The signed agreement is to change the gambling activities and regulations of Curacao. The agreement is based on a financial support asked by Curacao authority to the Netherlands. Netherlands agrees to provide the support, however, to bring a drastic change in the operators gambling regulations.
Previously, Curacao had one of the most comfortable jurisdictions in terms of simplicity for online gambling. Curacao has simple jurisdictions with minimal taxation requirement to obtain a license. The regulators’ overwhelmingly lack of control on the licensees’ activities got questioned in various parts of the world.
Key Reformation Requirements
A full-scale reformation of the legislations of the island’s gaming industry is needed to carry out by the Curacao government.
It’s important to understand that the agreement is all about the Curacao’s being eligible to earn the Netherland’s fund by tweaking the existing gaming regulations and introducing new ones if possible.
The agreement introduces that, concerning the gambling regulation, the Curacao government should take two main measures. These are:
- to determine the need for law reforming in online and offline gambling businesses, We are conducting a study.
- From the gambling business to increase the revenue of the state is the ultimate purpose of such reform.
- To reform the governing legislation in the business sector of online gambling, it needs to draft a step-by-step plan.
The necessity points directly noted by the agreement to reform the gambling sector only. Meanwhile, the offline sector regulation needs to research thoroughly to determine the necessary reform in this sector.
At least the following step-by-step plan should include in the agreement to reform the online sector.
- For creating an independent regulatory body, providing legislation for the online sector. According to the bill, the online gambling sector will execute and prosecute the control measure and issue licenses.
- To ensure the license holders compliance, necessary measures should consider the legislation requirement of other countries.
- Collectability of license taxes and fees, the necessary measure should take.
By March 1, 2021, the first task should complete according to the agreement, and by September 1, 2021, the second task should complete. Whether it offers any details or not, to see that experts analyzed the contract thoroughly.