Curaçao

Curaçao's licensing model — long the default entry point for offshore and crypto-facing operators — has undergone the most significant overhaul in its history. The National Ordinance on Games of Chance (the "LOK"), passed in December 2024, abolished the old master-licence system entirely. For nearly three decades, four private master licence holders sub-licensed thousands of operators with minimal direct oversight; all legacy sub-licences expired permanently on 1 January 2025.

In their place, the new Curaçao Gaming Authority (CGA) issues direct B2C and B2B licences, with annual fees around €47,450 for a B2C operator, mandatory anti-money-laundering and KYC standards extending explicitly to crypto transactions, and — from January 2026 — a requirement for genuine local substance: a physical Curaçao office, a resident managing director, and local key personnel scaling to three staff by the licence's fifth year. As of April 2026 the CGA had processed roughly 140 direct licence applications, approving 87 and rejecting or shelving the remainder — a rejection rate near 38% that industry observers read as a real tightening of standards rather than a rebrand. Some operators unable or unwilling to meet the new bar have reportedly shifted to lower-cost alternative jurisdictions such as Anjouan, while others — including parts of the Yolo Group — have moved to EU licensing instead.