Curacao announces a new set of rules to strengthen its interactive gaming framework and establish itself as a trustworthy authority on the world stage. (Photo by Robenson Gassant on unsplash )
It is a new era for the Curacao Licensing Authority as the small island country well-known for its Caribbean financial centre is cleaning up!
The new licensing overhaul comes via a newly installed regulatory authority known as the National Gambling Ordinance (LOK), currently under review by the Advisory Council. The idea is to ensure the new framework meets international standards and has processes to enhance the island’s licensing rules. The Gambling Control Board (GCB) will introduce a dedicated portal to simplify the license application process.
News of Curacao’s iGaming and online sports betting rehash came out at the NEXT Valletta conference. And it came via the Curacao Minister of Finance, Javier Silvania. In his statement, he mentioned the harm of lax implementation of specific laws, such as AML (Anti-Money Laundering), which has meant the industry has gained a low-par reputation on the world stage.
In particular, he pointed out that businesses and customers playing at online gambling establishments licensed under the Curacao interactive master licences need to show proof of funds. These are, of course, funds entering Curacao.
Focus Point: Silvania insisted that operators will need to align with legislation consistent with reputable jurisdictions and global money laundering laws offering a more transparent gambling sector.
New Framework Applies to Companies (Operators) Registered in Curacao
A huge number of operators are registered with the Curacao Chamber of Commerce. This is a prerequisite before applying for one of the Government of Curacao’s interactive gambling licensing certificates.
One of the largest I know of is Dama N.V. It is one of the most highly regarded online casino and sports betting operators with several brands under its wing. Casinos such as Bitkingz, Joo Casino, N1Bet, N1 Casino, and Playfina are just a few operating under the operator, and all have great reputations.
However, despite trustworthy operators offering players high-end gambling entertainment platforms, a few rotten eggs have taken advantage of Curacao’s lenient laws. These companies have given the Curacao licensing authority a bad rep, which has split over to give the financial industry a bad name. Firstly, this is unfair to operators who act within the country’s best interests and their B2C clientele. Secondly, the industry harms the island’s reputation in the global business landscape.
Reforms to Establish Trust: The reforms aim to address these issues and re-establish trust in Curaçao’s gambling sector.
Is This the End of Australian Online Gambling Sites Under Curacao Licensing?
Another point was made by the Curacao Minister of Finance, Javier Silvania, in collaboration with other licensing authorities. This could spell the end for online casinos targeting Australian online casino players.
Recently in May, the Australian Communication & Media Authority (ACMA) sought help from the Curacao government. The ACMA requested assistance in dealing with the issue of Curacao-based online gambling companies operating unlawfully in the Australian market. Despite previous warnings, these companies have persistently provided services to players in the country with disregard for the laws.
The ACMA expressed hope for a collaboration with the Curaçao Gaming Authority (CGA) and emphasised the need to fight the provision of online gambling services violating Australian laws.
Of course, it is the strict rules in Australia that have created the situation in the first place. Online casinos are not legal in the country because there is no framework to regulate them. For those that want to exercise their democratic right to play slots and table games online, Curacao online casinos are the only option.
Which online casino accept Aussie players? You can find a list of online casinos operating under Curacao licensing and offering AUD as well as crypto bets under the online live casino guide for Australia.
Leave A Comment