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Curacao Strengthens its Position as a Trusted Regulator
By Shane Addinall Jan 09, 2024 IndustryCuracao's gaming regulations are being changed to enhance transparency and build a more trusted reputation within the industry. One of the latest measures to strengthen its position as a top regulator includes the use of Digital Seals.Online gaming regulations play an important role in the iGaming industry, helping to create order and structure. One of the biggest benefits is that it creates a safer gaming environment for online casino players.
Curacao has not always been the most favourable regulatory region and aims to change that with the new LOK regulations.
The Road to Trusted Regulation
Curacao is no longer playing around, as can clearly be seen with the new National Ordinance on Game of Chance (LOK).
Many changes are being put into place to revamp the region's gaming standing among operators and industry professionals while creating a more secure gaming environment for online casino players.
The objective is to improve credibility and transparency in the industry, which requires all LOK-licensed sites to show the digital seal they've earned on their platforms.
The Gaming Control Board brought in the digital seal as a way to counter any possible misuse or misinterpretation. The primary focus is to change the gambling regulatory framework in Curacao.
New Rules
All new legislation is overseen by the LOK, which is still pending parliament approval. The main objective is to tear apart the existing structure, which includes a master licensed and sublicense holder, while at the same time creating a trusted reputation for Curacao.
The new digital seal rule has been put into effect on 1 January 2024, and it applies to all online casinos. Many sublicense holders are not eligible to use these seals yet, as only gambling providers that have completed the GCB portal registration process have the authority to do so.
Another thing to remember is that all providers will have to comply with the different requirements to be able to use these seals. One such rule is that online casinos must prominently display the seal on the landing page. Making it visible to all visitors who access the website. On top of that, the seals are expected to be perfectly legible, and any attempts to change or hide the seal are forbidden.
Sublicensed sites are not allowed to display the digital seal on their platforms as it might give the idea that they've met the special criteria to earn the seal when they have not.
Following the Trend
Curacao is not the first to implement such rules. In fact, there are many regulatory bodies that have the same measures in place in an effort to boost transparency. Other regions that have taken the same approach include the Dutch Gambling Authority.
Another thing that comes with such measures is listing the licensed operators in a registrar, which becomes available to the public. Allowing consumers to get peace of mind by verifying the legitimacy of the platforms.
Currently, there are no details on the potential sanctions that could await any operators that do not comply with these rules.
The digital seals make use of the URL cert.gcb.cw, which at the present time is not active yet, and there is no certainty on whether or not the platform will have a publicly accessible register.
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