Licensing Curaçao Master License holders get a free pass, for now.

[maxd]

While digging around for the latest news on the forthcoming changes to Curaçao licensing I ran across this article which had some interesting things to say about what the __actual__ changes to Curaçao licensing may be:

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by Roman Baranovskyi​

15 August 2023​

"... Contrary to speculation, there has been no change whatsoever to the legislation or permissions of the Master License holders since the public announcement of drafting the new legislation last November. Neither the Ministry nor Gambling Control Board has prevented the master license holders from undertaking any activity that they have been doing. In fact, Master Licensors can act at their own discretion as before. They can stop to apply new operators; they can onboard only certain operators who are deemed necessary or whatever they want. ..."​

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Of course what the Master License holders can and can't do -- and for how long -- is central to the whole issue of reform in Curaçao. It appears that the Ministry of Finance will leave the Master License holders to operate as they have been until the new laws come into effect:

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"... on the date new legislation comes into force, the Master License holders under the current law will transition automatically. All sublicensees who wish to continue business under the new regime will have three months in which to commence their application for a license under the new law. ..."​

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That said the Ministry has already announced a 1-year extension for the Master License holders and, apparently, an 18-month extension for sub-licensees to make the transition to the new state-issued licenses.

It seems that whatever real changes are planned for licensees they're going to happen at a pretty leisurely pace. And that, of course, should mean "business as usual" for players. Emphasis on the word "should".

We've seen there are proposed changes to KYC and AML procedures, not to mention the plan to geo-block certain countries and end the use of crypto currencies. Individual casinos may choose to move on these sooner than later. Experience tells us that a casino will happily adopt such policies if it benefits them, for example suddenly adopting SOW procedures for no better reason than to slow down player payments, or implementing a distorted version of GDPR procedures in order to avoid talking to anyone about player complaints.

Regardless of what special treatment the Master License holders are getting from the Ministry of Finance all Curaçao-licensed casinos are going to be under pressure in the coming months and that will undoubtedly translate into changes that will affect players. Judging when and to what extent Curaçao casino players lives will be disrupted is, for now, pure speculation.

 

[The Dude]

...
We've seen there are proposed changes to KYC and AML procedures, not to mention the plan to geo-block certain countries and end the use of crypto currencies. Individual casinos may choose to move on these sooner than later. Experience tells us that a casino will happily adopt such policies if it benefits them, for example suddenly adopting SOW procedures for no better reason than to slow down player payments, or implementing a distorted version of GDPR procedures in order to avoid talking to anyone about player complaints.
...

Just to mention that if ANY casino that is based in Curacao requests Source of Wealth documents stating it's a requirement should be fast tracked to "rogue" status. No Curacao based casino needs this.

And if they decide to disallow cyber coin casinos - that would probably be a death blow to the new and improved Curacao licensing agency. To offer BTC etc., is the ONLY reason most casino groups are listed there as far as I know. Why bother if they don't accept BTC?

 

[maxd]

I noted that the Ministry Of Finance said something to the effect that "we're not currently planning to support crypto transactions". That sounds to me like a politician leaving a nice big hole in the works in case they suddenly "find" some reason they should be planning for it, such as a massive outcry from the licensees for instance. Or an exodus. I reckon that might have an awakening effect on them as well.

 

[The Dude]

The operators I have spoken with have stated that their licenses were extended until the end of next year. So they have time to figure this out.

 

[slot_zombie]

Phew. Feet up on the glorious sands of Curacao for another year, then. Carry on spinning ,,?

Not quite as appocalyptic at first thought. That will give the crypto operators plenty of time to make "other arrangements".

 

[goatwack]

Why don't they refer it to The Ministry of Funny Walks? It'll get done quicker, and more professionally too!

The more things change, the more they stay the same

 

[maxd]

... Not quite as appocalyptic at first thought. ...

Yeah, seems to be a pattern with these Curaçao gambling announcements: shocking proclamations of grandiose things followed by glacial implementation resulting in minor changes of small and insignificant things.



Not that the changes for sub-licensees are going to be "small" or "insignificant" but we'll have to wait and see what really happens ... when it finally happens.

 

[The Dude]

Yeah, seems to be a pattern with these Curaçao gambling announcements: shocking proclamations of grandiose things followed by glacial implementation resulting in minor changes of small and insignificant things.

Not that the changes for sub-licensees are going to be "small" or "insignificant" but we'll have to wait and see what really happens ... when it finally happens.

Meet the new boss. Same as the old boss. LOL

 

[Neyo]

Curaçao Master License holders seem to have caught a break, at least temporarily. This could be a double-edged sword. On one hand, it may encourage growth and innovation in the industry.
This answer might get you right the other, it raises questions about regulatory oversight and consumer protection. Striking the right balance will be crucial for the long-term success and integrity of the gambling sector in Curaçao.

[ @maxd says: You are, of course, welcome to join the conversation however including spammy links is uncool: link removed.]