Curacao Introduces LOK – What Does This Mean?
If you are into blockchain gambling, you know that Curacao is the prime spot on the planet from where crypto casinos operate. It began to carve out this reputation in 2014, when its master license holder, Antillephone, chose to become the first regulator to authorize crypto gaming/betting, something that its three sibling master license holders did quickly after. Well, if you have been following the online gambling developments in Curacao in the past few years, you know there are no more Curacao master license holders. You know they have been replaced by the Curacao Gaming Control Board. Now, this body has also gone into the annals of history, as Curacao’s government has replaced it with the Curacao Gaming Authority.
On December 17th, 2024, the parliament of this infamous Caribbean nation decided to pass The National Ordinance for Games of Chance, better known as LOK, which is a new law that once again redefines this region’s gambling framework. It is a law passed via a thirteen to six vote and established the Curacao Gambling Authority as the central regulatory body for online gambling on the island. You may be thinking to yourself – what happened to the Gaming Control Board? That was an organization that had existed for years and will not be replaced, as the hope is that this body will plug up some licensing and regulatory holes that the old master license system and CGCB had.
A while back, we published an article detailing how the Netherlands pressured Curacao into reworking its gambling framework, which they added as a mandatory condition for giving this autonomous region financial aid during the COVID-19 crisis. Curacao agreed to this, and it led to the abolishment of all master and sub-licenses listed by the former region. The Gaming Control Board assumed the role of the sole master regulator, and it now gives up this duty to the newly formed Curacao Gaming Authority.
Below, we do our best to concisely explain LOK to you and the implications it has on online gambling in Curacao.
What is LOK?
Some have called LOK, a law pushed by Javier Silvania, Curacao’s Minister of Finance, a revolutionary move, one that will stop this online gambling jurisdiction from becoming seen as one famous for unethical practices. During Curacao’s most recent budget discussions, Silvania noted that under the interim system, which was active with the Gaming Control Board having the reins, around two hundred and twenty licenses had been issued, with close to three hundred applications being processed and five hundred and fifty pending. Expectations are that Curacao will have somewhere in the neighborhood of six hundred licensed gambling sites by April 2025.
What LOK will do, aside from abolishing the previous system and introducing the Curacao Gaming Authority, is also create two primary license types, something that is a thing in jurisdictions like Malta and the United Kingdom. From now on, Curacao will have a B2B license for software vendors, such as game providers, and a B2C one for operators, meaning companies that deal with online gamblers directly that take their deposits for gambling services. The goal of this separation is for the Curacao Gaming Authority, or CGA, to have better control over the sector.
LOK also introduces a licensing fee of $66,600 for operators, trying to weed out less-reputable entities interested in offering gambling services from within its borders, and to those whom it gives its seal of approval, the CGA will demand that they implement comprehensive AML and KYC measures so that Curacao no longer gets viewed as a spot for money laundering.
The Pros & Cons of LOK
We already kind of described them above, but let’s run through them concisely here for clarity. LOK aims to create a more accountable regulatory environment with the establishment of the CGA, which will follow many of the same rules as the Malta Gaming Authority, the MGA. This will mean compliance and oversight in Curacao, which will improve the island’s gaming/betting reputation worldwide. Moreover, the boosted licensing fees are expected to generate more revenue for the government.
The drawbacks of LOK are that its swift implementation can cause chaos in the island’s gambling sphere, and have dramatically negative consequences for operators and players. The novel higher licensing fees, along with the requirement of all operators having a physical presence, meaning an office in Curacao, will create significant challenges for smaller gambling companies, who will no doubt look to far laxer regulatory markets like Anjouan.
Furthermore, some, like Stanley Betrian, Curacao’s former Prime Minister, claim that LOK does not have adequate safeguards against corruption and that the CGA has a perceived lack of independence. The latter is something that many fear will stop it from operating as autonomously as needed, as it relies on ministerial decisions and funding.
Will Anjouan Benefit From LOK?
Two years ago, we rarely heard of any notable gambling site having an Anjouan license. Now, loads do, and this island in the Comoros archipelago is seen as a top destination for crypto-gambling operators. That has occurred because, for years, Curacao was the one providing tax exemptions and quick licensing. Yet, now, it seems that is no longer the case, as the Dutch government has obligated Curacao to align with international online gambling standards, which has led to stricter anti-money laundering (AML) and KYC requirements. All this has created increased compliance costs and operational adjustments, which do not exist in Anjouan.
In Anjouan, based on what we have heard, operators can get a license, a single one, like Curacao used to offer, that covers B2C/B2B operations across all gambling verticals, meaning lottery, poker, casino, and sports betting, in only three to four weeks. Entities holding such approval do not pay taxes on their incomes. There are no corporate taxes on gaming/wagering revenues in Anjouan, and everything is far more free here, as the island’s government does not care as much about following industry standards; they are only looking to boost their economic growth. So, yes, we are sure that LOK will greatly help Anjouan’s online gambling sector, and that we will see even more Anjouan-regulated crypto casinos going forward.
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