created to meet the rising needs in better alignment with modern compliance and AML requirements for enhanced security. Thus, the government initiated productive collaborations with numerous members of gambling-related niches. Mr Silvania emphasised the new framework’s well-thought-out and vital nature, which leads to regulatory stability. The move promises to attract the attention of many entrepreneurs to the jurisdiction.
Revised Prices and Other Important Details
The fresh fee schedule delivers better clarity and allows operators to build strategies based on data-driven decisions.
Unlike the NOOGH option, the LOK requires to choose the business category:
- B2C — for brands that directly interact with gamblers and work with their private information and funds.
- B2B — for companies that cater to other commercial projects and have a physical establishment in Curaçao.
Each group has its type of licence with specific features and benefits. The financial peculiarities of the permits are set to make entrepreneurs more careful about their costs and investment channels. The LOK also includes nuanced charges for diverse roles.
Platforms with B2C operations will have to pay the following:
- domain expenses;
- due diligence taxes;
- application, annual, and monthly fees.
There is a lot to process but the government offers some exemptions for those upgrading from the old model to the new one. This makes the transition easier and smoother.
B2B brands will need to pay the following:
- due diligence charges;
- application and annual fees.
Both variants promise to be balancing factors between regulatory standards and iGaming projects' economic viability.
Potential Issues and Uncertainties
Better clarity, modernised requirements, harmonised profit and usefulness, smooth transition and other advantages of the reform will shape a better business environment. However, gambling representatives and other involved parties still have some concerns regarding a few aspects.
The first uncertainty is that several details of the new regulation need to be approved by the parliament. Another issue is the way businesses are going to accept increased fees. Operators now have to scrutinise the extra costs related to toughened compliance requirements. However, the whole iGaming segment eagerly anticipates further news on the matter and official rules acceptance.
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