In this article. We will explore the benefits and drawbacks of the Curacao Gambling License issued by the government. Focusing on the recent extension of the Master Licenses. And the new regulatory regime set to take effect on September 1, 2023. We will analyze how this transition will impact operators and sublicense holders. Highlighting the requirements of the application process and the implications for the online gaming industry.
An Analysis of the Master License and the New Regulatory Regime
On July 13, 2023. The Minister of Finance of Curacao announced the one-year extension of all Master Licenses. Until the enactment of the Gaming Ordinance (LOK).
Master License and Transition to the New Regime
Under the current law. Holders of Master Licenses will automatically transition to the new regulatory regime under the LOK. Provided they comply with the policies and regulations set forth by the regulatory authority within a specific timeframe. Sublicense holders wishing to continue operating under the new regime will have three months from the date of LOK’s enforcement to submit their license application.
During the application and processing period, business operations will continue as usual. Maintaining the status quo for up to nine months after the LOK is implemented. Operators who choose not to adhere to the new regime may continue their operations until the relevant Master License expires on September 1, 2023.
Advantages of the New Curacao Gambling License for Operators
Starting September 1, 2023. The Gaming Control Board will begin issuing new licenses directly to operators under the current legislation, pre-LOK. These operational licenses will come with specific conditions, and holders will not be allowed to issue sublicenses. Restricting them to running their own online gaming businesses.
The new regulatory regime will impose strict requirements, including anti-money laundering (AML) and responsible gaming policies. In this way, ensuring high international standards for player protection, dynamic AML procedures, customer identity verification (KYC). And robust technical and information security setups.
Drawbacks of the Transition and Future Changes
The transition to the new regulatory regime may pose challenges for operators. Particularly in adjusting their operations to meet the stringent requirements. Uncertainty and the transitional period could generate concerns in the industry and delay strategic decision-making.
Moreover, once the LOK comes into effect, operators failing to meet the new regulatory standards may face negative consequences. Such as license revocation and business closure.
The extension of Master Licenses and the imminent implementation of the new regulatory regime under the LOK marks a significant milestone for Curacao’s online gaming industry. As a company physically and legally located on the island. Xnext is well-prepared to navigate this path of change alongside all the operators it represents. Including new entrants in the iGambling world.
Strategic partner for Curaçao Gambling License
With our experience and expertise in license processing across various jurisdictions. We guarantee a viable and efficient process to achieve each operator’s objectives. We will closely work with our clients to ensure compliance with the rigorous requirements of the new regulatory regime. Maintaining high standards of integrity, player protection, and responsible business practices.
In this exciting period of transformation. Xnext is committed to being a strategic ally for operators in their pursuit of success and sustainability in the competitive world of online gaming.
