The financial support agreement signed by the governments of Curaçao and the Netherlands entails major changes in the regulation of gambling operators’ activities. Previously, Curacao under pressure to update online gambling policy considered to be one of the most comfortable jurisdictions for online gambling.
It terms of simplicity in the obtaining a permit , minimal tax, a lack of control and ability to operate in different parts of the world under a Curacao gambling license. The government of Curacao must implement a complete reform of the island’s legislation, which should lead to the creation of transparent regulation of gambling activity. The ultimate goal is to increase the state’s revenue from the gambling industry.
Curacao Under Pressure to Update Online Gambling Policy : Operator License
Several thousand operators operate under the license of Curaçao. At present, four gambling operators play the conditional supervisory role: the primary licensees. The license of Curacao under pressure to update online gambling policy fee goes to the primary license account and does not contribute to the state budget.
1. New Rules
However, there are new rules in the gambling policy. Creating a legal and transparent online casino sector is an important condition of the reform package. The government of Curaçao will have to meet several conditions to reform the national laws.
Curacao under pressure to update online gambling policy licensees will have to adapt in the near future. The income tax rate will also be reformed. According to the agreement,gambling tax, license fees and corporate tax charged by the tax authorities of Curacao.
If the online casinos with an existing license do not want to lose their license, they will have to abide by the rules. Obtaining a license will become more challenging, especially for the operators applying for a license for the first time. The value of the license does increase so that online casinos with a Curacao License will enjoy more prestige. However, it is also becoming more expensive to be able to apply for a license.
The New Change
Implementing the new changes and changing the outdated regulations is a tough job for Curaçao. The gambling authority will tighten its grip on the industry and operators. This will lead to a safe gambling environment for all players allowing them to enjoy a better gaming experience and the country will generate more income. However, Curacao’s online judi bola casinos are concerned about the new rules.
Curacao Under Pressure to Update Online Gambling Policy : Being Reformed
The agreement refers directly to the need to reform only the online gambling sector. The regulation of the offline sector also needs to be thoroughly examined to determine whether reform is also necessary.
The reform includes legislation establishing an independent regulatory body for the online sector that will issue licenses, monitor measures and prosecute. For operators operating in other countries, there will be only one way out: move to obtain local licenses in their most successful markets.
Research is currently underway to prepare the reforms. However, the government of Curacao is urging to implement the reforms as soon as possible because the country has been hit financially as a result of the COVID-19 pandemic.
Curacao Under Pressure to Update Online Gambling Policy : the Social Economic Council of Curacao (SER)
However, the Social Economic Council of Curacao (SER) does not want the government of the country to act hastily to collect money as quickly as possible. This will have negative consequences in the long term.
The reform that was recently proposed was rejected by SER because it would fall short in several areas. However, the SER can only provide advice, but this advice will weigh heavily in the further course of the reforms. Advisory Council of Curacao will consider the advice and decide how to proceed. / Dy