There’s a chance that some casinos are starting to shake in their boots as there are things brewing on the horizon.
Why Curacao?
Malta, Isle of Man and Curacao are some of the most popular landing spots for an online casino to get its gaming license. The biggest reason why operators chose these destinations is of course due to the favorable tax laws and a relatively quick and inexpensive licensing process.
Curacao Gaming
No Longer A Top Priority
If you have a gaming license and want to keep it, you need to stick to the rules. Today, with so many crypto casinos having entered the market, obtaining a license is far from everyone’s top priority, which is fine I guess.
However, the many casinos operating with a Curacao license could be at risk of losing it because an overhaul of the laws has been requested by the government, potentially putting some licenses in jeopardy.
Welcome to Curacao
Curacao and the Dutch Government
Despite Curacao being in the Southern Caribbean Sea, it has been a Dutch colony. Following a referendum and as a result of a constitutional change, Curacao became a constituent country within the Kingdom of the Netherlands on October 10, 2010.
Why is this important? It is important because the Dutch government has recently revealed that it’s time to take a closer look at the laws surrounding the gaming licenses.
Humanitarian Aid During COVID
The reason being that apparently Curacao was receiving help from the Dutch government in the way of humanitarian aid to help them cope with the effect from the Covid pandemic. In return, the Netherlands have now asked Curacao to revise some of the gambling reforms.
How Licensing Is Being Handled in Curacao
Gambling licenses have been issued on the island since 2002 and up until now, the licensing itself has been handled by four companies that are all private. Each one of them holds a “Master of Licenses”, which was once granted by the government.
It’s no secret that the existing regime is known to be one of the most liberal systems of them all. This is also one of the reasons why a Curacao license is so widely popular to have. However, with the latest news about an overhaul of the laws, things may be about to change.
Money laundring at its finest
Money Laundering Is an Issue
The act of money laundering has always been an industry topic of discussion but is now one of the areas that will require some extra attention.
The four companies in charge of the licensing will now be required to have a minimum of 3 employees in key positions that are actually working on the island. So basically, enhanced money laundering measures will need to be put in place as well as an overall tightening of the rules.
Obtaining a License Will Get Tougher
We’ll have to wait and see what the exact new measures will be but don’t be surprised if some operators will have to bow out. Also, going forward I assume the requirement for any new casino operators to obtain a license will be a lot tougher.
For example there will for sure be a lot more paperwork needed for any new applicant, which of course will be a pain. Not only that but I also take for granted that getting a license will become more expensive.
Government of the Netherlands
To Be Presented in February
According to the Dutch government, the new and revised bill is meant to be ready for presentation to the parliament in the month of February. Considering there’s always input from key stakeholders, don’t be surprised if things take a bit longer.
The news that has come out regarding this topic states that:
– “A new schedule with the steps leading up to the entry into force of the new law is being agreed by the Ministry of Finance and shared with the Netherlands”.
More Meetings Are Scheduled
Official consultations regarding the progress of the updated gaming bill between the appointed departments within the both governments are scheduled for January.
Let’s See What Happens
It will be interesting to see how any potential adjustment in licensing rules will affect the casino industry.
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