The island nation of Curacao, located in the Caribbean Sea, was one of the first jurisdictions to begin issuing online gambling licenses. Due to the relative simplicity of the licensing process and favorable conditions, this jurisdiction attracts the attention of both large market players and startups. Regulation of Curaçao’s gambling industry is provided by several entities, including the Ministry of Finance and the Gaming Control Board. Registration of the business is required to comply with Lottery, Bingo, Responsible Gambling legislation, and the Gambling license in Curacao to report potentially suspicious transactions by the Reporting of Unusual Transactions Act. But considering it may look frustrating at first when people are facing the need to register their business for the first time, it is important to take a deep dive into the details of this procedure.
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Everything Worth Noting About Gambling License in Curacao
Curacao offers three types of licenses for gambling operators:
- Master license — considered basic and very difficult to obtain. So far, only four organizations have been able to receive it. Owners of the master license have the right to issue sublicenses to other companies. For now the issuing of Master licenses has been stopped.
- Sublicense — issued by the owners of the master license. Valid for the same term as the master one. This allows you to work with the infrastructure and technical support of the main registration, which significantly speeds up the launch of your project;
- Gaming Control Board license — allows future compliance with new LOK legislation. Only holders of this type will be able to continue working in Curaçao without interruption after the new regulation comes into force.
The Gambling license in Curacao remains attractive to many operators due to several advantages:
- Favorable tax regime and lower registration costs compared to other countries;
- Absence of strict requirements for the size of the authorized capital and physical office;
- The Gambling license in Curacao covers all types of online gambling, including sports betting, slots, blackjack, poker, and other games.
However, it is worth noting that the provision of services under this registration is prohibited in some countries, such as Australia, the United Kingdom, France, Spain, the Netherlands, and the United States. It is prohibited to provide services directly on the territory of Curacao.
The Easiest Way To Obtain a License
Given the complexity of the licensing process and the importance of compliance with all requirements, many operators choose to seek the help of professional law firms that specialize in the gambling industry. This is where SBSB Fintech Lawyers — a leading law firm that has been working in the fields of fintech, cryptocurrencies, gaming business, and investments for more than 10 years – enters the arena.
