The iGaming license of Curacao is one of the most popular permits amongst online casinos, especially the ones that support cryptocurrencies. The reason for that is that it is a bit more “easygoing” and tolerant towards the casinos it regulates. However, when September 1, 2023, hits, we will see massive changes in the way the Curacao iGaming license works.
You might have noticed that there are some companies regulated by the jurisdiction that offer their license to other operators. These are called sublicenses and there aren’t too many rules around that, which seems to be something that the Curacao government wants to change.
As you can tell, this practice results in greater risks for the players, as government officials do not have absolute oversight over such casinos. With concerns about that, a new bill will come into play to change the way it regulates online casino platforms.
The major change we will be seeing is that the Curacao Gaming Authority will be the one to gain complete control over giving out licenses. This will ensure that transparency will become a top priority within the business, which is one of the many reasons a lot of iGaming community members are not fond of the license.
One of the more concerning things for the online casino platforms that already hold the license is how exactly are they going to proceed with doing business from now on.
Curacao iGaming License – What You Need To Know
First of all, there are a couple of very popular iGaming licenses, namely the Malta Gaming Authority (MGA) and the United Kingdom Gambling Commission (UKGC). While these two regulators are the most well-respected ones due to their strict regulations and their “always ready to help” mentality, the license from Curacao has always been different.
The officials mainly impose lax regulations, which used to create a lot of drama in the past and still do to this day, although on a smaller scale. This basically means that playing at a Curacao-licensed casino is riskier than if you play at a casino with greater control, such as oversight from MGA or UKGC.
However, this license is also very affordable, easier to obtain, and offers some great features for the companies that want to obtain it. One of the most popular benefits it provides its casinos is the freedom to allow cryptocurrency payments. This is something that the MGA and the UKGC are not fond of at all and do not allow its companies to utilize.
Overall, the Curacao license and its officials have a way to go to ensure a 10/10 safety level measures, but they are currently down the right path, which they hopefully will keep going by.
New Curacao iGaming License Bill
If you have read our iGaming platform reviews, you have probably seen a lot of information regarding the Curacao license. It is usually less safe than what other authorities have to offer. However, the main point here is that they have begun implementing changes in the way they regulate in order to become a better and more respected jurisdiction.
And this new bill that they are looking to pass from September 1, 2023, is looking to make even more changes to improve the safety and transparency of the businesses they partner with.
As we mentioned earlier, there will no longer be any B2B license sharing and sub-license sharing – the only authority allowed to give out licenses and control the casinos is going to be the Curacao Gaming Authority (CGA) – the newly established regulatory body of the country.
Probably the most important note here is that the companies will have to meet very high standard requirements and will have to report a number of their data to the government, including their finances, and audits, and will have to complete compliance checks. However, they will also have to prove their authenticity and policies on dealing with their users.
There will be a massive change in the level of security because of this and it is possible that a lot of casinos will skip on renewing their contracts with the government. We will see more about that at the beginning of September.
Another thing that is extremely interesting is that the bill will state that every casino must have at least three employees at positions of importance operating physically on the island, meaning no remote work for them. This will be a requirement that is going to be a bit more difficult to meet than all else.
Curacao Government Official Announcement
The announcement of the changes happened during the annual event of iGaming NEXT: Valleta 2023, where the Minister of Finance for Curacao – Javier Silvania – stated that important regulatory and security changes are coming up.
You can find his whole speech here:
What he said is completely understandable, but his words were very assertive and certainly shocked some companies, to say the least:
“We demand transparency regarding the source of funds entering our country” – said Javier Silvania, and later on added “We insist that operators comply with legislation that aligns with reputable jurisdictions and meets the minimum requirements of international laws and guidelines concerning money laundering.”
This would most likely mean that we will never again see an online casino licensed by Curacao that offers no wagering requirements, but that should be the least of their worries, as what the minister is talking about is a whole different matter, that is way more complicate than this.
Money laundering has been known to happen a lot in online casinos holding the Curacao license. It appears that the government takes it as a priority to make sure this never happens again.
That aside, the minister also added that the government knows that its reputation has been tarnished and will do its best to stop being known as the “red-haired stepchild” – a metaphor for being the black sheep.
How This Will Change The iGaming Industry
All of the changes the government of Curacao will undergo are going to bring mainly a positive development in the iGaming industry. First and foremost, the security and transparency of these casinos will ensure a safer environment for the players to enjoy, while also remaining under the strict control of the officials.
One thing we should expect to see is a lot of casinos to drop their contracts with Curacao, because there have been many instances where well-known casinos are trying to abuse their popularity and defraud their visitors. This will probably be the most massive change when it comes to the business side of things for the regulator.
We already see some of our partners that used to be operated by Dama N.V., Rabidi N.V. and other Curacao-driven companies started hiding their license information and only showing company information from new companies based in Costa Rica.
However, this will also mean that we will finally see the Curacao license becoming a better and more reliable option for both the players and new casinos alike.
If we look at things from the point of view of the companies looking to obtain this license, however, things might not look too good. Because of the additional security procedures the government is going to implement, a lot of these companies will have a more difficult time releasing their iGaming platforms.
Also, because of the stricter regulations, some of these companies will have to think twice about applying, since they will have to abide by more rules, which will restrict their current freedom. However, from the players’ point of view, restricting these companies’ freedom is a good thing as it means that playing in these casinos will be a way more comfortable and safe experience.
Curacao Going Down The Right Path
To summarize all the important pieces of information in a single paragraph might be a bit difficult, so we will make those two. First, the importance of the security players will experience during their stay with a Curacao-licensed casino from the 1st of September cannot be overstated. Players will no longer have to be scared of getting scammed or lied to by these casinos, as all new requirements will ensure that the Curacao government has complete regulatory rights over every single casino holding its permit.
Additionally, the new bill and all of the regulations that are going to come into power will be something that is difficult for some companies to deal with. What is certain is that the companies that decide to go forward with Curacao, however, will certainly be the ones that are confident in their abilities and competence in the iGaming industry.