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Benefits and nuances of a Curacao license in real life

Benefits and nuances of a Curacao license in real life
21 Jan 2023
Why is it so attractive to do business in Curacao? Is this jurisdiction famous only for simplicity, speed of obtaining a license, and ease of operation?

Curacao attracts most operators with the opportunity to operate in most countries of the world, without much risk of fines or other problems caused by regulators. And yet, you can’t just come in, get a license and start working in France, Germany, Spain, Turkey, Canada, and other countries of the world.
What do you need to work on officially?
For correct operations, you need to connect an acquiring service that will accept payments from residents of all countries that are of interest to you. Unfortunately, the legislation in most European countries is getting tougher and tougher. Local regulation of casino activity is being introduced and it becomes more difficult to operate in these markets every year.
What are Miscode business solutions?
Many operators are starting to work exclusively with Miscode PSP solutions.

Each transaction that is made using Visa or MasterCard, or through another card system, has a specific MCC code. This code shows for which service, activity, or service the payment was made. The standard MCC code for casino operators is 7995.

When you receive payment for this code today, it means that you are working according to the regulations. But there are also processing companies that replace this MCC code – when paying on the Visa and MasterCard casino website, it is shown that the payment was, for example, for the purchase of books, electronics, or something else. The payer's bank also sees that the payment is for authorized services and does not block such payments.
Risks of working with Miscode solutions
It seems like a legit solution – work like this and live happily. But not everything is as rosy as it might seem. Such solutions are usually short-lived since such violations are quite strictly crossed by law and lead to the loss of the license of such providers.

Also, many banks already know how to track such transactions and block them – accordingly, the percentage of successful transactions is much lower. There are many other nuances when using Miscode solutions. One of the biggest risks is the risk of losing all the funds that have been accumulated on this processing. Because such a system can be closed at any time, both at will and under duress. And there is a fairly high probability that the money that was in your account will never be paid to you.
Opportunities to use white-hat solutions in Curacao
It is still possible to use white-hat solutions even for Curacao licenses. For some countries, such solutions work without the need for additional actions or documents. But there are some countries that are quite interesting for business, for which it is necessary to somehow confirm the legitimacy of receiving a transaction using an MCC code.

A document comes to the rescue – it’s called “Legal Opinion”. This legal document is most often issued by local lawyers in a particular country of request, who, based on the analysis of local legislation, confirm or refute the client's request, in particular, on the possibility or impossibility of operating in this country under a Curacao license.

With this document, if there is a positive conclusion, you will be able to operate in the market for which it was issued. Naturally, the process of finding such lawyers who will be ready to sign such an agreement and issue the necessary wording for you, as well as coordinating such wording with each specific PSP, is a separate, rather complicated work of lawyers and representatives of the billing department.

About the author
Contact the author:
Vladyslav Yarovoi acts as a managing partner at the esteemed Rikk law firm. With his Master of Law and expertise in a high-risk business, Vladyslav has become an authority on providing legal support for IT businesses; from ensuring their successful launch to making sure they are ready for IPO.
Vladyslav Yarovoi

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