In the Caribbean, the government of the tiny Dutch island of Curacao has recently declared that it plans, as part of a larger federal financial rescue package, to fully revamp its iGaming licencing scheme.
The jurisdiction of some 159,000 individuals has recently suffered from an economic downturn triggered by a coronavirus-induced dearth of visitors, which had acted as its key financial engine, according to a Thursday article from the NewsOpener.com online news domain. The source clarified that the island has therefore demanded a loan from Amsterdam, but is obliged to revamp its iGaming licencing system as a condition of obtaining any funds.
Curacao is currently considered to be one of the last remaining territories where requirements for iGaming licencing are very undemanding, although the upcoming reform will entail the establishment by the Curacao Gaming Control Board of a tailored arm for the regulation of online casino and sports betting sites. It is alleged that this new body is scheduled to go live as soon as March before being given another six months to fully bring to heel each of the domains wishing to hold a local licence.
In addition, the news domain announced that the Netherlands financial rescue package is to force the new-look Curacao Gaming Control Board to establish a tighter set of anti-money laundering rules and diligently begin collecting licence fees and taxes for iGaming. In addition, the regulator is reportedly expected to institute updated protocols against the financing of terrorist groups alongside more stringent regulations regulating the very small bricks-and-mortar casino industry on the island.
The prospect that Curacao might soon have a more attentive iGaming regulator, however has allegedly raised questions about whether the island will remain home to its current wealth of online casinos and sports betting domains. For a long time, due to its supposed lax approach to licencing and its likely underserved reputation for not having a serious approach to consumer safety requirements, the jurisdiction was reportedly seen as merely a convenient place for such operations to register.