Gambling License: Changes in Curacao Jurisdiction
Due to its extensive experience and attractive tax rates, Curacao has become a popular jurisdiction for companies seeking licenses, especially in online gambling and financial services. Recently, there have been some changes in the legislation and regulations governing these industries on the island.
New Regulatory Regime in Curacao
Since receiving financial support from the Dutch government in 2022, Curacao has initiated reforms in the gambling sector. One of the requirements was to review the existing licensing system, which was previously considered one of the most lenient and allowed for flexible business operations.
Starting September 2023, Curacao intends to tighten its regulatory standards for gambling licensing. Currently, a law known as the National Decree on Games of Chance (LOK) is being discussed in parliament. The draft law was presented to the Advisory Council of the country in mid-June. The new measures aim to combat illegal and unlicensed operators in the gambling sector as Curacao seeks to move away from its reputation as the most accessible gambling jurisdiction to enter. These measures are also intended to enhance Curacao's reputation and attract more serious players in the industry.
What to Expect After the Legislative Changes
From September 1, 2023, sub-licenses in Curacao will no longer be renewed, meaning if your company holds one, it will cease to be effective. To obtain a new license, companies must pay a registration fee and undergo a new round of verification. A specific transition period will be provided to all companies once the parliament approves the new regime. After the changes operators will also strengthen their AML control systems and undergo due diligence business checks. Additionally, disclosure of corporate and business information will be required, and it will be entered into a registry.
Keeping track of news and changes in Curacao legislation is an essential task for our team. We strive to stay informed about the latest trends and requirements in the industries where our customers work. This helps us provide our clients with the highest quality of service and deliver up-to-date information about their companies operating in Curacao.
If you are interested in obtaining a gambling license in 2023, please contactr IT-OFFSHORE specialists. We will find the best options for developing your business.