Licensing Curacao 2023 Licensed Updates: New Updates

[Smithyy]

So, I've only spent the past 20 minutes or so watching this 50-minute video, where the changes under the CURRENT legislation are outlined. (This was shared by the Minister of Finance on his official Facebook page, so it's legitimate.)

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So, a couple of early thoughts. Firstly, to be fair, she DOES state that this is all under the current law - and that the new legislation is getting ready to go to parliament etc, but IMO she hints quite strongly at the fact that there are no guarantees this will ever happen, it will take a long time etc.

Some brief notes I made during the first half of the video:

she says the new website is getting around 3,000 unique hits per day, confirms that NOV 1st is when it will open and 15th is when applications launch.

"On the 1st of November, everything is business as usual with the Sub/Master license holders; the sub-licensees simply need to add themselves to a register"

"It's so easy, it could be considered a census - takes around 10 minutes - that portal will open on the 1st of November"

"I'm hearing a lot of people asking what is needed - a physical address in Curacao, 3-4 members of staff in Curacao - this is nowhere near the truth. All you need is to download the application form, have a registered address in Curacao, and one local director - it's really really simple"

"there is no changes to the law everything can continue as normal and this is a commitment that the minister has made from the very outset is that there will be absolute continuity of operations for anybody that wants to do"

I think @dunover will appreciate the next line:

"the value of a Curacao license is now going to be dramatically increased you have a complete reputation overhaul we are working with payment processors"

I haven't even finished watching the video yet, but this is the closest we have to an actual idea of what the changes (or lack of) may look like. Why I'm disheartned by this:

- she states only a "tiny fraction" of Curacao-licensed casinos are operating poorly... hmm...
- I quoted the above about turning Curacao into a highly reputable jurisdiction... hmmm...
- She makes it very, VERY clear in the beginning part of the video that it is "so, SO simple" to register as a new sub-license holder - "you could almost compare it to filling out a short census."

OK, I'll get back to the video now - feel free to share any interesting points you come across. But I think for most people here, this won't be seen as positive news.

 

[Smithyy]

Quite a wild claim later on in the video in response to a question of how operators/casinos benefit from the changes:

"We've already had a LOT of businesses reach out who would love a Curacao license under the new scheme. We've had payment processors reach out, even Google; under the new system, Google will be able to be a part of the Curacao gambling world, something they weren't able to do in the past."

Hmmm

 

[goatwack]

So suspicion and dubious actions abound, and yet they conduct themselves as they always have.

Not sure what highlighting these flaws indicates, and why anyone would be somewhat wary of any new regulatory changes, given we've been told that 'big' changes are afoot.

That is of course unless this is all a ruse, and that we'll see a bait & switch at the grand announcement. Even if the deadline was the 28th ?

 

[dunover]

So, I've only spent the past 20 minutes or so watching this 50-minute video, where the changes under the CURRENT legislation are outlined. (This was shared by the Minister of Finance on his official Facebook page, so it's legitimate.)

You do not have permission to view link Log in or register now.

So, a couple of early thoughts. Firstly, to be fair, she DOES state that this is all under the current law - and that the new legislation is getting ready to go to parliament etc, but IMO she hints quite strongly at the fact that there are no guarantees this will ever happen, it will take a long time etc.

Some brief notes I made during the first half of the video:

she says the new website is getting around 3,000 unique hits per day, confirms that NOV 1st is when it will open and 15th is when applications launch.









I think @dunover will appreciate the next line:



I haven't even finished watching the video yet, but this is the closest we have to an actual idea of what the changes (or lack of) may look like. Why I'm disheartned by this:

- she states only a "tiny fraction" of Curacao-licensed casinos are operating poorly... hmm...
- I quoted the above about turning Curacao into a highly reputable jurisdiction... hmmm...
- She makes it very, VERY clear in the beginning part of the video that it is "so, SO simple" to register as a new sub-license holder - "you could almost compare it to filling out a short census."

OK, I'll get back to the video now - feel free to share any interesting points you come across. But I think for most people here, this won't be seen as positive news.

