Curaçao GCB Extends Licensing Deadline to April 30th
Curaçao Gaming Control Board Extends Licensing Deadline to April 30th
In response to a high number of substandard submissions, the Curaçao Gaming Control Board (GCB) has announced an extension of the licensing application deadline to April 30th. The original deadline of March 31st has been extended to accommodate logistical challenges faced by some applicants. This extension aims to ensure a smoother transition for sublicensees under Curaçao’s new statutory framework.
The primary objective of the GCB is to ensure a smooth transition for sublicensees wishing to operate under Curaçao’s transitional and forthcoming new statutory framework. The Minister of Finance has made it clear from the beginning that every effort would be made to ensure business continuity for these sublicensees.
Reasons for Licensing Deadline Extension in Curaçao
Despite these efforts, many applications have fallen short of the expected standards, resulting in processing delays detrimental to both the GCB and the applicant entities. The GCB has stated that this extension will be the only one granted, and applications currently in progress will continue to be processed.
To address the issue of subpar applications, the GCB issued submission guidelines in March. The regulator warned that inadequate submissions would lead to processing delays, as the GCB would need to request additional information, amendments, or corrections. Applicants are required to fully complete three forms related to the corporate applicant and upload all enclosures outlined at the end of each document.
The current application process is for direct licenses under Curaçao’s existing legislation, the National Ordinance on Offshore Games of Hazard (NOOGH). However, once Curaçao’s new gambling law, the National Ordinance for Games of Chance (LOK), comes into effect, licenses will be transferred.
Finance Minister Javier Silvania emphasized the importance of passing the legislation as soon as possible to combat money laundering and improve Curaçao’s finances in February. However, he also pledged to amend the proposed gambling law following criticism from various stakeholders, including members of parliament, the Curaçao Bar Association, and the Dutch government.
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