Curacao will introduce drastic changes to its online gambling regulations which will give the government more power and authority over the gambling sector.
New Licensing Body for Gambling
Among the key reforms included in new legislation that recently received the green light from the Council of Ministers is the creation of a new independent licensing body which will be named the Curacao Gaming Authority (CGA).
As part of the proposals, the CGA will supervise all licensing processes for B2C and B2B businesses. In the old system, the issuance of licenses to gambling operators is primarily governed by private entities who are master license holders.
Presently, there are four of them in Curacao. They are allowed to issue sub-licenses to gambling firms under their own framework which permits almost all types of gambling, including those done online.
The new licensing system will also require operators to pay an application fee worth €4,000. Once licensed, they will be charged a license fee of €12,000 annually, and another €250 per URL to be paid every month.
Some Operators Could Withdraw from Curacao
The major overhaul will put an end to Curacao’s liberal licensing regime which has made it a popular destination for gambling operators. Finance Minister Javier Silvania anticipates that some operators could leave the market due to the new changes.
