A fresh deadline has been set for September in Curacao for the rollout of modern gambling regulations.

Curacao, a dominant force in gambling regulation, hosts a myriad of casinos worldwide under its licensing. Parallel to other jurisdictions like the UK, Germany, and Sweden, Curacao is revamping its gambling guidelines to align with global expectations. online gambling During a talk at the iGaming NEXT Valleta 23 Conference, Javier Silvania, Curacao's finance minister, confirmed September 1, 2023, as the launch date for the nation’s gambling overhauls. This initiative demands re-evaluation of local internet gambling licenses under rigorous, globally-endorsed standards.

The reformed regulation, labeled the National Gambling Ordinance (LOK), awaits evaluation from the Advisory Council before parliamentary consideration. Successful adoption promises to enhance the legal landscape's toughness, with a focus on safeguarding players, averting fraud, and implementing anti-money laundering tactics.

A standout aspect of the regulatory update is the establishment of the Curacao Gaming Authority, a new entity dedicated to policing illicit practices and overseeing the gaming landscape. This strategic move is a part of Curacao’s transition from its former lenient gambling image.

For now, master licensees will enjoy a year-long grace period, allowing for transformation without disrupting ongoing operations.

Additionally, sub-license holders are granted a 90-day window to apply for new credentials, irrespective of their current license status. Conveniently, initial licenses stay valid for up to nine months post-application, giving operators leeway to adjust.

With the National Gambling Ordinance coming into effect, the Curacao Gaming Control Board (GCB) will take charge of licensing from September 1, 2023. This empowers operators to provide gambling services but restricts them from issuing sub-licenses. Operators must submit personal and business-related disclosures before obtaining certifications. A specialized portal will help streamline the license process.

Silvania assures alignment with peer regulators to ensure a balanced environment for providers and operators. Key objectives include safeguarding player interests and maintaining industry integrity.

Silvania also acknowledged the majority of Curacao-licensed digital casinos for their compliant and reliable practices. Yet, he addressed issues of misuse by a few tainting the island’s reputation. The anticipated enforcement with rigorous assessments should further differentiate trustworthy entities from negligent ones.

The next generation of licenses will adhere to global benchmarks on various fronts.

Advanced protocols for combating money laundering.

• Player protection
• Enhanced configurations for technology and data safety frameworks.
• Know your customer (KYC) regulations
• Responsible gaming policies
• Operators are required to present audited frameworks for evaluation within six months of acquiring their license. Until the law takes full effect, an air of anticipation prevails!

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