Curacao to launch new online gambling regulator by March

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Updated September 21, 2022 | Published November 13, 2020

2 mins read

The new regulator is a part of an agreed financial aid package coming from the Netherlands and helping Curacao weather the financial crisis set off by the COVID-19 outbreak. The island is expecting to see its economy shrink by 30% due to missing tourist receipts.

Because of the lack of tourist revenue, Curacao has been exposed to the pandemic in both a financial and health aspects. Thankfully, though, the Dutch government has agreed to release a three-payment financial rescue plan known as the Landspakket pact.

Under the pact, though, Curacao has to actualise its online gambling framework and specifically introduce a new gambling regulator that will introduce stricter industry control over Internet casinos.

The Curacao Gaming Control Board (GCB), which currently regulates the land-based segment, will be tasked with controlling the online vertical as well. The regulatory framework should be overhauled to include tax revenue collection and licensing fee from gambling operators.

In addition, the Netherlands want the new regulator to monitor anti-money laundering procedures and ensure there are measures in place to prevent funding of terrorist organisations.

All licence holders will have to observe not only with Curacao's own measures, but also be obliged by virtue of their Curacao licence to operate only in jurisdictions where they can legally do so.

This may pose some new challenges, but ultimately, proven casino operators such as Bitcasino, 1xBit, and FortuneJack only stand to benefit from the heightened standards. All measures should be enacted by September, 2021.

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David

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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