Curaçao has officially adopted the National Ordinance on Games of Chance (LOK), marking a significant step in improving its regulatory framework and global image as a gambling licensor. The legislation was passed on December 17 by a vote of 13 to 6 and is expected to be published within a week, taking effect the day after its publication.
The new law establishes the Curaçao Gaming Authority, a regulatory body tasked with overseeing B2B and B2C operations. It will enforce stricter compliance requirements focused on player protection, anti-money laundering (AML), and responsible gambling.
Key Changes and Transition Period
Existing license holders will be allowed a 12-month transition period to comply with the new rules, while new applicants will be required to have a physical presence on the island and undergo thorough background checks.
The long-awaited reform faced opposition from some parliament members, with six votes against the bill, citing concerns about the concentration of power in the hands of Finance Minister Javier Silvania. Critics argued that the minister’s ability to implement industry regulations through ministerial decrees could lead to excessive control. Despite these concerns, the bill secured majority support.
The legislation, initially expected to pass in 2023, faced delays due to opposition from both the States of Curaçao and the Curaçao Bar Association, leading to multiple revisions before the final version was approved.
The reform aims to address the lack of transparency and regulatory oversight that plagued the country’s previous licensing system. Under the old framework, four Master License holders could issue unlimited sub-licenses without centralized control, which damaged Curaçao’s reputation.
The new regulations are designed to enhance transparency, improve compliance, and boost Curaçao’s credibility as a gambling hub. The government also expects the reforms to generate increased revenues that will be allocated to combat addiction, support education, fight poverty, and promote sports development.
Curaçao’s decision to revamp its gambling laws was influenced by conditions tied to financial aid from the Dutch government during the COVID-19 pandemic, which required the island to strengthen its regulatory framework.
With the adoption of the LOK, Curaçao aims to reposition itself as a trustworthy and transparent jurisdiction for the global gambling industry.
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