The Minister of Finance in Curaçao has unveiled new licence fees applicable to licences issued directly by Curaçao’s Gaming Control Board (GCB) under the existing NOOGH legislation and the impending LOK legislation. The announcement brings forth changes in licence types, fees, and requirements, impacting the gaming industry in the region. The has been open for account registration since November.

LOK legislation introduces B2C licence requirement

Under the existing NOOGH legislation, the GCB issues operating licences only, without separate B2B or B2C categorization. Entities currently obtaining licences fall under a single category. The forthcoming LOK legislation introduces a B2C licence requirement. This includes companies directly interacting with players and those facilitating B2C operations (B2B2C). Post LOK enactment, B2B licences become mandatory only for entities establishing themselves in Curaçao, while they remain optional for other international entities.

“I reiterate the mantra that “change is the only constant”, and in the face of change, we have two choices – resist or adapt. I believe in the resilience and adaptability of the Curacao spirit and look forward to the new era that has just begun.”

Javier Silvania, Minister of Curaçao, latest SiGMA Magazine.

During his welcome message at SiGMA Curaçao in September, Mr Silvania outlined the three fundamental benefits of the new legislation and processes. These included economic, social and reputational advantages.

Benefits

The primary objective is to boost the economy of Curaçao, as the current revenue from the gaming sector is not being fully optimized and stands in stark contrast to other international jurisdictions. Additionally, the proposed legislation aims to promote the development of local skills and job opportunities within the gaming workforce. The ultimate objective is to cultivate expertise and establish Curaçao as a hub of excellence in the advanced gaming industry. The third goal focuses on enhancing Anti-Money Laundering (AML) standards. The new laws will enforce mandatory compliance to ensure improved financial transparency and security.

Join SiGMA Eurasia in Dubai between the 25 and 27 February 2024

The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City, providing invaluable opportunities for attendees to network with industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets. Find all the details for SiGMA Eurasia here.