Most businesses choose the Curacao gaming license initially because of its low cost and lenient restrictions. This post will walk you through the whole process of obtaining a gaming license in Curacao, which might seem like a bureaucratic nightmare at first.
Curacao’s Online Gambling Licensing and Regulatory Framework
In addition to being a Caribbean island, the Dutch also consider Curacao to be a separate nation. The island of Curacao is popular with companies in the shipping, oil refining, international commerce and banking sectors because of its pleasant year-round temperature and laid-back way of life. The bulk of the economy is based on tourism and other service industries, especially those associated with the internet, such as iGaming.
When compared to other iGaming jurisdictions, Curacao has been around the longest. When the National Ordinance on Offshore Games of Hazard was passed in 1993, internet gambling was made legal, and in 1996, Curacao gambling license was first distributed. With its cutting-edge infrastructure and business-friendly tax rates, Curacao makes for a superb offshore business center, and it has swiftly become one of the world’s most sought-after countries for licensing online gaming firms.
As of January 1, 2019, the Curacao Gaming Control Board has been designated as the AML-CFT (anti-money laundering and combatting the financing of terrorism) supervisor for all gaming operations done in or from Curacao, including internet gambling. Further, the Ministry of Finance and Financial Intelligence Unit (FIU), previously known as the Meldpunt Ongebruikelijke Transacties, oversees all online gaming activities (translated into English as the Unusual Transactions Reporting Center). In place of a unified licensing and regulating structure, Curacao uses a system based on several types of licenses.
Licenses may be broken down into two basic categories: master licenses and sublicenses. Master licenses are issued at the exclusive discretion of the Minister of Justice. The main distinction between a master license and a sublicense is that the latter grants the holder the authority to grant additional gaming licenses.
A master license’s duration is five years. As long as the parent license is in effect, the associated sublicenses may be used forever. In fact, just four people have held a master’s license since 1996. Since it is unable to apply for a master license, any operators interested in Curacao e-Gaming licenses must instead apply for sublicenses from existing licensees. When it comes to things like player and operator conflicts, for example, each master license holder has its own set of rules.
Why apply for a gaming license in Curacao in 2023?
Experts in the financial sector assert that the iGaming market is not only sizable, but expanding; annual revenue records indicate increases, reassuring investors that earnings will continue to be healthy despite threats such as pandemics and economic instability. Due to its status as a time-tested pastime that never seems to lose popularity, internet casinos and sportsbooks will forever represent a lucrative business potential.
Advantages of Being Licensed
In the first place, having a valid license allows business owners to feel safe in the knowledge that they are not breaking any laws by operating their company.
In order to obtain a merchant account, you will need to prove that your online casino company is legitimate. Most banks will not do business with an unlicensed online gambling operation.
Players will have a lot more faith in a casino that has been issued a license because of the rigorous screening procedure that these businesses must through to get them.
Obtaining a gaming license helps eliminate bias and promotes a more open and honest gaming market.
A good deal of software and payment service suppliers won’t work with unregistered operators, thus getting your casino licensed is a must.
For assistance in obtaining a license or opening a business bank account (https://www.fintecharbor.com/business-bank-account-opening/), please contact Fintech Harbor Consulting.