- Who issues licences
- The Curacao licence characteristics and cost
- The Curacao licence advantages
- Licence obtaining requirements
- The licence obtaining process
- How to make obtaining a licence simpler
- Licence for cryptocurrency projects — 2020 Update
- Stricter Curacao-Licensed Casinos Control Looms — 2021 Update
A gaming licence is a document which lets you organize proper functioning of your internet casino. It guarantees players the reliability of the casino and the operator its financial stability. If you have a licence, you can successfully start and develop your igaming project, be it an online casino, lottery, bingo, sports betting or a company trading binary options.
Who issues licences
Gaming licences are issued by respective state authorities, usually gambling commissions. Each country has its own. In many countries, gaming activities are somehow regulated. In countries like Ireland there are favorable conditions for gambling business, in Russia it is prohibited, in Spain you need a costly licence and in Andorra there are no regulations for the time being.
To get a licence, not only you can turn to a state authority, but also to a reselling company. It will take off all the hassle from you and save your time, since such companies have years of experience in licensing.
The Curacao licence characteristics and cost
Being a part of the Kingdom of the Netherlands, Curacao is situated not far off from Venezuela. Curacao was the first country in the world to legalize gambling. Since 1996, Curacao has been the most popular jurisdiction to run online gambling business, partly because of being a politically stable country.
Nevertheless, the main reason is great licensing conditions and affordable cost. The Curacao licence will cost you
21,900 EUR per year + 6% sales tax. The renewal of the license is priced at €21,900 per year + 6% sales tax. . However, for that price, you will will get at least:
- Professional consultation
- The gaming licence itself
- Control over complying with licensing requirements
- Two domains and one validator
On the official website of the Curacao gambling commission, additional services are enlisted, which can be of use to an operator, for instance:
- Company formation in Curacao and the EU
- Assistance in opening bank and processing accounts
- Help in processing payments
- Servers rent
- Data storage in a data centre
- Private or public cloud
- DNS hosting
- Administrative and legal service
- Backoffice support
Companies you can order an online casino from, often offer these services. This is how an operator gets an all-in-one solution and saves his time.
The Curacao licence advantages
The Curacao jurisdiction is the most favorable option for obtaining a licence, owing to the following 4 advantages:
- One licence is enough to run any kind of gambling business
- The process of obtaining is simple
- Period of obtaining is 4-8 weeks
- No need to pay VAT; no profit tax rate
This is why the Curacao licence has gained worldwide recognition and players’ trust.
Licence obtaining requirements
Licence obtaining requirements are developed by the Curacao regulating authority. An operator has to keep financial record, use properly functioning games and provide a thorough description of the activity of his company. This also means you will be required to register a company inside the country’s E-Zone, so that all servers and hosting are located in Curacao.
To get a licence, an operator needs to go through a simple procedure.
The licence obtaining process
Obtaining a licence comes in several steps:
- Provide an application
- Provide a detailed report concerning the point 7 of the eGaming IP licence and of the requirements compliance regulation.
- Fill in the IP application form and provide it together with all the necessary accompanying documents
- Make a payment
- Wait roughly six weeks to get your licence approved
- In case something does not correspond to requirements, the gambling commission will provide a checklist of necessary improvements
Audits are conducted on a regular basis. In order to avoid penalties, one needs to keep in mind that all the services, domens, links etc should be in line with the commission requirements.
How to make obtaining a licence simpler
Being the process of obtaining a Curacao licence relatively easy, one can come across difficulties when dealing with it on his own. Solving these problems and the reissuance can be protracted, so if you want the licence obtaining process to be smooth and quick, contact specialists.
In addition, if you open a White Label casino, you can work under the licence of a company which has developed it, so you won’t need to get your own licence.
If you want to know more about licensing your online casino, use a free professional consultation.
Licence for cryptocurrency projects — 2020 Update
In 2020, cryptocurrencies are being used more than ever and they have become extremely popular among casino players due to the advantages they offer.
For example, since they operate through decentralised blockchains/networks, they allow players to remain anonymous while making payments, pay smaller fees, and receive funds a lot quicker.
Furthermore, several operators are already creating casino games developed on blockchain. These are often games of luck and are known as provably fair, as they allow both the players and casino operators to verify the fairness of the game they are playing.
Cryptocurrencies are mainly popular among younger generations. And since online casinos are always looking for new ways to attract players, cryptocurrencies have proven to be an excellent choice.
For that reason, many casino operators have decided to obtain a license that allows them to offer games based on blockchain or process transactions using cryptocurrencies.
The process of obtaining a cryptocurrency license is relatively similar to that of obtaining a regular license. However, it includes several additional parameters, which makes the process a bit longer and a tad more expensive.
If you would like to find out how to obtain a Curacao or cryptocurrency license, feel free to contact our team of experts that will guide you through the process. Moreover, we can help you establish your online casino, so make sure to contact us and get a quote.
Stricter Curacao-Licensed Casinos Control Looms — 2021 Update
A major overhaul of the current gambling regulation rules regarding online casinos in Curacao is scheduled for 2021. The reform package was the result of a newly-signed agreement between Curacao and the Netherlands regarding financial support during the coronavirus pandemic.
The changes in regulations aim to make the online casino and gambling sector more transparent and controlled, especially because there have been some online casinos doing shady business under the Curacao licence, and the government wants to put a stop to it and restore the immaculate reputation of its licensing jurisdiction.
The biggest change will happen in the first of the three tranches of the agreement and will result in the creation of a new and unified gambling regulatory body by the Curacao authorities. This will replace the four gambling operators that have been doing the job so far.
The next step is to get the operators that conduct their business outside of Curacao and are licensed in the country to also comply with the gambling laws of the host country. This means that the casinos will be able to serve only local customers and those from countries that accept the Curacao gambling license which will undoubtedly affect their traffic.
The final part of the agreement says that gambling and corporate tax will be introduced, leading to an increase in prices of getting the licence and its renewal.
It remains to be seen how the government of Curacao will respond to these requests and how they will impact the future of gambling in this island country.