Until September 2021, the regulator will have some time once it established to enforce the license holder’s responsibility. However, at first blush, it may prove not easy because most of the licensed operators in Curacao do not have legal permission to extend the products. In many cases, the Curacao based licensed operators do not have licensed necessarily to certain jurisdictions.
New Gambling Regulatory Body of Curacao
Yet, the financial package outlined the measures and specify for the license holders that they should comply with the law. The license holders operate in a jurisdiction, and they should abide by all the regulations and statutes. In the past, it has suggested that to issue licenses, and Curacao has a lax approach instead. To register the gambling business, it is serving more rather than enforcing the consumer protection standard of the industry.
In the last time, Curacao was more flexible and had a relaxed approach to collecting the license fees and taxes. To gain the registered business contributions, it has to introduce and develop a new mechanism. For the gambling sector, the ramifications may be huge. In Curacao, many businesses have chosen to register for the somewhat scrutiny of lax regulatory and how the day-to-day affairs they run.
Moving forward, for the online gambling industry, the Curacao Gaming Control Board (GCB) may be responsible. Currently, the brick-and-mortar segment regulated by the GCB. Now, Strict measures for anti-money laundering have to enforce by the regulator. Moreover, the online gambling sectors regulator need to focus on preventing leaking funds to terrorist organizations.
The licensing conditions for the Curacao online casino sector are pretty undemanding, and Curacao primarily considered as the remaining few jurisdictions.
The GVC announcement coincides with the announcement starting today. The role of the new CEO Shay Segev’s attempts to concentrate entirely on the regulated markets.
Different financial packages mentioned and outlined in the measures for the license holder to abide by all the rules and regulations. Curacao is now developing a better regulatory body and issuing licenses will no longer be a lax approach compared to the past. It will become a place to register more gambling business.