If there was any doubt the turd will remain a turd, always be a turd, it has now been removed. The bullshit spewing from their statements actually exceeds the Russian state ministry's concerning the Ukraine invasion.

Reminds me of those crime documentaries where they get Mad Frankie Fraser and Charlie Richardson on for interviews and at the point the prurient question is asked "Did you actually drill anyone's kneecaps?" the eyes wander, a big smile appears and they answer "Nah, never needed to as the fear and rumours kept everyone in line..."

 

[The Dude]

"the value of a Curacao license is now going to be dramatically increased you have a complete reputation overhaul we are working with payment processors"

Well, gosh - I can sleep better at night now.

Soo - what is actually the overhaul?? How does one overhaul one's reputation?

 

[goatwack]

 

[slot_zombie]

Business As Usual.

I approve of those 3 words. As long as I can still access auto spin, bonus buys and high RTP, don't care about the technical aspects or indeed whether the license is solid, flaky or nonexistent.

Gamblers can be selfish folk..lol

 

[dunover]

Business As Usual.

I approve of those 3 words. As long as I can still access auto spin, bonus buys and high RTP, don't care about the technical aspects or indeed whether the license is solid, flaky or nonexistent.

Gamblers can be selfish folk..lol

Business Scamming as Usual.

 

[mack341]

I think I have more 'expectation' of positive developments and exciting news re those 2 aliens recently wheeled out in mexico.

Though to top it, it would've been more apt if they'd been discovered on Curacao

 

[Smithyy]

Just some minor updates/ a slightly clearer picture of what new regulations were outlined at the SIGMA conference in Curacao this week: (From a iGaming white-label platform rep who attended.)

As of September 28, 2023, let's dive into the notable shifts in Curacao's licensing landscape:

Licensing Aspects:
· From November 15, 2023, new licenses will be rolled out. Interested parties can apply starting November 1.
· The scope of the licenses encompasses prominent online verticals, ranging from casinos to sports betting.
· Applicants must fill three distinct forms: the core license application, a personal declaration for pivotal staff, and a company-oriented form.
· An ensemble of supplementary documents is mandatory, including birth verifications of significant personnel.
· Application assessment: Might take up to 2 months.
· Tenure & Fee: Set for 1 year, with a cost around USD 60,000.
· Current license holders can seek extensions but must align with the revamped licensing prerequisites.

Operational Dynamics:
· The business entity operating should have its foundation in Curacao.
· All platforms and gaming offerings must procure certification from a global laboratory (a comprehensive list will be unveiled by the overseeing authority).
· A sextet of audited records is mandatory within the initial half-year of functioning.
· Cryptocurrency is now an official payment medium for operators.
· A non-negotiable for operators is the strict adherence to responsible gaming norms, including stipulated deposit thresholds and self-exclusion mechanisms.

Personnel Essentials:
· Comprises UBO, shareholders with stakes exceeding 10%, directorial board, CEO, and Compliance Officer.
· Regulatory scrutiny spans personal data validation, distinctive statuses, adverse media exposure, and wealth origination.

Wealth Origin Investigation:
· Assessed for both pivotal personnel and the operator entity.
· Successful verification hinges on a coherent income trajectory and pertinent tax disclosures.

Summing it Up:
· Curacao is steering towards a Malta-like licensing model.
· Enhanced credibility of the new license is anticipated among banking and PSP entities.
· Anticipate a surge in operational expenses due to augmented compliance requisites.
· Meticulous groundwork is imperative, especially concerning key personnel and income source validations.
· Given the landscape, initiating the licensing procedure at the earliest is a prudent move.

Interesting to see no mention of any anti money-laundering or Know Your Customer (KYC) checks. Crypto is confirmed to be allowed (shock horror.)

My only other point would be that the license at $60K/year seems expensive; could this be out of budget for smaller operators?

I believe so, as three of the major white-label casino provider solutions I've been following have, in the last 24 hours, continued to push Anjouan as a 'better licensing jurisdiction - so Curacao 2.0 could be just weeks away.

