Curacao authorities have announced the procedure for virtual casinos licensing will be reviewed soon. It happened because for a long time the island has been criticized for a liberal procedure for getting licensed permission. According to new Curacao rules for online gambling licensed owners must employ min 3 resident workers.
It has been noted by the Regulator that a new authority will be formed. A newly formed entity will maintain for a more sophisticated verification procedure and will liaise with relevant international representatives. This change will be performed to prevent the activities of illegal virtual casinos.
Curacao is part of Holland, and since the Dutch authorities decided to regulate the functioning of gaming establishments in state, internal government began to put more pressure on such structures and insist on creating a strict licensing framework for illegal gaming establishments.
Now island authorities apply a system of general permits, and only 4 gaming organizations may act as separate licensors. Such businesses have the right to sublicense any casino providers on their terms. This means that the island authorities cannot keep under control those who have been issued a sublicense.
The new bill, which is passed by the general apparatus of the island, proposes the formation of a completely new separate state-type unit โ Curacao Gaming Authority. Such a regulative formation would be able to issue permits to B2C and B2B companies. According to preliminary data, payment for license getting will be about 12 thousand euros per year, plus every month the company will have to pay 250 euros for each domain under the license. The additional required registration fee is 4,000 euros.
Those service providers that have sub-licenses are now being scrutinized and must subsequently be placed on a waiting list for new permits. Such companies must fully comply with the new requirements if they wish to maintain their status and commercial field of activity. The list of new requirements builds on stricter anti-money laundering protocols and the provisions that each licensed enterprise must employ a minimum of 3 resident workers there. This requirement is likely to contribute to the fact that a large percentage of current organizations with licensed permissions, nevertheless, will leave jurisdiction.
CGA will work with other regulative representatives to limit ability of virtual casinos to illegally target whole activities in regions where there is no licensing for such activities at all.
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