All of that is likely to change as the authorities in the country are planning to make a complete overhaul of the gambling industry and introduce a new regulators.
A bill that will completely change the gambling industry has been approved by the Council of Ministers. The new regulations are expected to lead to the creation of an independent gambling authority in the country.
Licenses for B2B and B2C operators will come with fees since the government plans to increase its revenue from the gambling sector.
Existing sub-licenses will be integrated into the new system and have a year to convert to a transitional license. All eligible sub-licensees that will be a part of the process have already been registered by the government.
CGA will be able to enter agreements with other regulatory bodies, as well as licensing and overseeing the gambling industry in Curaao. As regulators want to prevent operators from targeting certain jurisdictions, these types of agreements are common in Europe, according to Mario Galea, ex-CEO of the Malta Gaming Authority.
The license fees for B2C operators will be shared by the CGA if operators do not adhere to the industry standards. There will be a license application fee of $4,000, a $12,000 annual license fee, and a $250 monthly regulatory fee.
There will be more measures applied. Licensees will be required to put a minimum of three employees in key positions, and they must be based on the island. Enhanced AML measures will also be applied.
If operators decide to leave as a result of the tightened regulation, the finance minister of Curaao has no problem with that. Silvania stated that the new bill will ensure that the monitoring process is under the control of the government.
Silvania noted that the country doesn’t make a lot of money from operators, so he isn’t concerned about them leaving. According to Silvania, most of the profit goes to master licensees.
Silvania stated that the companies that the government wants to keep are those that comply with the rules. Silvania stated that having at least 3 key employees on the island itself is a rule that he will not back out from as it is essential for him.
He said that it is important for operators to be established in Curaao and contribute to taxes even if it is not much. Silvania said that having companies on paper without adding money to the country is not desirable.
The creation of the new regulator will add a lot of legitimacy to the market, according to Galea. After it was found that as many as 12,000 sites were offering unlicensed products, it was considered a low-standard market.
The Dutch government and the government of Curaao collaborated on the new system. The Netherlands have a country called Curaao. Dutch civil servants have been giving the government a fair amount of advice. He thinks the combined effort is a better choice because it gives the new bill more expertise.
After the Council of Ministers greenlit the bill, it will be put in front of the advisory bodies, which will make adjustments, and then it will go to Parliament. Silvania is hoping that the bill will be approved by the end of the year.
The Council of Ministers has approved a bill that is set to completely overhaul the gambling industry in Curaao. With the new regulations, the country is expected to form a new independent gambling regulator called the Curaao Gaming Authority (CGA). CGA will issue licenses to B2B and B2C operators and since the government plans to increase its revenue from the gambling sector, the licenses will come with fees.