As anticipated, though never before with a definite timeline, the Landsverordening op de Kansspelen (National Ordinance on Games of Chance) is progressing to its final stage through the parliamentary process in Curacao. The proposed law aims to establish the Curacao Gaming Authority (CGA) as the new regulator responsible for issuing licenses, monitoring existing and new gambling operators, and taking action against any violations in Curacao which is currently the most applicable gaming jurisdiction around the world. This would replace the current master licensing model, in which several companies dominated the Curacao market and granted sub licenses to others. Under the new system, the CGA is the body that would regulate the operators, as in all other major gaming jurisdictions including UK and Malta (which currently sees a decline and a shift towards Curacao). The grace period (currently September 1st, 2023 but may be adjusted forward according to the speed of applications), licenses to operators would be issued under the existing legislation and current projects will continue to move forward. Therefore it is crucial to have them promoted efficiently by the operators so they fall into the umbrella of the new regulatory regime. The new requirements include the need for an operator to hire one full time employee (exclusively working in its business) and lease physical business space on the island.
Our law firm offers solutions to all components related to the existing and the upcoming licensing regime. Feel free to contact us for any further information.