Against the backdrop of the bustling ICE London 2024, hidden away in the discreet back-right corner of Hall N, the Curaçao Ministry of Finance's exhibit might have been overlooked. Yet, Pietersz shared with an infectious enthusiasm that their modest stand was buzzing with activity throughout the three-day expo. Take a look at the best casinos.
Their booth was a magnet for a diverse crowd – competitor jurisdictions' commissions, consultants guiding operators, and the operators themselves, all converging with a burning curiosity about what the future holds for Curaçao's gaming landscape. This curiosity was further fueled by a whirlwind of misinformation regarding the ongoing transition.
“This is exactly why I'm thrilled we're present at ICE,” Pietersz chimed in with a smile. “It gives us the perfect platform to disseminate accurate information and quash any misconceptions head-on.”
Clarifying misconceptions was paramount for Pietersz, particularly given the inaccurate news that Curaçao's parliament had outright dismissed the impending LOK. But where did this miscommunication stem from?
The mix-up originated from the Council of Advice – the body that evaluates draft laws before their parliamentary submission – hinting that the LOK wasn't in shape to be presented to the parliament. This advisory was initially released in June 2023, but it didn’t see the light of day until January 2024, potentially sparking the erroneous reports.
Last year, Curaçao was entrenched in preparation for the LOK, a pivotal piece of legislation poised to overhaul the region's regulatory framework. As it stands, the jurisdiction is operating under the National Ordinance on Offshore Games of Hazard (NOOGH).
As we delve into this topic, the LOK is making its diligent journey through Curaçao's legislative process, having been proposed to the parliament in December. Should things proceed without a hitch, it's anticipated to move to the “full” parliamentary stage for a series of discussions, before it is finally ratified. Only then will the law be formally signed and proclaimed.
Enhancing Curaçao's Global Standing
In a recent session of parliament, Javier Silvania, Curaçao's Minister of Finance, delivered a compelling oration during the LOK's inaugural reading. He urged lawmakers to weigh the significant positive impact the LOK could have not only on the economy but also on Curaçao's international standing.
At the heart of the LOK is Curaçao's drive to shake off its notoriety for lenient anti-money laundering (AML) and customer due diligence standards. Pietersz is confident that the new law will empower the regulator to intensify oversight in these critical domains.
“The legislation arms us with the capability to grant direct licenses to operators,” Pietersz outlined, a note of determination in his voice. “That's the initial stride. Following that, the law equips us with a comprehensive toolkit for regulating these entities, especially in areas drawing concern, such as AML, KYC, and responsible gaming practices.”
“This enhancement to our regulatory arsenal was an absolute necessity,” he added with conviction.
So, it's unmistakable that Curaçao's economy and global reputation stand to gain immensely. But how about the operators? What's in it for them?
For Pietersz, it boils down to two pivotal elements. Firstly, he underscores the point that operators too can reap the rewards of Curaçao's bolstered reputation. For the latest review casino, having a seal of proper regulation is invaluable.
We're committed to enhancing our supervisory capacity,” he emphasized earnestly. “That commitment, paired with the upcoming law and the regulator's upscaling in terms of both staff and resources, will not just elevate the country's repute but will also be advantageous to the operator.
“Being able to declare ‘We are thoroughly regulated' carries weight and value,” he affirmed.
Secondly, Pietersz is gearing up to face off with rival jurisdictions like Malta and the Isle of Man. “We're intent on offering operators the option to secure a direct license from the Gaming Control Board,” he continued. “Our counterparts may offer a direct license, but we're setting the record straight that we can provide one directly from Curaçao's regulatory body as well.”
The Art of Detail: Unlocking Success in LOK
Grasping the intricate steps essential for applicants wishing to thrive in Curaçao's revamped market, Pietersz painstakingly clarified the path that potential licensees must embark upon. Given the confusion that clouded January, it's entirely justifiable why Pietersz would take such measures.
From a pragmatic perspective too, Pietersz's stance is irrefutable. Should the industry tune out now, we could witness major licence holders inadvertently tip-toeing into the realm of illegitimacy within Curaçao's borders. A website of independent reviews and Crypto brokers.
“Allowing illicit operations is not in Curaçao's best interest,” Pietersz firmly stated, leaving no room for interpretation.
Let's lay out the facts. Those desiring to maintain their operations in Curaçao need to secure their registration on the GCB portal no later than 31 March. Beyond this critical juncture, opportunities to register sub-licences or chase direct licences under the NOOGH will vanish, leading to a labyrinth of red tape.
“Picture this: you're holding a sub-licence from a master licence provider set to expire on 31 August,” Pietersz illustrated. “If you miss the 31 March deadline, sure, you can operate under your current licence.”
“However, post-31 August, with your master licence expired, you're inadvertently operating outside the law. No sub-licence, no GCB licence—it's a precarious situation,” he expounded. The best licensed casinos in Italy at casino1.it.
The High-Stakes Waiting Game
Defiance of the laid-out procedures will handcuff operators to a standstill, compelling them to halt operations and desperately seek licensing. And the haunting prospect of “three to four months” in a revenue vacuum looms over them.
The timing of the LOK's enforcement is a game-changer. Pietersz highlighted that an operator bypassing the 31 March licence registration, with the LOK activated in June, would be flouting the law from the moment the legislation takes effect. “Why? Because at that point,” Pietersz explained, “the master licence agreement becomes obsolete.”
While ushering in a new regulatory framework is hardly a cakewalk, complicating the matter is unnecessary. Pietersz underlined the chosen approach for implementing the LOK as the simplest route for all parties.
“Understanding whether [sub-licence holders] will be granted a licence based on existing laws is crucial,” he pointed out. “Yet, the conditions of said licence will mirror the impending legislation.”
“This ensures a smooth continuation of operations when the new law swings into action,” he assured.
With the 31 March deadline looming, speculation is rife on whether operators will heed the GCB's cautionary words.
Though the LOK's rollout is some distance away, it has already signaled Curaçao's readiness for transformation. This legislation marks the dawn of a new chapter for the region—a chance to shed its infamous reputation. You can also read about legalization in Spain.
