Curacao’s Minister of Finance Javier Silvania has confirmed that the new National Ordinance for Games of Chance, known as LOK, has officially been submitted to parliament. The step comes just days after the Caribbean island unveiled the anticipated new pricing structure for its overhauled licensing framework.
In a statement, Minister Silvania stated: ” We are very happy to reach this final stage. The submission the LOK to Parliament is not just a procedural step, but a leap towards transformative progress.” The Minister also pointed out that the newly proposed regulations are the result of consultations and collaboration with the online gambling industry, and that he believes the new framework is well rounded and workable.
Curacao has been under increasing pressure to modernize its gambling regulations and bring them in line with modern compliance and anti money laundering requirements. The changes have been in the making for some time, with a prolonged period of uncertainty having caused many Curacao licensed eGaming firms to start and look at other jurisdictions like Anjouan, Kahnawake, or the Isle of Man. With the new online gambling licensing rules now seemingly on the way to be officially approved, operators and software providers with interests in the island will hope that a much needed degree of regulatory stability will return to the jurisdiction.
