The Curaçao Gaming Control Board (GCB), Curaçao’s gaming regulatory physique, has taken an vital step in regulating the nation’s on-line playing by formally opening the appliance course of for these operators in search of new on-line playing licenses.
Latest on-line portal
From Friday, September 1, operators could entry the GCB’s newly launched on-line portal, which gives steering to new candidates on the licensing process. Once inside, they could fill out a license utility kind and see directions and downloads, that are there to verify every little thing goes easily. Additionally, submission of finalized functions will start in November of this 12 months.
The portal isn’t solely open to the most recent operators, but additionally to those that already personal current sub-licenses. However, these operators can function unhindered and “under their current arrangements.” What’s extra, the most recent opening of the portal represents a preparation for the National Ordinance for Games of Chance (LOK).
However, the most recent licensing course of doesn’t “reform the National Ordinance on Offshore Games of Hazard, Curaçao’s existing legislation, but adds to it.”
As quickly because the submission of finalized functions is accomplished by the tip of November, those that have been formally accepted for a license will obtain a short-term license from the aforementioned regulator. Additionally, this will probably be topic to the adoption of revised insurance policies in addition to procedures throughout a interval of 6 months of its issuance.
However, a very powerful profit is that these operators who’ve formally acquired the talked about license won’t have to use once more beneath the aforementioned LOK, as a result of their place will probably be “transferred to the new authority.”
LOK to alter the excising regulatory framework for on-line playing
The objective of LOK is to replace and simplify the regulatory framework for on-line playing, rating it with the most effective world requirements and practices. In addition, it should current the most recent licensing necessities, improved oversight to verify the continued equity and integrity of Curaçao’s on-line playing section, and compliance measures. In addition, this new legislation will definitely be “monumental for the market”, though it was as soon as outlined as “passive when it comes to regulation.” Relatedly, after it was identified that the most recent, up to date licensing requirements may result in the elimination of excising operators from the area, the Minister of Finance of Curacao, Javier Silvania, commented that “he saw no issue with the matter.”
Because the nation’s excising legislation requires operators to submit utility for 1 out of 4 “existing master licensees” to acquire a sub-license, as soon as the LOK comes into impact, the holders of the above sub-licenses may have a interval of three months to file new utility to the regulator to obtain a “direct operator license.”
Speaking concerning the particulars of the most recent licensing course of, Curaçao’s Finance Ministry authorized advisor, Sixiènne Jansen, stated on the iGB L!VE held in July: “The application process consists of three forms. Each of the forms will require relevant supporting documentation. The first is an online gaming application, in which the applicant will provide projections for business operations and strategic targets. The second is a personal declaration, detailing information about key figures involved in the business. A source of funds check will be carried out on any involved person with more than 10% control of the business. The final form consists of corporate and business disclosures.”
Source: “Curaçao opens license application portal”. IGB. September 1, 2023