The reformation in the online gaming sector has begun with the announcement of Denmark, regarding the brand new licensing phase. Based on the agreement which was signed between Netherland and Curacao, the legislation has been amended. The little island was dependent on the financial support of Netherland.
During the lockdown of Covid-19, the economic growth slowed down in the island as its economic growth is mainly based on the tourism sector.
The imposition of the new rules
First, two tranches of financial support were reached in May of the previous year. But to get the third tranche, the tiny island has to oblige some rules and regulations imposed by the Danish government. The first requirement is to make a legal and transparent casino sector with the licencing power of Curacao. The operators who were running their betting sites under the licence of Curacao must have to follow these rules and regulations to operate their business online. If they also follow the laws to build a transparent gambling industry, the operator will send the three packages one by one by March 1, 2021.
To get these, the government is planning diligently for the establishment of a transparent regulatory body. It will regulate the activities in the gambling sectors so that the players are not exploited. With the help of the same authority, the licences will be sanctioned further.
With the help of the four operators at present, the regulated body has been made, and they are also responsible for providing the main licence. Other providers can also take part here with the sub-license categories. But for this, they have to apply to the authorities on behalf of their companies. Simultaneously, the face regarding the sub-licences will go to the main accounts of the licensee, and it will not go to the state budget.
In the next requirement, it is clearly mentioned that licensed providers who are operating their businesses outside the kingdom about the island must be compliant with the laws of Curacao’s gaming. The third reform has been taken based on the income of the operator and how much tax will be in imposed based on the terms of the agreement.