Regulation Moved To Next Stage
Curaçao’s new gambling regulation framework has moved forward into the next stage. The bill is being passed into the country’s parliament to receive the green light and move into its next milestone.
The Ministry of Finance has also informed current license holders to prepare for the changes, ensuring a smooth transition to the new legislative framework. The National Ordinance for Games of Chance (LOK) is the new framework regulating gambling in the region.
A Change in Approach
Curaçao has always been a popular option for operators, with the country having some of the most relaxed gambling laws around. The new regulations are set to tighten these up. There will be new license types and different fees introduced, as well as several other major changes.
Operators have until March 31st 2024 to submit an application for a direct license under the new legislation. The portal for applications launched at the start of September. There are also grandfathering laws in place for some current license holders.
Any license holders who have not applied to update their status before March 31st will be able to continue until the master license expires or the National Ordinance for Games of Chance fully takes over, whichever of the two events comes first.
An Ongoing Process
Curaçao’s loose gambling restrictions have seen it draw criticism from people within the industry, and the country looks set to change its image with the upcoming overhaul of its legislation.
Plans to overhaul the legislation were revealed in July 2022. An update at the start of the year said that a new schedule had been put in place for the reforms.
The bill moving into parliament for approval is a significant step forward. The country’s finance minister, Javier Silvania, has already expressed his support for the bill. There is no clear time-frame in place for the next stages.
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