Curaçao starts accepting applications for updated online gambling licenses.

Original Story by Deyan Dimitrov for Gambling News

By opening up the application procedure for operators looking for new online gambling licenses, Curaçao’s Gaming Control Board (GCB) has made a significant advancement in the regulation of online gaming in the nation. Since Curaçao-based offshore operators have previously provided illicit gaming services globally, this step is anticipated to help foreign regulators. The legal changes are meant to make the industry more equitable and secure while fostering long-term value.

The GCB is very optimistic about a seamless transition. Operators interested in seeking licenses now have access to the GCB’s recently launched web portal as of September 1. This website offers comprehensive information about the licensing process and walks candidates through the process step-by-step. In order to assure compliance and a flawless application experience, it also provides downloads and guidance notes.

Operators will have plenty of time to prepare and submit their supporting paperwork for review before the start of the submission of finished license applications in November 2023. Existing license holders will transition to the new system automatically. Companies with active sublicenses must apply alongside new operators, but they may continue to run their businesses.

Applications received by businesses will result in provisional licenses after November, ensuring a smooth transition to the new, stricter system. These license adjustments will coexist with current law, enabling a more adaptable response to new problems. A wider range of operators interested in operating in Curaçao are anticipated to be drawn by the more stringent license application requirements, which will also herald a shift toward a more open gaming market.

Other substantial updates coexist with these licensing modifications. The National Ordinance for Games of Chance (LOK), in particular, is being prepared for in Curaçao as part of the country’s long-awaited gaming law revisions. The LOK aspires to update and simplify the online gaming regulatory structure, bringing it into compliance with global best practices and standards. In order to guarantee the legitimacy and fairness of Curaçao’s online gambling industry, new license standards, tougher compliance controls, and increased oversight will be implemented.

The established offshore gambling market in Curaçao is likely to gain from the island nation’s efforts to modernize it. The nation is displaying its dedication to offering a secure, equitable, and open gambling environment. Significant advancements in Curaçao’s continued efforts to uphold the highest standards of honesty and responsibility in the gambling industry can be seen in the launch of the LOK and the opening of the license application process.