The government of Curacao has announced historic reforms to their gambling laws.
The Curacao Gaming Authority, the country’s online gambling authority, has a poor reputation among gamblers due to its low entry requirements and lax regulation of its licensed businesses. Though this method has attracted a larger number of businesses than would have been possible without it, it has also attracted others whose operations fall short of what the law requires.
This has been a longstanding complaint about Curacao’s licensing of gambling operations.
By passing a new bill that will entail widespread re-regulation across their gambling industry, the Curacao Council of Ministers is ready to make a shift.
This is an important step at a time when governments all around the world are taking similar measures to regulate and modernize their gambling industries, including the United Kingdom, the Netherlands, Australia, and Germany.
The Curacao Gaming Authority will adjust the way it monitors licensed operators in light of the new regulations, taking into account the distinctions between B2B and B2C companies.
Former head of the Malta Gaming Authority Mario Galea has been hired as a consultant for the re-regulation process in Curacao. According to Galea, the price of a license for a business-to-consumer (B2C) operator has increased from €4,000 to €12,000, plus €250 per month for each of the operator’s websites.
In addition to requiring a minimum of three essential personnel to be based in the nation continuously, the new casino licenses would impose harsher AML (Anti-Money Laundering) regulations on its operators. Meanwhile, the Curacao Gaming Authority will expand its own powers to include monitoring of international activities.
The CGA will provide all currently licensed operators with a 12-month transitional license while more information about the re-regulation is made public. According to reports, the license will come with additional controls, which is great news for the future of online gambling in Curacao.