Back in January 2018, Curacao issued its very first blockchain license to Lithuania-based company ‘Edgeless’. Since then, the local industry has gone from strength to strength and just this month, TRON backed platform WINk gained a blockchain gaming license which is set to be a revolutionary step in the digital blockchain gaming realm according to TRON founder and WINk backer, Justin Sun.
Blockchain or crypto entrepreneurs that are looking for a great base for their next project are turning to Curacao due to a wide range of benefits from both being incorporated, and gaining a license there. Right now, legislation provides for either a standard Online Gaming License, or a Cryptocurrency Gaming License.
Online Gaming License
Curacao has been offering iGaming licenses since 1996 and since then it has become a jurisdiction of choice for those looking to set up an online casino. As one of the most affordable licenses on the market, it is often used as a first license for startups who then consider licensing in other, more expensive jurisdictions at a later date. There is only one kind of online gaming license and it covers all types of games, takes around 2 weeks to obtain, and is pretty straightforward to apply for.
Cryptocurrency Gaming License
With a long history of licensing iGaming, it makes sense that Curacao have taken a bold step into the world of blockchain and cryptocurrency. The Curacao Minister of Justice was responsible for granting gaming licenses to the Island’s 4 Master License Holders. Sublicense holders operate under the Master License holders license and are entitled to all of the same privileges, except the right to issue other licenses.
How to get a crypto license
It can take as little as 1 week to obtain a license, as long as all of your documents are in order. To ensure that the process runs smoothly and that there are no delays in the issuing of the license, it is advisable to engage the services of an experienced advisory such as Fast Offshore who can guide you through the process.
In order to obtain a crypto gaming license, you need to have set up a Curacao company beforehand. Don’t worry, this is also a very straightforward procedure and our team will take care of it as a part of the service we provide. Once incorporation is complete, it is time to compile a number of documents for submission. These include police certificates, copies of ID and utility bills, letters of reference, and CVs for every authorised person, shareholder, director, beneficial owner and ultimate beneficial owner. You are also required to provide copies of any software agreements or third party certifications including the RNG application and its fairness. In addition to this, you need to hand over a copy of your Terms and Conditions that should include the underage gaming policy, responsible gaming policy, and any policies relating to AML.
All of these documents must be in English or translated into English by a certified translator. Don’t panic if you think that this sounds like a lot- we can help you with everything from getting documents certified and translated to helping you draft your AML policies.
We will then submit your application to the Curacao authorities whilst also assisting with all of your other needs such as tax, opening accounts, and/or applying for accounts with payment providers.
Curacao is a low-cost jurisdiction with minimal red tape. If you want to get the ball, or dice rolling as soon as possible then it is the perfect choice for you. Regardless of what kinds of regular or blockchain/crypto games you plan on offering, you only need one license which means you can keep adding games to your repertoire without having to apply for new licenses.
In addition to this, the tax rate on your revenue is just 2% and 0% on gross bets. There is also no sales tax, no import duties, no VAT and no restrictions whatsoever on withdrawals of dividends.
Whilst obtaining a gaming license or a cryptocurrency gaming license in Curacao is relatively straightforward, it is advantageous to enlist the help of a specialist like Fast Offshore. As well as being able to take care of the licensing process for you, we can also assist with all manner of ancillary services to ensure that your setup and launch all goes to plan. To find out more about gaming licenses, crypto and blockchain, or Curacao, do not hesitate to get in touch today.