 

[The Dude]

One glaring item that has yet to be addressed, and I have been waiting for it with bated breath, what does it mean for players?

Not a single iota of info. Nothing.

And this is typical of this industry. Players are treated like sheep and numbers. PLAYERS ARE THE KEY ELEMENT OF THIS BUSINESS, yet they are the last ones considered. It's all about the Benjamins and political posturing and alarmist bullshit of ridding terrorist funding and money laundering. Not once have they mentioned what it means for players.

This is yet another instance of losing the plot via corporate tunnelvision, greed and wanting a piece of the pie. Players are just the fodder.

Change my mind, Curacao! What infrastructure do you have set up for player issues? Or is it us, us happy few, who will be tasked to do YOUR job?

"Welcome the new boss, same as the old boss. "

Prove me wrong, please.

 

[Smithyy]

One glaring item that has yet to be addressed, and I have been waiting for it with bated breath, what does it mean for players?

Not a single iota of info. Nothing.

And this is typical of this industry. Players are treated like sheep and numbers. PLAYERS ARE THE KEY ELEMENT OF THIS BUSINESS, yet they are the last ones considered. It's all about the Benjamins and political posturing and alarmist bullshit of ridding terrorist funding and money laundering. Not once have they mentioned what it means for players.

This is yet another instance of losing the plot via corporate tunnelvision, greed and wanting a piece of the pie. Players are just the fodder.

Change my mind, Curacao! What infrastructure do you have set up for player issues? Or is it us, us happy few, who will be tasked to do YOUR job?

"Welcome the new boss, same as the old boss. "

Prove me wrong, please.

Well,

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Maybe they're going to look after their players in an unconventional way...

 

[dunover]

Well,

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Maybe they're going to look after their players in an unconventional way...

Well, they are going above and beyond to ensure their players get fucked, I'll give 'em that.

 

[Smithyy]

Well, they are going above and beyond to ensure their players get fucked, I'll give 'em that.

On a more positive note, I discovered earlier that Curacao Gaming (CEG) have, actually, taken enforcement action! And get this - in their decades of life, they had such a smooth run, that only three consecutive days in 2021 were when enforcement action was needed. What are the odds!

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What I love even most, is that the very first enforcement action they took was against players... having more than one account ?

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! Their priorities I feel are aligned perfectly from what I want from what has been a de-factor regulator, given they seemingly make all of the rules.

Clearly they chose to work with such upstanding operators they simply didn't need to ever take regulatory actions against their sub-licensees; it was us players who were the problem all along!

 

[dunover]

Multi-accounting fraud?

So let's get this right - players are multiple stupid by having more accounts to get more bonuses to try and win, er, nothing?

What fun! Multi accounting in order to be denied cash-outs across multiple casinos.

 

[slot_zombie]

Well.

From information overload, every breath and fart of the Curacao authorities dissected in minute detail.. Projections of mass migration to the exotic climes of Costa Rica and Anjouan to... silencio.

Is that it, business as usual, or is the axe still to fall? I have 7 offshore casino accounts and haven't lost any of them thus far, thankfully.

 

[maxd]

Well, the word I have from long-time Curaçao sub-licensees is that they're not expecting any drastic changes for a while. The Curaçao Department of Finance seems to have shifted the immediate focus from taking control of everything in a grand sweeping gesture to simply avoiding getting "greylisted" by the FATF (see here):

The "grey list" he's referring to is a list maintained by the Financial Action Task Force (FATF), a global anti-money laundering body that puts jurisdictions under increased monitoring if it believes they have “strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing”.

So the focus ATM seems to be on regulatory stuff with as little rocking-the-boat as possible, for now at least. Given that one of the highest government officials in Curaçao is literally in bed with one of the largest Curaçao casino/sportsbook operators -- though there's been some musical chairs in the boardroom to change the optics of that situation -- I don't suppose the current "steady on" vibe is much of a surprise.

- Max