Casinos based on Curacao license may find them in a shorter leash now. It is going to happen as the Netherland has applied financial pressure on the government of this island.
Formation of the new laws
The Dutch government has announced an agreement with its Curacao counterpart focusing on the reforms with an intention to take action against the illegal gambling activities. Curacao has introduced an online gambling license for betting operators online. Liquidity support was being provided to Curacao by the Netherlands.
Curacao is a little island, and its financial development mainly relies on the tourism sector. During the pandemic, the government of the Netherland provided strong support to it. But because of the illegal Dutch punters, this little island is strongly pressured by the Dutch government to reform its licensing.
The Netherlands has declared a bailout for the pandemic already, but now it is declaring that it will not give any financial help to Curacao without any obligation. Curacao has already shown compliance with all these requests and ensured that they would strengthen their gambling laws. They are aiming to maintain a more strict regulation when they will provide the license to the new operators.
The new law will be enforced to tackle economic and financial crime. The plan is going to be effective from March 1 in 2021. The local telecom operators have generally issued the sub-licenses which are not supervised later.
Curacao has ensured to agreed to create a strong gambling license regulation that will work for both players and the operators. The plan will work for the online operators who are under the jurisdictions already. Such activity is hugely welcomed by the critics of gambling.
The Netherlands is also planning to launch a domestic online market regarding gambling. It has been trying for years to find out the oversight of its gambling licenses. It may work as a great fix for the unauthorized gambling domains from Switzerland to Australia.
The third obligation is mainly set for Curacao to ensure that all the licensees will pay their taxes on due time. It is noted that the annual master license fee has been double by Curacao already.