The Curaçao Gaming Control Board (GCB) has introduced the reopening of its on-line portal for B2C and B2B license purposes on July 15, 2024. This determination follows the closure of the earlier utility window on April 30, which was prolonged from March 31 to resolve utility points.
Prioritization and New Applications
While the GCB is accepting new purposes, these submitted earlier than the April 30 deadline might be prioritized. The processing of latest purposes will start solely after present ones are accomplished. This technique is crucial to handle the backlog successfully and guarantee a easy transition for operators.
Expiration of Master Licenses and New Regulations
The reopening coincides with the approaching expiration of many grasp licenses in August, which won’t be renewed. Additionally, grasp licenses expiring in January 2025 will robotically lapse when the brand new regulatory framework, the National Ordinance for Games of Chance (LOK), is enacted. The LOK, which has been in growth since September 2023, goals to replace and enhance the regulatory panorama for gaming in Curaçao.
Until the LOK is formally applied, the present National Ordinance on Offshore Games of Hazard (NOOGH) will govern the processing of purposes. The LOK is predicted to be enacted later this 12 months, after which the Curaçao Gaming Authority (CGA) will take over regulatory duties and license issuance.
Updated Guidelines and Application Process
In March, the GCB launched a complete nine-page guideline doc for license purposes. Key updates for the brand new utility window embody the removing of the authorization letter requirement for portal customers. The GCB retains the authority to conduct due diligence on all portal customers to make sure compliance and integrity.
Ministerial Insights and Future Prospects
Curaçao’s Minister of Justice, Javier Silvania, has regularly underscored the potential of the LOK to behave as a protecting measure in opposition to gray market operators and enhance the jurisdiction’s repute, which has been marred by issues over cash laundering. The LOK is meant to offer a stronger regulatory framework that promotes authentic gaming operations and curtails unlawful actions.
In latest statements to the Curaçao parliament, Silvania emphasised the importance of those regulatory modifications in restoring confidence within the jurisdiction’s gaming sector.
To accommodate operators whose sub-licenses underneath grasp licenses are expiring, the GCB will challenge “Certificates of Operation” as a brief answer for these with purposes in progress. This measure ensures continuity of operations whereas awaiting the completion of latest license purposes.
The reopening of the GCB portal represents a pivotal transfer in Curaçao’s efforts to modernize its gaming regulatory framework and set up a well-regulated and clear surroundings for operators and gamers. The GCB’s dedication to processing licenses effectively and the anticipated implementation of the LOK mark important steps in the direction of a extra sturdy and respected gaming trade in Curaçao.
Source:
REOPENING OF THE GCB ONLINE PORTAL FOR APPLICATIONS (pdf), Curacao Gaming Control Board, July 11, 2024.
