Curaçao is at a vital juncture with its Nationwide Ordinance for Video games of Probability (LOK, for its Dutch acronym). The excellent playing reform invoice has reached Parliament for its approval, and guarantees to rework the island’s gaming business, which has traditionally been extremely versatile and controversial.
The boardwalk in Willemstad, Curaçao. Curaçao’s Parliament will quickly debate deliberate iGaming licensing reforms. (Picture: Pinterest)
The GCB, the regulatory physique overseeing the playing sector, has already taken important steps towards implementing the LOK. In September, it opened its portal for license renewals, permitting current operators to transition to the brand new framework.
Submissions for license renewals started on November 1, marking the official begin of the method. The LOK’s enactment might revitalize the sector, improve participant safety, and enhance Curaçao’s place as a number one gaming jurisdiction. In parallel, the Ministry of Finance has issued notices to present licensees outlining the important thing milestones for transitioning to the LOK regime.
What’s Subsequent for Curaçao
Probably the most essential deadlines is March 31, 2024, by which period current sub-licensees should register their sub-licenses and apply for direct licenses. Failure to satisfy this deadline will consequence within the lack of working rights past March 31.
From March 31 onwards, the transition to the brand new framework below a provisional license will probably be completely obtainable to direct license holders. Purposes already in progress will proceed their processing, guaranteeing a clean transition for operators which have initiated the method.
Operators wishing to proceed working, however that haven’t utilized for a direct license by March 31, will solely be permitted to function below their sub-license till the expiration of the grasp license or the LOK’s enactment. Following this, they must apply for a license below the revised laws.
To additional facilitate the transition, the LOK mandates the usage of a digital seal by licensees on their web sites. These seals will probably be issued by the GCB and could also be approved for candidates awaiting license approval, offering clear and clear data to gamers in regards to the legitimacy and compliance of playing operators.
A major side of the LOK reform is the introduction of distinct charges for B2B and B2C licenses. Whereas the buildings are largely comparable, B2B licenses received’t incur month-to-month charges, in contrast to B2C licenses, which can have each an annual and month-to-month payment element.
The appliance payment for B2C licenses will probably be ANG9,000 ($5,000), accompanied by one-time due diligence charges starting from ANG250 to ANG500 (US$137.38 to $274.75) per particular person. The associated fee will rely upon the person’s position inside the firm.
The annual payment for B2C licenses will probably be ANG48,000 (US$26,376), whereas the month-to-month payment will probably be ANG4,000 (US$2,198). Operators should additionally pay an extra ANG500 per yr per area, with no restrict on the variety of domains.
The Curaçao Parliament hasn’t indicated when it’ll end reviewing the reforms or what motion it would take.
A Clean Transition
To assist operators in the course of the transition, these holding licenses below the present grasp license system will probably be exempt from paying the annual payment within the first yr. There can even be a discount within the month-to-month payment to ANG4,000 ranging from the following yr, changing the present fee of ANG7,000 (US$3,846.50).
Lawmakers and regulators designed the payment buildings to steadiness the necessity for income era whereas sustaining a aggressive playing market. Moreover, in keeping with earlier authorities remarks, they mirror the Curaçao authorities’s dedication to selling accountable playing practices and guaranteeing the efficient enforcement of participant safety measures.
The LOK’s enactment holds immense potential for Curaçao, positioning the island as a number one vacation spot for accountable and controlled on-line playing. By embracing the LOK’s reforms, Curaçao probably can enhance its popularity as a trusted and respected gaming jurisdiction. This might in the end have important implications for the legitimacy of operators seeking to enter new international markets.
