Regulations are always changing, shaping the way we approach online gambling. Curacao is among the most familiar regulatory bodies licensing several top online casinos. 

With the new regulatory regime underway, many are wondering what the future holds for the Curacao gaming market. 

 Market Transformation

During ICE London 2024, the Curacao Ministry of Finance stand saw much action over three days. Visitors included commissions from other jurisdictions and operator advisors. They were all there to get more clarity on what will be expected from Curacao in the future. The main reason is the spread of misinformation over the transition process. 

The managing director of the Curacao Gaming Control Board (GCB), Cedric Pietersz, explained the National Ordinance for Games of Chance (LOK) in detail. 

Pietersz stated he was happy to be there and set the record straight. By spending the three days at ICE, Curacao’s government had a chance to provide clarity. Most of 2023 was spent preparing for LOK, the legislation that will bring in the new regime. Curacao still operates under the National Ordinance on Offshore Games of Hazard (Noogh). 

LOK was submitted to the Curacao parliament in December and is being processed. It is expected to go to the full parliament for more hearings before it can get passed and signed into law. 

 How Does LOK Work?

According to Curacao’s minister of finance, Javier Silvania, LOK will benefit the overall economy and Curacao’s reputation. The new laws will give the regulator the chance to monitor anti-money laundering and Know Your Customer policies more thoroughly, breaking away from its reputation of being rather lax in this area. 

The new law will also allow the authorities to issue direct licences to operators. It will provide the opportunity and tools needed to supervise these entities, which is detrimental in areas of concern such as responsible gaming, AML, and KYC. 

 What’s in It for Operators?

With the implementation of LOK, there will be increased communication and the benefit of operating under a regulatory body with an improved reputation. Pietersz states that they aim to improve their supervision and that, alongside the law, it will improve the regulator and the resources available to operators. It will allow operators to say, ‘I’m properly regulated.’ 

LOK should increase the stance of operators, allowing Curacao to compete at the same level as respected jurisdictions like Malta and the Isle of Man. 

The aim is to provide the possibility of direct licensing from Curacao. According to Pietersz, operators who want to continue operating within Curacao will need to register on the GCB portal by 31 March. After this, it will no longer be possible to register sub-licenses or apply for a direct license under the NOOGH. Anyone who does not have their licensing in place will be operating illegally. 

Illegal operators will be forced to cease all operations and request a license. Anyone receiving a license before LOK is implemented will do so based on the current legislation, but the terms and conditions will mimic those of the new legislation.