Curaçao Gambling Regulation Bill Awaits Parliament Approval
Date: 2023-12-20 Author: Dima Zakharov Categories: EVENTS
A New Era for Curaçao's Gambling Industry
In a significant development, Curaçao's parliament is now deliberating on a new bill that seeks to revamp the gambling regulations in the country. The proposed National Ordinance for Games of Chance (LOK) aims to usher in a new era of governance for the gambling sector in Curaçao.
Major Changes on the Horizon
The LOK is poised to introduce several key changes to the existing gambling laws. Among the most notable alterations are revisions to license types and fees for operators. These changes are expected to have a profound impact on how gambling businesses operate in the region.
Important Milestones for Transition
As part of this transition, sub-licensees in Curaçao must register on the Curaçao Gaming Control Board (GCB) portal by 31 March 2024. Failure to do so will result in their inability to continue operating legally. Furthermore, a provisional "grandfathering" period will be in effect for direct license holders under the existing legislation as of 31 March.
Renewed Gambling Licenses
The GCB has also initiated a process to renew all gambling licenses in Curaçao, with the last renewal scheduled for January 2025. Starting from 1 January 2024, license holders will have the option to display a Digital Seal on their websites, issued by the GCB.
The Road to Reform
The journey towards this gambling regulation overhaul began in July 2022, with continued efforts from Curaçao's government to strengthen its regulatory framework. This reform aims to align Curaçao's gambling sector with international standards while ensuring financial stability and preventing potential grey-listing.
The minister of finance in Curaçao, Javier Silvania, has expressed support for the LOK, emphasizing its importance in safeguarding the country's financial reputation.
As the Curaçao parliament reviews this pivotal bill, the gambling industry eagerly awaits the outcome, which could mark a turning point in the region's gaming landscape.
