Curacao has agreed to tighten the rules of gambling license and from the Netherlands has succumbed to the pressure.
Last week, the Dutch government announced that with the Curacao counterparts, it had reached an agreement regarding the structural reforms and measures. This agreement intended to make the Netherlands a resilient county in administrative, financial, and economic aspects.
A new independent regulator will form by Curacao to supervise the wagering industry and the interested iGaming operators issuing the license.
Gambling Licensing Rules
By 1 March 2021, the regulatory body will get ready, and the set up will complete hopefully.
Curacao has agreed to ensure that the gambling license will act following the country’s target and the laws and regulation of the country. Also, all gambling licenses are paying the required fees and taxes and the islands nations need to ensure this.
Since April, the Netherlands has provided liquidity support to Curacao to mitigate the pandemic economic impact on the island nation. This Curacao island is heavily dependent on tourism. Operators targeting Dutch punters irks the Dutch government, while Curacao also has the regime of online gambling licensing.
No longer without obligation the pandemic bailout declared by the Netherlands in July and to agree to certain conditions, Curacao fails. Failing to deal with certain conditions means withheld bailout cash of the third tranche. The Netherlands made Curacao comply with all the requests in October. The recommendations include strengthening the Curacao rule of law.
Forming a new independent regulatory body will increase the strengthening of the Gambling industry. iGaming operators required to issue new licenses by the new governing body which Curacao will form.
The Netherlands targeted specific gambling regulations and laws, and Curacao, through an agreement, agreed to act according to the target. Gambling licenses holding operators often failed to pay the required fees and betting taxes in proper time. Thus, the island nation will also focus on it that all are paying appropriately.
Liquidity support is, in fact, extensive support that the Netherland is providing to Curacao. To mitigate the Covid-19’s economic impact, the liquidity support is a great deal from the country Netherland.