Global Shifts in the I-Gaming Industry
The i-gaming sector in Curacao has recently undergone regulatory changes, leading to uncertainty and concerns among current and prospective Curacao i-gaming operators.
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Curacao's New Regulatory Framework:
- Curacao's government is developing a new set of i-gaming regulations termed "Landsverordening op de kansspelen" (LoK).
- Upon the enactment of LoK, existing i-gaming operators with sub-licenses from "master license holders" (like Curacao e-gaming and Antillephone) will have a 3-month window to apply for a direct i-gaming license from the Curacao government.
- In the interim, "master license holders" have received a one-year license extension and continue to grant sub-licenses. Notably, Antillephone has ceased issuing new sub-licenses, leading applicants to approach Curacao e-gaming.
- From November 15, 2023, the Curacao government plans to issue i-gaming licenses directly under the current regulatory framework. The Curacao Gaming Control Board (GCB) will oversee this process.
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Options for Curacao I-Gaming Operators:
- Operators can obtain a Curacao i-gaming sub-license from Curacao e-gaming (CEG), which plans to operate unchanged until LoK's enactment. CEG's license is valid until roughly 2025, with the possibility of an extension to 2026.
- Alternatively, operators can apply for a direct i-gaming license from the Curacao government. However, the exact process and prerequisites remain somewhat ambiguous. It's anticipated that Ultimate Beneficial Owners (UBOs) holding 10% or more shares will need to furnish comprehensive identity, source of wealth, and source of funds details. Additionally, the gaming software must undergo testing by a GCB-approved independent entity, and operators must have mechanisms to authenticate player identities.
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Exploring Alternatives: The Anjouan Gaming License:
- Given the evolving landscape in Curacao, many in the i-gaming sector are exploring other jurisdictions. A notable option is the Anjouan Gaming License.
- Issued by the Autonomous Island of Anjouan, part of the Comoros archipelago, this license is accessible to companies globally and encompasses all gambling forms, including white label solutions.
- The criteria for the Anjouan Gaming License mirror those of Curacao, encompassing due diligence on UBOs, company policies, software agreements, and GEO IP location restrictions.
- This license is compatible with both standard crypto casinos and Web3 casinos, supporting operations in crypto and fiat currencies. However, it's crucial to engage a trustworthy provider for license acquisition, given instances of fraudulent licenses issued by local entities.
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A Word of Caution:
- While alternative licenses offer avenues for i-gaming operators, they might not match the stability and compliance standards of Curacao licenses. Hence, maintaining a backup bank account is recommended.
In conclusion, the i-gaming industry is witnessing significant regulatory shifts, especially in Curacao. Operators must stay informed and consider all available options to navigate this changing landscape successfully.
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