Understanding Compliance and Regulations for a Curacao Gaming License 

• Regulations for a Curacao Gaming License has been one of the important factors for operators in recent times, looking at their choices for 2024. International and country-specific gambling licenses have become more out of balance, and this is what makes it very important for new online gambling businesses to consider which way to go. Many will still prefer the international license, particularly the Curacao Gaming License, which appears to be the more stable option.  

• Operators are well aware that licensing is something very close to legal compliance, a red line nobody wants to unknowingly cross. Whether the White Label solution is opted for with a pre-packaged license or if this process is done independently, understanding the nuances of compliance is necessary. This will include information about establishing relationships with software and payment providers and how to register company in Curacao for regulatory compliance. The current requirements, opportunities, and application process for a Curacao Gaming License are outlined in this blog. 

Compliance and regulations for a Curacao Gaming License 

New licensing structure 

• Since 2023 September, Curacao revamped its gaming license framework to include two types: B2B for services providers and B2C for the operators who act directly towards players. This replaces the former master and sub-license model, streamlining the licensing process and adding clarity for all operators. 

Centralized regulatory authority 

• The Curacao Gaming Control Board (CGCB) is now handling all matters regarding licensing, compliance, and regulation with authority under one umbrella, which will be better served through enforcement. This approach ensures that there is better scrutiny of gaming operations and a proper regulatory environment without regards to the operations. 

Local presence requirement 

• In response to the new rules and regulations of Curacao, licensees are required to establish a registered local legal entity in Curacao and have a physical presence on the island. Such a local presence ensures that companies licensed in Curacao respect domestic regulatory standards and are based within the jurisdiction. 

Financial stability 

• The applicants need to show financial stability as the company is well-stocked with optimum resources to meet their obligations to players and regulatory bodies. This involves keeping capital reserves that ensure financial accountability and protection of players’ funds. 

Anti-money laundering (AML) and counter-terrorism financing (CTF) compliance 

• Through the new framework, strict AML and CTF compliance is expected. This requires internal processes to be robust on the part of an operator so that illicit financial activity will be detected and prevented for transparent and secured operations. 

Technical standards compliance 

• All gaming software is technically audited to be compliant with the standards of fair and secure play. It includes verification of integrity, security protocols, and compliance with established industry benchmarks. 

Responsible gaming practices 

• Operators must ensure responsible gaming practices that would protect the players. Among these practices are self-exclusion options and other tools promoting healthy gaming habits and vulnerable player protection. 

Regular compliance audits 

• The operators should have an ongoing check and audit for continuous regulatory compliance. The objective of the periodic audits is to ensure that the Curacao standards on gaming are followed, and that player protection is maintained. 

Comprehensive documentation submission 

• The application process calls for detailed documentation. It calls for a comprehensive business plan, verification of software fairness, information on corporate structure, and personal history disclosures about all key personnel involved in operations. 

No license sharing allowed 

• The practice of sharing licenses has ceased, with every operator receiving its license in individual terms, with full responsibility for holding this license, and it becomes the accountability of every licensed authority in that jurisdiction. 

Regulatory requirements for a Curacao Gaming License 

Curacao-based company incorporation and physical presence 

• Firstly, any applicant seeking a license to operate Curacao-based gaming must be formally incorporated within the country and have a physical office there. The exact corporate structure required will depend on the type of license and scope of operations as defined by the licensing authority. 

Capital requirements 

• While Curacao’s gaming authority does not specify a mandatory minimum capital, one should maintain enough funds to avoid any financial constraint in smooth operations. Based on extensive experience with Curacao licenses, experts usually recommend at least an initial capital of US$5,000 for newly established entities. 

Board of directors 

• The company shall have a Board of Directors to govern and run the entire operation of the business. Even though a local director may not exist in Curacao’s licensing authority, a nominee director is still an ideal necessity for effective representation during licensing. Tetra Consultants offer nominee director services for that purpose. 

Shareholders 

• The company must have shareholders who hold ownership and equity stakes, influencing key decisions in the company. These shareholders can be of any nationality, allowing flexibility in ownership structure. 

Compliance officer 

• Only through a compliance officer can the company be ensured to be fully compliant with relevant Curacao regulations. For the online gaming industry, this role is important and crucial for maintaining full regulatory compliance. Tetra Consultants can help find and appoint a qualified compliance officer to fulfill this role. 

Technical team 

• A dedicated technical team should be in place to develop and maintain the digital infrastructure necessary for online gaming. It will ensure the proper running of the platform, security, and smooth experience of users. 

Registered office in Curacao 

• This entity should have a registered office in Curacao with the necessary resources and staff to properly function the online gaming service. A physical presence should show that the company operates within the local regulatory environment. 

Local agent requirement 

• The company will have to appoint an authorized local agent to represent the Company in Curacao. Such agent shall ensure that it is in compliance with applicable gaming laws and acts as liaison between regulatory authorities. 

Conclusion 

• With Tetra Consultants, meeting the requirements for Curacao Gaming License is streamlined as well as compliant. With our comprehensive services, we can provide full registered address setup, corporate bank account opening, visa applications, and digital marketing / SEO services as well as much more. We ensure that your business becomes well-prepared for profitable operations in Curacao. 

• Contact us to find out more about regulations for a Curacao gaming license. Our team of experts will revert within the next 24 hours.