Is Curaçao finally getting Serious about Crypto Gambling Regulation?

[nelson4lov]

Curaçao probably got into questioning by higher authority and hat to bend the knee. Their new process just added several levels of difficulty and there is no more ease of registration and use. Also operators now need to create and maintain a local office in Curaçao and there are many more processes that follow along too. Imo, big operators might continue but these new requirements might be too difficult for new casinos and sportsbooks to cope with so they'll have to take their business somewhere.

On the flip, Future casinos and sportsbooks that carry the Curaçao license will have fewer scammy operators.

[Orpichukwu]

Currently, do we even have an absolute no KYC online casinos?! Because I usually argue about that notion that some casinos are no KYC just because they said so and do not also request for immediate KYC on registration. But with time you'll find same casino creating reasons to rationalize why they would like you to pass a KYC. Only time reveals all of that. As fn the part of lax implementation, it makes much vulnerability on players which shouldn't be.

Any casino that’s fully regulated and is under a licensing body—don’t expect them to be a no-KYC casino; that’s entirely not possible. They might offer to be free from KYC, but in reality, they will ask for it one day, because it’s part of the regulatory requirements if they still want to retain their license.

If you need a no-KYC casino, you have to take the risk of patronizing unlicensed casinos; that’s the way, or be prepared to be asked for verification anytime you hit a big win or a deposit they consider questionable.

[Hispo]

Curaçao probably got into questioning by higher authority and hat to bend the knee. Their new process just added several levels of difficulty and there is no more ease of registration and use. Also operators now need to create and maintain a local office in Curaçao and there are many more processes that follow along too. Imo, big operators might continue but these new requirements might be too difficult for new casinos and sportsbooks to cope with so they'll have to take their business somewhere.

On the flip, Future casinos and sportsbooks that carry the Curaçao license will have fewer scammy operators.

I also think this is likely something related with authorities within Curaçao getting some calls and also getting pressured by regulators from other countries in which it is more difficult for casinos and bookies to get licensed in.

Scammy and shady casinos will always exist, that is not within the scope of discussion, but the fact it will be more difficult for scammy and shady casinos to get licenses will ultimately help for beginners and newbies within the world of gambling not to fall for scams so easily. As there are simply too many people who believe a casino is legitimate because they were granted a license.

Also, we would need to see if there will be some country who will try to capitalize from the new difficulty of getting a Curaçao license and start to issue their own gambling licenses with less restrictions...

[o48o]

I have spoken about this for a long time. All people who trust their financial institutions to keep it going like it's 2014 are in it for a rude awakening.

They are implementing these regulations because they don't want to be sanctioned by rest of the world. If you are looking for safe haven outside of FATF, you have a short time frame to use them, but eventually you are left with services of sanctioned countries. And good luck trying to explain that money. You will be even more trouble then you would be with a frozen account. You might even get terrorism charges for doing business with certain entities.

[Johnlomape]

Currently, do we even have an absolute no KYC online casinos?! Because I usually argue about that notion that some casinos are no KYC just because they said so and do not also request for immediate KYC on registration. But with time you'll find same casino creating reasons to rationalize why they would like you to pass a KYC. Only time reveals all of that. As fn the part of lax implementation, it makes much vulnerability on players which shouldn't be.

Any casino that’s fully regulated and is under a licensing body—don’t expect them to be a no-KYC casino; that’s entirely not possible. They might offer to be free from KYC, but in reality, they will ask for it one day, because it’s part of the regulatory requirements if they still want to retain their license.

If you need a no-KYC casino, you have to take the risk of patronizing unlicensed casinos; that’s the way, or be prepared to be asked for verification anytime you hit a big win or a deposit they consider questionable.

The government has been cracking down on no KYC casinos and this is because there is no way they can control these casinos since they are not licensed by them. The government will want to know the number of their citizens that is betting on these casinos and also getting their information and taxes which is another way to get revenue from players.
Most casinos that are no KYC are changing their terms to become a KYC casinos and this is affecting players that don't want their information to be leaked to the public through the casino team.

