Curacao has been a prime go-to iGaming license jurisdiction for a variety of years, offering flexibility for operators. But shifts regarding the licensing structure have recently arisen, most notably with LOK (Landsverordening Online Kansspelen) law coming into action, transforming the scene and breaking the attention of operators and stakeholders.
LOK Law — A Big Step Forward or an Overstep?
In a significant step forward for the iGaming regulatory landscape, the LOK has been submitted to the Curacao Parliament. Javier Silvania, Finance Minister, noted the joint work with the industry to develop a modern and solid regulatory framework. LOK is designed to fill the gaps of centralized control with a holistic yet realistic approach. The fact that Curacao made such an important decision represents transformative progress for the island’s iGaming sector, but also shows the island’s commitment to regulatory evolution.
New Fee Structure — Navigating Its Impact for Operators
The pricing structure implemented as of the LOK law is a crucial stage for operators and software providers invested in Curacao. This clarity allows businesses to plan, but the sunset provision built into the previous NOOGH legislation raises important issues. Operators are now required to define themselves as either a B2B or a B2C entity, a welcome change from the vagueness that prevailed earlier. A New Approach to Fees: The CAA fee structure differs considerably from the NOOGH fee structure, with layered fees and due diligence fees that operators will need to assess financially.
LOK Under @B2C & @B2B Licensing Costs
Key Components of the LOK — B2C Licensing Fees: The LOK mandates application fees, annual fees, monthly fees, and domain fees for B2C businesses. Unless, of course, there is a due diligence expert listed with a fee, but these vary between roles. Exemptions would ease some financial burdens for businesses transitioning from NOOGH to LOK.
B2B Licensing Fees: The application fee, annual fee, and due diligence fee are all components of B2B licensing under LOK. (Monthly fees do not apply to B2B licenses) With this updated fee structure, we want to find balance in regulatory needs vs reality of business operating within Curacao, as per best practices.
Distant Uncertainties And Fun Recycling Recap
Though initial clarity emerges from the new fee structure, pending parliamentary approval still leaves room for speculation. It is evident from the comparison between the fees and that of NOOGH that operators look very closely at any further perceived costs of improved compliance in the new regime. As the iGaming sector looks forward to more updates and official sanction, there will be a balancing act between regulatory integrity and the business viability of operating in Curacao.
The LOK law marks a new era in Curacao’s iGaming history, addressing an urgent need for regulatory stability, modernization, and collaboration. The transition process is likely to be complex, as operators adjust to the new fee structure, and will require a careful review of costs and compliance requirements.
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