Curacao is in the process of finalizing a new licensing system that is expected to come into force in 2023. Read our article and find out what updates to expect in the Curacao license regulation.
What changes will occur in the licensing procedures in Curacao?
1. Change of governing authority
Creation of the Curacao Gaming Authority, a new independent regulatory body, to replace the Curacao Gaming Control Board. The government will now have full control over who holds a Curacao license.
A new autonomous regulatory entity, the Curacao Gaming Authority, will be established to replace the existing Curacao Gaming Control Board. As a result, the government will have complete authority to determine the individuals or entities that will be granted a Curacao license.
2. Elimination of the master license/sublicense system
Under the previous system, 4 private entities possessed a master license authorized by the government and were responsible for licensing gaming operators. Obtaining a license and gaining market access was relatively easy, as the barriers to entry were low, and the checks were simple.
However, the system is changing, and the direct state regulator will now issue independent B2C and B2B licenses to new gaming operators. Companies that previously held licenses under the old regime will be given a chance to switch to the new system within 18 months.
3. New type of license for B2B
The operator will be obliged to utilize software exclusively from vendors possessing a local license.
4. Increased fees and charges
To apply for a license, the company will be required to pay both a registration fee and an annual license fee. These fees will be paid directly to the government.
5. Employees
A minimum of three key employees must be situated in Curacao. Besides, responsible officers are required to be appointed by the company to oversee anti-money laundering activities and responsible gaming policies.
6. New procedure for checking all shareholders and key persons
Particular attention will be paid to verifying the sources of income and wealth of applicants in accordance with the new rules.
The new legislation introduces an updated protocol for scrutinizing all shareholders and key individuals associated with the applicant companies. Special emphasis will be placed on validating the origins of income and wealth of applicants in line with the latest regulations.
7. Greater emphasis on equitable gameplay and player protection
Gaming websites will bear responsibility for paying out all winnings to players.
Where to obtain a license in 2023?
For all companies looking for ways to legalize their gaming business, UniversePAY offers services for obtaining a direct license in Curacao or in alternative jurisdictions.
The Isle of Man
The Isle of Man, a self-governing Crown Dependency with self-governance, is a favored spot for online gaming operators due to its various advantages. In fact, it holds the distinction of being the first jurisdiction to introduce laws specifically addressing online gaming.
Advantages:
— Prestige and stability of jurisdiction
— No VAT and low tax rates
— Liberal legislative framework
— Single license format for all types of games
— Opportunity to obtain a sublicense for gaming
— The speed of obtaining a license
Alderney
Alderney is a British crown dependency, located among the Channel Islands. To operate legally, any online or land-based entity must obtain a license issued by the Alderney Gaming Control Commission (AGCC).
Advantages:
— Low taxes and no income tax
— International recognition
— One license for all games
— Ability to create a mirror site
— State support for online gaming
— The speed of obtaining a license
Kahnawake
Situated in Quebec, Canada, Kahnawake is home to a vast gaming network, providing a diverse collection of online gaming options. The network’s license enables operators to deliver their services to players worldwide, with the assurance that they abide by all relevant laws and regulations.
Advantages:
— Stable economic/political situation
— No corporate and gaming tax
— Relatively low license fee
— Flexible legislation
— Covers all markets except USA
— Several license options
Obtain a financial license
Looking for ways to acquire a financial license or require obtaining a license in a different jurisdiction?
Send us an e-mail at info@universepay.eu or click the button below to ask additional questions or get a consultation from our experts with more than 8 years of experience.