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Curacao license: what changes to expect in 2023?
Curacao license: what changes to expect in 2023?
We are all used to easy and almost carefree work under the Curacao license. But how long will this continue?
About six months ago, the community received news about plans to change the laws of Curacao regarding the gaming industry. There were various rumors about the fact that there would be no more 4 master licensees, about the introduction of audits, that substance would be needed, and that we would no longer be able to work in such profitable markets.
About six months ago, the community received news about plans to change the laws of Curacao regarding the gaming industry. There were various rumors about the fact that there would be no more 4 master licensees, about the introduction of audits, that substance would be needed, and that we would no longer be able to work in such profitable markets.
The situation at the beginning of 2023 under the Curacao license
We at Rikk can debunk some of the rumors. Recently, we had a meeting with the CEO of one of the master licensees and several other important players in this niche.
The first and most important thing is that the law is still under consideration, and quite a lot of time can pass before its final approval (if any).
In our opinion, the law will still be adopted sooner or later under pressure from other countries.
The first and most important thing is that the law is still under consideration, and quite a lot of time can pass before its final approval (if any).
In our opinion, the law will still be adopted sooner or later under pressure from other countries.
What legislative changes are expected in Curacao?
Naturally, no one knows yet what the final version will be, but the planned changes are expected to be as follows:
- 1Passing the audit of the company. This has already been implemented by CEG and in general, there is nothing to worry about. Once a quarter, you need to submit information on your business - various statistics and so on.
- 2It is planned to introduce a requirement for the presence of a substance in Curacao - to create a kind of real presence on the island, and not as it is now. Here, in fact, you will need to spend money on renting a small office space, as well as register a couple of local people in a company or transfer part of your employees there.
- 3Indeed, it is planned that licenses will be issued by a central authority. However, as far as we know, this will all happen through the same master licensees - just the type of license will change.
- 4What else will be unpleasant is the introduction of an additional license fee from the state body. This will significantly increase the cost of the license. Let's hope for the price to be reasonable.
- 5There are no plans to ban markets. That is, everything should remain as before: continuation of activities in the main markets, the practice of using mirrors, and legal business support.
As a result, we recommend not to panic, get Curacao licenses or continue working under the current ones, and stay tuned.
Vladyslav Yarovoi
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.
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