In the face of the most recent worldwide Covid-19 pandemic, the online gaming house industry persists to prove its resilience. Moreover, the regulatory requirements flow, and the constant ebb also maintained by the online gambling industry. The gambling responsibilities deepening realization is a vital maturation part for the iGaming market to support and protect at-risk players.
Give and Take Mindsets Necessity
The operators under Curacao E-Gaming licensing feels the pressure to take better care and regulates carefully. The Netherlands strongly advised the regulators to improve and review the licensed program. In return, much needed financial aid would offer to Curacao by the Netherlands government, and the country confirms it.
Liquidity support is the first things that came into mind, and the Dutch Government changes its mind and no strings attached to it. Curacao needs to agree with several conditions to withhold further support, and it becomes stated in the order. There is Curacao gambling law on the Dutch market, and it is the direct impact of this.
In October 2020, with the Dutch requests, Curacao agreed, which includes several improvements and amendments to its current laws. To improve the administrative, economic, and financial viability in both regions, the Dutch government stated the agreement with the Curacao counterparts. The deal is regarding the measures and structural reforms.
What amendments lie ahead?
Three critical items among the changes stand out as the most vital and urgent suggested by the Netherlands.
Firstly, there is one of the stipulations in the agreement for Curacao, and the stipulation is to form a new independent regulatory body. The gambling framework of the country will oversee by the new regulatory body, which includes licenses issuing to select operators. By 1st March 2021, the regulatory body will come into force.
All the licenses operating under Curacao have to act according to the region’s rules and regulations and the recently issued oversight committee.
Lastly, Curacao tasked to ensure that the license is fulfilling its obligation in terms of taxes and operating fees. It is necessary to ensure the cash flow is available to them, and from there, they are generating the revenue to the regions.