The Curacao Gambling Control Board Recently announced plans include a comprehensive revamp of the iGaming licensing framework that Curacao is determined to implement by March 2023.
On Friday, August 12, 2022, Curacao conducted its initial public consultation to discuss the future of its gaming regulations.
While the Gambling Control Board is still finalizing the specifics of the new framework, it has confirmed that the updated regulations will introduce a supervisory system similar to that utilized by Malta Gaming Authority .
The Curacao iGaming License
A key aspect of the upcoming reform is the creation of a new supervisory body, which will be the Curacao Gaming Authority (CGA) . This authority will be responsible for regulating and granting licenses to B2B providers and B2C operators.
This new structure will also be designed to accommodate cryptocurrency payments , a significant component for numerous operators licensed in Curacao.
For the island nation, this reform represents a valuable chance to enhance its cryptocurrency industry. The Central Bank of Curacao will be tasked with implementing regulations concerning cryptocurrency transactions and related activities conducted within Curacao.
This long-overdue update will also entail the introduction of stricter Responsible Gambling rules and AML measures .
A reform born out of Dutch pressure
Historically, obtaining a Curacao iGaming license has been relatively simple for operators, but the recent pressure from the Dutch Government has prompted a desire to reform this existing framework.
The economy of Curacao relies heavily on tourism throughout the year. The COVID-19 pandemic severely impacted this sector, leading the Caribbean island to seek financial support from the Netherlands. In exchange, the Dutch government mandated that Curacao overhaul its existing iGaming regulations.
This situation provided Curacao with an excellent opportunity to begin diversifying its economic infrastructure . The new regulatory framework will also oblige license holders to contribute taxes and fees to the local economy, offering an additional revenue stream.
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