[Hazink]

We are casinos that are known for no kyc for years but with this kind of law, it can reduce the number of no KYC casinos while other would have no option that to shift their focus and starts asking for KYC information from players.
Onces the law starts becoming too straight and strict, casinos would have to start adjusting to meet up with the law.

Those No KYC casinos which are out there are licensed by Curacao? Because some of them operate without a license they just try to provide service unregulated to their customers. Those casinos which are licensed but don't take Kc seriously will be forced to start enforcing the rules before they will face the consequences of their license issuer.

[Kavelj22]

As Charles-Tim as said, many companies are looking at the price of the issuing the license and not the rules. So if the price is good for companies to launch their brand, they will still use the Curaçao license if the price term is still good for them to pay. And those rules will also make them to be in good shape to render a good services to the gambling community.

This is why I guess they will continue following the same strategy even after issuing new regulations that look strict. Usually, companies in the gambling industry haven't problems with regulations because they are almost the same in every jurisdiction. It is always money that matters the most. I have never heard about a casino losing his activity license in Curacao because of noncompliance with regulations. However I well remember a recent case of someone against bcgame casino, that is worth $1,5m, but the casino just declared bankruptcy then just get another license from another country.

[skarais]

~~~

Any casino that’s fully regulated and is under a licensing body—don’t expect them to be a no-KYC casino; that’s entirely not possible. They might offer to be free from KYC, but in reality, they will ask for it one day, because it’s part of the regulatory requirements if they still want to retain their license.

Licensed casinos without KYC it is an attractive offer for potential customers, but in the end it is not true. Most casinos do not require their customers to pass KYC when registering their account, depositing and betting, but KYC is needed once the customer wants to withdraw his winnings. Licensed casinos will eventually have to comply with the rules, meaning they will still require their customers to pass KYC even if it is not initially required.

If you need a no-KYC casino, you have to take the risk of patronizing unlicensed casinos; that’s the way, or be prepared to be asked for verification anytime you hit a big win or a deposit they consider questionable.

I think KYC is no longer the scariest thing for some gamblers, the reason is certainly because they are used to providing personal data on various financial and other platforms. KYC is avoided by some gamblers who are more concerned with privacy, but most gamblers are more concerned with money instead of their personal data.

[Onyeeze]

We are casinos that are known for no kyc for years but with this kind of law, it can reduce the number of no KYC casinos while other would have no option that to shift their focus and starts asking for KYC information from players.
Onces the law starts becoming too straight and strict, casinos would have to start adjusting to meet up with the law.

Those No KYC casinos which are out there are licensed by Curacao? Because some of them operate without a license they just try to provide service unregulated to their customers. Those casinos which are licensed but don't take Kc seriously will be forced to start enforcing the rules before they will face the consequences of their license issuer.

most of the casinos that is operate by license do ask for kyc but those ones that does not operate with license there are no ready to ask of kyc verification because they have, they have a negative mindset while they operate in such way to I believe and most of us who is into gambling there are the one that observe all this kind of things and they should be conscious of gambling in any gambling or casino platform that is kyc free, such casino platform one to benefit from their players always and does not want their players to benefit and what they have in mind most of them is to scam their players

[Odusko]

Curaçao probably got into questioning by higher authority and hat to bend the knee. Their new process just added several levels of difficulty and there is no more ease of registration and use. Also operators now need to create and maintain a local office in Curaçao and there are many more processes that follow along too. Imo, big operators might continue but these new requirements might be too difficult for new casinos and sportsbooks to cope with so they'll have to take their business somewhere.

On the flip, Future casinos and sportsbooks that carry the Curaçao license will have fewer scammy operators.

