The onset of the New Year has seen some key developments in the regulatory structure of Curacao’s igaming space that could prove consequential given the monumental importance of the jurisdiction to the sector and many operators.
From the start of this year the licensing infrastructure has undergone significant changes, central of which are plans enabling all licence holders to utilise a new Digital Seal on domains of their websites, which is issued by the Gaming Control Board (GCB).
The regulator advised that the new measures, which will be overseen by the National Ordinance on Game of Chance (LOK), have been implemented in a bid to strengthen protections around the industry as it continues to protect stakeholders in the space.
Key to the move is securing one of the GCB’s foremost priorities, which is to continue to enhance the reputation of the region’s significant igaming sector by halting the attempts of unauthorised gaming firms.
The Digital Seal can only be used by online operators that are licence holders and have embarked on the full registration process via the GCB portal. Additionally any form of tampering or obstruction to the seal will be strictly prohibited.
Upon the official submitting of the bill to Parliament, Minister Silvania stated: “We are very happy to reach this final stage. The submission of the LOK to Parliament is not just a procedural step, but a leap towards transformative progress.”
The regulatory body also revealed that it will take on separate procedures in connection with what may be regarded as satisfactory due diligence.
Furthermore, as the digital seal process is introduced, licence holders will be responsible for actively ensuring that their sub-licences aren’t employing a variant of the official Digital Seal without enforcement. The GCB underlined that enforcement will be taken against those found in violation of this policy.
The steps being taken by the GCB are designed to ensure a smooth transition to the new framework, which will see all licences and licence holders operating under the same rights and conditions.
Additionally, the body detailed that any account can have one or more licence and any UBO can have multiple accounts as the GCB looks to enable the market to thrive whilst also safeguarding protections.
