New reforms for the Curaçao regulator

For years, online casino operators have benefited from the flexibility in regulations to be able to offer fraudulent services in several countries. The Netherlands recently improved their sector of Entertainment of chance on line. Following this, the country sent an opinion to the regulator so that it re -examines some of its reforms. The opinion has been received very well by the government and new legislation will see with the creation of the Curaça Gaming Authority (CGA).

The economic pressure of the Netherlands

A large number of online casino operators have established themselves on the island of Curaçao in order to obtain their license. However, the country's regulator has many flaws And illegal online casinos take the opportunity to offer their fraudulent services.

In October, the Netherlands have been cleaning up In their sector entertainment of chance online and worked very hard with Dutch legislators so that everything is more supervised. Despite their many efforts, there are still illegal sites that pass between the meshes of the nets.

On all operators, 12,000 operate With the Curaçao license and the Dutch administration would not want the regulator flaws to have a impact On the new Dutch market. They did not hesitate to put a pressure on Curaçao so that changes are made.

Sander Dekker, The Dutch Minister, said in a press release: "It is high time for Curaçao to take his responsibilities seriously by issuing strict measures against illegal suppliers ” . He also said that he would like to understand why the illegal operators could still offer their services in the Netherlands and other countries.

To put things in context a bit, the island of Curaçao becomes independent of the Federation of Dutch West Indies In 2010. Since then, the island has taken its own decrees and has set up its own regulations, but the Netherlands can always take part as an advisor, consultant or supports materially or financially.

The opinion of the Dutch authorities was very well received by the authorities of the Curaçao. They decided to set up legislation for update of the market. The reform will see changes in the coming months. When this is done, the state may apply to obtain the 3rd tranche of the grant To reduce the damage resulting from the pandemic.

New independent regulatory authority

It was in 1996 that the island became One of the first regulator Online casinos. There are only 4 entities that have received a government license and all the others are illegal. Here are the 4 licensed operators: Gaming Curaçao, Cyberluck Curaçao, Antillephone et Interactive Licensing. Thanks to their license, these can deliver subliviums to casinos. According to the Netherlands, this operation has proven that some of the 12,000 licenses had been given too easily.

With the new regulation, operators will have to follow more requirements as well as improve the following points:

• 📍 presumed integrity thresholds;
• 📍 Financial liquidity;
• 📍 Prevention of money games in minors;
• 📍 Membership of money laundering policies
• 📍 Terrorism financing.

The Curaçao Gaming Authorithy (CGA) will have all the powers to issue licenses and withdraw licenses from those who are not in good standing.