The Curacao iGaming licensing system intends to undergo a complete overhaul. It will be a part of the Dutch Island of Curacao border federal financial rescue package.
According to casino news reports, the jurisdiction of about 159,000 people has been suffering from the economic downturn. It is due to the lack of tourists in relation to the coronavirus pandemic. As a result, the island is asking Amsterdam for aid but to revamp its iGaming licensing as a condition of receiving funds.
Undemanding Curacao iGaming Licensing System
The Curacao iGaming licensing system has been considered one of the last remaining territories where conditions are relatively undemanding. Although the coming restructure will involve the Curacao Gaming Control Board, establishing a bespoke arm for the regulation of online casinos and sports betting sites.
As the source of internet gaming Korea sources, the new body is purposely expected to go live as soon as March. Before giving another six months to ultimately bring everyone on the domains wishing to hold a license.
New Rules
The financial rescue from the Netherlands is moreover compelling with the new Curacao Gaming Control Board. They are to create a new set of anti-money laundering rules and begin collecting iGaming licenses fees and taxes. The regulator will further require to institute revised protocols against the funding of terrorist organizations. It is alongside more comprehensive rules governing the island’s relatively small bricks-and-mortar casino industry.
However, the prospect that Curacao may soon have a more attentive iGaming regulator. It has raised concerns about whether the island will remain home to currently online casino and sports betting domains. For a long time, the jurisdiction has a convenient place for such operations. Where it is providing betting odds to register. It is also due to its perceived lax approach to issuing licenses and its possible undeserved reputation for not having a severe system to consumer protection standards.
