New reforms for the Curaçao regulator

For years, online casino operators have taken advantage of regulatory flexibility to be able to offer fraudulent services in several countries. The Netherlands has recently improved its entertainment of chance online. As a result of this, the country sent a notice to the regulator so that it reviews some of its reforms. The opinion has been received very well by the government and a new legislation will see with the creation of the Curaçao Gaming Authority (CGA).

The economic pressure of the Netherlands

A large number of online casino operators have established themselves on the island of Curaçao in order to obtain their license. However, the country's regulator to many flaws and illegal online casinos take advantage of this to offer their fraudulent services.

In October, the Netherlands have done housework on their online gambling entertainment sector and have worked very hard with the Dutch legislators so that everything is more regulated. Despite their many efforts, there are still illegal sites that fall through the cracks.

On all operators, 12,000 are operating with the license of Curaçao and the Dutch administration would not want the flaws of the regulator to have a bad impact in the new Dutch market. They did not hesitate to put pressure on Curaçao to make changes.

Sander Dekker, the Dutch Minister, said in a press release : "it is high time for Curaçao to take its responsibilities seriously by issuing strict measures against illegal suppliers" . He also said that he would like to understand why the illegal operators could still offer their services in the Netherlands and in other countries.

To put things in context a little, the island of Curaçao becomes independent of the Federation of the Netherlands Antilles in 2010. Since then, the island has taken its own orders and put in place its own regulations, but the Netherlands can still take part as an advisor, consultant or support materially or financially.

The opinion of the Dutch authorities was very well received by the Curaçao authorities. They decided to put in place legislation to update the regulation market́. The reform will see changes in the coming months. When this is done, the state will be able to submit its application to obtain the 3rd tranche of the grant to reduce the damage resulting from the pandemic.

New independent regulatory authority

It was in 1996 that the island became one of the first regulator online casinos. There are only 4 entities that have received a government license and all the others are illegal. Here are the 4 licensed operators : Gaming Curaçao, Cyberluck Curaçao, Antilephone and Interactive Licensing. Thanks to their license, they can issue sub-licenses to casinos. According to the Netherlands, this operation proved that some of the 12,000 licenses had been given too easily.

With the new regulation, operators will have to follow more requirements as well as improve the following points :

• 📍 thresholds of presumed integrity ;
• 📍 financial liquidity ;
• 📍 prevention of gambling among minors ;
• 📍 adherence to anti-money laundering policies
• 📍 financing of terrorism.

There Curaçao Gaming Authority (CGA) will have all the powers to issue the licenses and to withdraw the licenses to those who are not in good standing.