It is important for any business to act in accordance with the law. Today we will be talking about the Curacao gaming license, one of the world’s most famous jurisdictions that allows gaming businesses to operate in compliance with all legal requirements.
Curacao gaming license explained
The name of this license comes from Curacao, an island of the Netherlands Antilles group in the Caribbean Sea. This country is known for being the first to legalise gambling and has over 450 licensed online casinos. The license was created in 1996 in Curacao, making it one of the oldest online gaming jurisdictions. A license is a necessary document to operate an online gaming business. The Curacao gaming license regulates the activity of online gaming businesses and covers various online gaming-related activities in a single license.
There are two types of Curacao gaming licenses: a master license and a sub-license. The first one is issued to companies solely by the government of Curacao. The sub-license, for its part, is subordinate to the master one but allows holders to operate in the industry in the same way, except for the possibility to further sublicense. Master license holders are entitled to sublicense other companies and charge a fee for doing so. They are also responsible for the activities of their sublicensees.
How can I obtain a Curacao gaming license?
Before acquiring the license, a merchant should compile a file that consists of a number of documents including:
- Police Clearance Certificate.
- Utility Bill.
- Resume (CV).
- Bank Reference Letter.
- Professional Reference Letter.
- Responsible Gaming Policy Agreement.
- AML / CFT Policy Agreement.
- Software Agreement.
- Third-party Random Number Generator Certificate.
- Domain Ownership Certificate.
Please note that all the documents listed above must be in English and dated less than 90 days ago. If the documents are not in English, you will need to provide certified English translations of them.
The process of obtaining the license includes the following steps:
- Register a business in Curacao.
- Prepare the necessary documents.
- Apply and pay the registration fee.
- Wait about six weeks.
- Start managing your online gaming business.
Advantages of a Curacao gaming license
Let’s look at some of the advantages of the license:
- Security. Obtaining a license gives operators the confidence that they can do business without worrying about legal consequences.
- Risk management. The license reduces unexpected risks in your business operations.
- All-inclusive package. The license covers various types of online gaming activities.
- Financial transactions. Having a license allows you to open a merchant account. Many financial institutions don’t allow online gaming businesses to open accounts without a license.
- Opportunity for partnerships. The license makes your business more attractive to software and payment service providers because many of them refuse to work with operators that don’t have a license.
Factors to consider when acquiring a Curacao gaming license
Please note that there are some disadvantages to consider when obtaining a Curacao gaming license:
- Price. The license will cost you between 25000 and 30000 EUR per year.
- Waiting time. It takes about six weeks from the date you apply for a license to receiving it.
- Availability in certain countries. A Curacao gaming license is prohibited in countries such as the US, the Netherlands, or France.
We have reviewed some of the key aspects of a Curacao gaming license. At PayFasto, we help our clients in high-risk industries, including online gaming, with payment processing and taking their businesses to the next level. Please don’t hesitate to contact us for a consultation!