The Curacao Gambling Control Board has officially unveiled plans to revamp the entire iGaming licensing framework, which they aim to complete by March 2023.
The island nation conducted its first public discussion regarding this change on Friday, August 12, 2022.
While the Gambling Control Board is still untangling the specifics of the new regulations, they have confirmed that the reform will feature a supervisory structure akin to the one used by other jurisdictions. Malta Gaming Authority .
The Curacao iGaming License
A key part of the reform will involve the formation of a new regulatory body named the Curacao Gaming Authority (CGA) , tasked with monitoring and granting licenses to both B2B providers and B2C operators.
The updated regulatory framework will also take into account , something that many operators licensed in Curacao heavily rely on.cryptocurrency payments This initiative provides Curacao with the chance to enhance and expand its cryptocurrency sector. The Central Bank of Curacao will spearhead the establishment of regulations concerning crypto activities and services within the territory.
The long-awaited reform will introduce more stringent
Historically, obtaining a Curacao iGaming license has been relatively straightforward for operators. However, the urgency to revise the current system emerged due to pressures from the Dutch Government. Responsible Gambling rules and AML measures .
A reform born out of Dutch pressure
Curacao's economy heavily relies on perpetual tourism. The impact of the COVID-19 pandemic severely hindered this, prompting the Caribbean island to seek financial support from the Netherlands. In response, the Dutch government mandated that Curacao reform its existing iGaming framework.
This situation presents a golden opportunity for Curacao to embark on diversifying its economic activities . The new regulations will also necessitate that licensees contribute taxes and fees to the government, thus generating additional revenue for the economy.
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