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Curacao Set Become a Safer Haven for Online Casino Fans
By Shane Addinall Sep 21, 2023 LegalityThe island of Curacao makes the move to become a safer place for online gambling by updating its license application process. The new process will be launched as an online portal, making the change even easier.Curacao’s Gaming Control Board (GCB) has long had a reputation for being an online gambling regulator that lets just about anything go. Operators had the freedom to do and offer whatever they pleased under a gambling license that covered many types of entertainment.
Unfortunately, this also meant that illegal gambling services thrived in this area and spread around the world. With more than 450 gaming licenses already provided to gambling businesses, it can be hard to tell which are aboveboard and which aren’t.
In an attempt to become a safe haven for players, the GCB is changing the way operators can seek new online gambling licenses.
Curacao License Changes on the Cards
The new application measures have long been in the works by the GCB, and they are excited at what the changes will mean for the industry moving forward.
All new operators and those seeking to renew current licenses will be able to do so via the new GCB online portal. Since the 1st of September 2023, the portal has been available and allows operators to learn more about the application process, find information about applying for a license, and download available forms.
Starting on the 15th of November 2023, new license applications will be accepted via the portal by the GCB. New licenses will only be granted to companies that are based in Curacao and can meet the new set of requirements in place.
Welcoming the LOK
Along with the new online portal, Curacao is also preparing for the National Ordinance for Games of Chance (LOK) to come into effect. Said to be a monumental change in how the GCB operates, the LOK will require operators to apply for a direct license with stricter rules in place.
The application process under the LOK will come in three forms. Each of these will require relevant documents, which will be thoroughly scrutinised before a license is awarded.
✓ The first form is an online gambling application. This will require the potential operator to provide projections for business operations and targets for the future.
✓ Secondly is a personal declaration. This will detail information regarding key figures in the business, as well as a source of funds check. This is carried out on anyone with more than 10% interest in the company.
✓ Lastly, the final form will require corporate and business disclosures.
In the more than 20 years that Curacao has been rewarding igaming licenses, the application process has never been this thorough or complicated. While it is no longer quick and easy to access one of these licenses, it is definitely safer and more likely to grow a haven for enjoyable and responsible gambling.
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