Sure when the obvious start happening, ther will always be some vital questions that comes up to mind and for a very long time, Curaçao license have become a safe heaven for casinos start ups mos gambling sites sort for Curaçao license because it a easy and mostly unregulated, but now that things are changing demands will begin to increase government need to put in place measures to safe guide the market from bad actors who have abuse the eas and freedom that comes from Curaçao.

[Smartvirus]

Role restriction: Licensees may only accept crypto for gambling, not as exchanges, custodians or VASPs.
Blockchain analytics capability: Mandatory wallet screening, risk-scoring and transaction monitoring at deposit and withdrawal.
Asset controls: Fiat-backed stablecoins preferred; privacy coins, meme coins and wrapped tokens of unclear origin require assessment or exclusion.
Wallet segregation: Player, operational and treasury wallets must be kept separate; personal or UBO-linked wallets are banned.
Banned assets: Funds linked to mixers, tumblers or sanctioned addresses are prohibited outright.
The CGA mandates immediate prohibition of sanctioned wallets, mixers and operators acting as exchanges. Licensees must then adhere to the following timeline:

Within six months: Completion of risk assessments, due diligence on VASPs and staff training on the new requirements.

Most of the updated policies do look like a partial term already operational. It’s good that they still find it necessary to update in clear terms though.

One aspect that I think is necessary to have them do a lot more on is, the banned asset. Given that there are a lot of tokens being created by casinos these days and most of them would turn out to be failed at the end of the day. A little control and how these tokens a developed would be a good way to go.

Training of staff as well, that’s another good one to enable us have customer care agents that actually knows how and do the work in helping the gambling customers resolve their issues.

[Cryptohygenic]

It is high time I guess, because there are many complaints about casinos that are not regulated properly. With lax implementation, this will become a safe haven for scammers.

But whether we like it or not, this is already the path we are going because crypto regulations are getting stricter globally. Those supposed no KYC casinos will eventually require KYC even the moment you sign up. Now it is still okay to play without KYC and later they will just ask once your account reaches the threshold or whatever requirements they set.

It has actually become a heavy concern with the strange acts the casino's now shows to players on different dimensions basically to how it will suit them.
Having to play with a licence casino sites does not even guarantee the certification or trust of the casino sites anymore because even the governments that is supposed to oversee the gambling markets don't even pay attention in case of defaulters breaching the assigned or implemented terms and conditions of the sites which had been reviewed by the authority agents before issuing legal the legal license order.
This call for alarm should always remind us to be careful in the space and don't have to jump all around any provided casino's.

[alegotardo]

What do you think, can casinos still find another license provider that has lax implementation like the old Curacao? Because definitely not all of them can pass these requirements, especially those that offer no KYC or anonymous gambling

The pressure is mounting on casinos that promoted themselves as "no KYC" platforms. They will now have to monitor wallet activity, analyze the origin of customers' funds, and if they detect any risk of illegal activity, carry out enhanced due diligence on those users. With these new regulatory requirements, maintaining anonymity is no longer really possible, and I believe that most of these casinos will choose not to comply. Instead, they will likely seek out more flexible regulators.

From what I have researched, obtaining a license in Anjouan appears to be relatively fast, inexpensive and quite attractive for many crypto casinos. There are other licensing jurisdictions as well, but their requirements tend to be much stricter. For example, Malta and the Isle of Man are generally more respected, but they also come with higher costs and far more demanding compliance standards. For many operators, that trade-off may simply not be worth it.

[Lida93]

The government has been cracking down on no KYC casinos and this is because there is no way they can control these casinos since they are not licensed by them. The government will want to know the number of their citizens that is betting on these casinos and also getting their information and taxes which is another way to get revenue from players.
Most casinos that are no KYC are changing their terms to become a KYC casinos and this is affecting players that don't want their information to be leaked to the public through the casino team.

So why would a casino choose to operate without a license when they can without inconvenience obtain one and not get to hide from the authority. Or are gambling license that hard to obtain, am I missing any information on that part?!  Perhaps they're running away from paying tax to the government so they risk operating illegally hoping they're not caught.