Curacao, one of the biggest gambling jurisdictions in the world, is set to tighten its regulations. The news was first rumoured in the Curacao Chronicle, a local media outlet, and was then confirmed by Javier Silvania, Curacao’s Minister of Finance, during last week’s iGaming NEXT Valletta 23 industry summit.
Sweeping Changes
For many years, Curacao has been seen as one of the more lenient licensing jurisdictions, but Javier Silvania has pledged to boost Curacao’s reputation. New legislation, known as the National Gambling Ordinance, is being reviewed by an advisory council before it is taken to the country’s parliament for approval.
This new gambling framework will focus on several key areas designed to help boost the authority of the licensing body. This includes an emphasis on fraud prevention, player protection, and anti-money-laundering.
New laws are expected to be enacted by September 1st, with the aim of creating a new, internationally recognised gambling standard. While the changes will be significant, Silvania insisted that operators would not have to worry about them providing they were compliant.
International Cooperation
Silvania has instructed the Gaming Control Board (GCB), the current regulator, to implement new regulations as soon as possible. The GCB has created a dedicated portal for operators to apply for their new licenses, ensuring the transition is easy to the new regulators is easy. Curacao’s reputation as a ‘quick and easy to obtain’ license was something that was addressed by Silvania at NEXT Valletta 23. The Minister said that he was disappointed at this portrayal, but he insisted that the new legislation would change the way people think about the license.
The process will be completed by the launch of a new regulatory body, the Curacao Gaming Authority. It has promised to come down strictly on rogue operators and uphold the industry’s highest standards.
Minister Javier Silviana
Another key part of Curacao’s upheaval will be a change in its approach to international cooperation. Silviana stated that he wants to see the Curacao Gaming Authority work closely with other regulatory bodies worldwide. He believes that global cooperation has been the key to Curacao’s success, and he wants to continue strengthening in this area.
A Long Time Coming
Changes to gambling reform in Curacao have been a long time coming. The wheels were set in motion following the Covid19 pandemic when the Dutch government asked Curacao for updates on gambling reform, among other issues, in return for the support that was provided during the pandemic.
The Curacao system had been seen as one of the industry’s most liberal, and there had been calls for change from within the industry for a while. Looser regulations have caused issues for the operator, with the Australian Media and Communications Authority recently sending requests to the existing authority to stop operators from targeting Australian players without a license.
This is just one example of the kinds of issues that Curacao has faced, and the changes will be welcomed industry-wide. Earlier this year, Javier Silvania stated that some operators would be losing their licenses once the new changes were brought in, but he insisted he had no issues with that.
