July 27, 2023 Tony Christopher
In July 2023, the authorized advisor to Curacao’s finance ministry introduced that each one Curacao grasp licences would get a 1-year extension. This is available in mild of the upcoming adjustments to the jurisdiction’s licensing regime for international operators. Learn the total article to study in regards to the new laws getting into into impact on September 1st, 2023.
Inside that 1 12 months, operators may have time to use for the brand new Curacao gaming licence. The adjustments come because of the Nationwide Ordinance on Video games of Likelihood (LOK) invoice accepted by the Curacao Council of Ministers. The updates are set to make the regulator’s licensing course of stricter.
New Curacao Gaming Management Board Licences
The Curacao Gaming Management Board (GCB) is called one of many extra liberal playing regulators worldwide. At present, international operators should apply for a sub-license from any of the 4 Curacao grasp licence holders. The concept behind the brand new laws is to alter this course of altogether. As of 1st September 2023, the CGB shall be issuing licences to operators straight.
To ensure consistency and a easy transition, the regulator has ensured that each one Curacao grasp licences will get a 1-year extension. If any of the very best on-line on line casino websites is unwilling or unable to modify to the brand new licence inside this time, they’ll, sadly, be suspended from the market following the expiry date of the grasp licence.
Apply for the New Curacao Licence
The applying course of for a brand new Curacao licence is comparatively easy and simple. You need to submit three varieties – on-line playing software, private declaration, and company disclosure. As you will note within the listing beneath, these varieties embrace a complete examine of the applicant’s enterprise.
On-line playing software – This contains an evaluation of the applicant’s enterprise operations. You need to submit details about advertising and marketing, distribution methods, and development targets.
Private declaration – The applicant should determine any individual with a minimal of 10% enterprise management. You need to submit details about sources of wealth and funds and verifiable id data.
Company disclosures – Licences shall be issued to Curacao companies solely, so candidates should submit the main points to the Curacao Gaming Management Board (CGB).
When the Nationwide Ordinance on Video games of Likelihood (LOK) laws enters into impact, you’ll have 90 days to submit your software for the brand new Curacao gaming licence. Through the software interval, the outdated laws will stay legitimate for as much as 9 months after the LOK implementation.
Highlights of the New Licensing Regime
Inside six months of its Curacao licence being issued, each operator has to submit audited insurance policies and procedures for analysis by the regulator. The brand new CGB licensing regime will deal with worldwide high quality requirements, together with accountable playing, participant safety, anti-money laundering, KYC checks, and many others.
To summarise, all Curacao grasp licences will get a 1-year extension following the most recent adjustments within the licensing regime of the playing regulator. Inside this time, operators should apply for a brand new licence to proceed offering their providers to gamers. Right here’s a brief FAQ part with the most typical questions on the subject.
1️⃣ Will the grasp licences get a 1-year extension?
Sure, underneath the most recent adjustments to the Curacao playing laws, grasp licences will get a 1-year extension. Inside this time, operators are anticipated to use for a brand new licence from the Curacao Gaming Management Board (CGB). For those who fail to do this, your corporation shall be suspended following the grasp licence expiry date.
2️⃣ How can I apply for the brand new Curacao gaming licence?
Operators that wish to apply for the brand new Curacao gaming licence must submit three separate varieties – on-line playing software, private declaration, and company disclosures. They embrace detailed data relating to the applicant’s enterprise operations, development targets, key individuals, advertising and marketing, and extra.
3️⃣ What’s the purpose of the brand new Curacao licence regime?
The Curacao Gaming Authority is thought to be much less strict than different regulators within the playing trade. The purpose of the brand new Curacao licensing regime is to alter that. The main focus shall be placed on accountable playing, participant safety, anti-money laundering, KYC checks, and extra. These are the highlights of the Curacao licensing course of.
4️⃣ What is going to change with the brand new Curacao licensing course of?
To this point, playing operators needed to apply for a sub-licence from one of many 4 grasp licence holders. As of 1st September 2023, the Curacao Gaming Management Board (CGB) shall be issuing new licences to operators straight. That is the principle distinction you may anticipate from the regulator.
5️⃣ Is the Curacao licensing course of reliable?
Sure, it’s. The Curacao Gaming Management Board is a trusted regulatory physique within the trade. A few of the greatest actual cash on-line casinos worldwide maintain licences by the CGB. With the most recent adjustments to the laws and requirements, you may relaxation assured that Curacao licensees present a secure playing expertise.