Costa Rica Gaming License

Curacao gaming license – general overview Curacao operates as an integral country within the Kingdom of the Netherlands, maintaining a civil law system heavily influenced by Dutch laws and standards. Its online gambling license, compliant with national laws, is a popular choice for startups due to its accessible regulatory thresholds and cost-efficiency. However, it’s essential to stay updated with imminent regulatory shifts. Curacao’s government is currently revising its gambling laws, encompassing online gaming, to meet global standards and combat unauthorized gambling activities. This revision entails the creation of the Curacao Gaming Authority, an independent supervisory entity, and an overhaul of existing licensing classifications. These updated rules are anticipated to be enacted by the conclusion of 2023 or in 2024. Curacao gambling license – history, current state and anticipated changes Curacao online gambling license – how it was recently? Prior to the commencement of the regulatory changes, licensing framework In Curacao was designed as follows. Curacao gambling licenses came in two forms: the master license and the sub-license. Holders of the master license have the authority to both offer a broad range of gambling services and bestow sub-licenses to others private companies. The license issuance is governed by the National Ordinance on Offshore Games of Hazard (Landsverordening buitengaatse hazardspelen, P.B. 1993, no. 63) (NOOGH). The sub-license allowed its holders to engage in a comprehensive suite of gambling activities, encompassing sports betting, slot machines, table games, and RNG-centric games. Its validity extends as long as the linked master license remains valid. There were, and currently are, four master license holders, who, since 1996, have received the government’s authorization to grant licenses: Antillephone N.V. License #8048/JAZ Curacao Interactive Licensing N.V. (CIL) License #5536/JAZ Cyberluck Curacao N.V. (also known as Curacao-eGaming) License #1668/JAZ Gaming Curacao License #365/JAZ While all Curacao sublicenses are similar, the business implications are consistent regardless of your choice. Each of these master licensing entities maintains distinct policies, specific regulations, Anti-Money Laundering (AML) norms, and Know Your Customer (KYC) procedures during application assessments. One licensing authority might necessitate additional paperwork and a virtual interview, while another could grant approval with just the conventional set of documents. In addition, price of license obtaining can vary significantly between different master licensors. The current state of Curacao’s online gambling license It shall be stressed out that Curacao online gambling license regulation is in the process of transition now. The Curaçao government is actively working towards a comprehensive overhaul and update of its (online) gambling regulations, with a forthcoming law titled the National Gambling Ordinance (LOK). As this new legislation awaits implementation, the Minister of Finance of Curaçao has opted to continue granting licenses under the existing framework, known as the National Ordinance on Offshore Games of Hazard (NOOGH). This move by the Minister of Finance aims to establish a transitional structure, facilitating a seamless shift from the current legislation to the updated one. However, one significant change in compare to the previous framework that the online gambling license under the existing framework can be issued directly by Curacao Gambling Control Board (GCB) and not by four master licenses as it was before. As of November 15, 2023, the GCB shall be accepting and processing online gaming license applications from operators that wish to acquire an online gaming license directly from GCB. It is important to mention that once new licensing regime under LOK comes into effect, operators which hold license directly from GCB will be automatically transitioned to the new license What about existing licenses issued by the four master licenses prior to the changes? The operators operating under existing master licenses may continue their operations as is. However, they might need to complete the registration process with the GCB in order to keep existing sub-license effective and the GCB shall issue clarification on the process soon. In formal terms, four master licenses can continue to issue sub-licenses during this transition period that is effective until the enactment of new gambling legislation. To sum up, as of the Autumn 2023, there two options of obtaining online gambling license in Curacao: through one of four master licensees; directly from GCB. Contact Inteliumlaw in order to receive the most up-to-date information on this matter and check available options. Future of Curacao egaming license The pivotal element of the regulatory overhaul is the National Gambling Ordinance, known as LOK. This has been presented to the country’s Advisory Council and is now progressing to Parliament for review. The aim of the LOK Gaming License is to supplant the prevailing structure of primary and sub-licenses. In the current system, only four main licensees possess the power to award sub-licenses to operators. While the LOK encompasses regulations for all gambling activities in Curacao, the government’s primary attention will be on online gaming. To establish a continuous and stable regulatory framework, the LOK mandates the creation of the Curacao Gaming Authority (CGA), a self-governing regulatory entity. The CGA’s responsibility extends beyond just deterrence; it also includes addressing and reducing any illicit or undesirable activities related to gambling. Benefits of gaming Curacao license Please kindly note that the below benefits are linked to the existing licensing regime. All-in-One License: Unlike some jurisdictions that require multiple licenses for different types of gaming activities, Curacao offers a single that covers all forms of online gambling, including casinos, sports betting, and lotteries. However, this might change after enactment of LOK as separate licenses for B2C and B2C activities are expected to be introduced. Cost-Efficient: The Curacao gaming license is relatively affordable in terms of application, issuance, and maintenance fees, making it attractive for startups and small to medium-sized enterprises. Streamlined Application Process: The process for obtaining a Curacao gaming license is straightforward and faster compared to many other jurisdictions. Global Reach: With a Curacao gaming license, operators can cater to a global audience, although certain jurisdictions may be restricted. Tax Benefits: Curacao boasts a beneficial tax regime for online gambling operators, typically offering a zero-tax rate on gaming revenues. Flexible Technical Requirements: While it’s

Benefits and features of the Costa Rican gambling license While Costa Rica is a popular jurisdiction for online gambling operations, it’s important to understand that there is no official gambling license offered by Costa Rica, meaning that online gambling sites based in this country are not subject to licensing, regulation, or oversight. There is an official authorization called “data processing license” that is often considered as an analog of the standard online gambling license. Still, even holders of data processing licenses in Costa Rica are not under any formal regulatory framework. In Costa Rica, a gambling company is essentially a corporate entity with its primary purpose defined as conducting online gambling. This setup enables operators to run online gambling activities from Costa Rica, despite the lack of a dedicated regulatory framework for online casinos and betting. For the sake of simplicity, under “Costa Rica online gaming license” in this article, we will understand the setup which includes the incorporation of a company in Costa Rica with the receipt of the data processing license for online gambling operations. Here are some key benefits and considerations of obtaining a gambling license in Costa Rica 1. Cost-Effectiveness Compared to other jurisdictions, the cost of obtaining and maintaining a gambling license in Costa Rica is relatively low. This makes it an attractive option for startups and smaller operators. 2. No Specific Gambling Legislation Costa Rica does not have specific laws governing online gambling. Instead, companies operate under a “data processing license” which is less stringent than a typical gambling license. 3. Tax Benefits One of the major advantages is the favorable tax situation. Companies in Costa Rica enjoy low taxation, and since there is no specific gambling tax, this can be financially advantageous. 4. Privacy and Anonymity Costa Rica is known for offering a high level of privacy and confidentiality, which can be beneficial for operators. 5. Global Reach There are no restrictions on offering online gambling services to international markets, allowing operators to target a global audience. However, local rules of countries where the company operates, shall be taken into consideration. 6. Perception Since the regulations in Costa Rica are less stringent, some players and business partners may perceive Costa Rican-licensed casinos as less trustworthy compared to those licensed in stricter jurisdictions. 7. Banking and Payment Processing The lack of specific gambling legislation can sometimes make banking and payment processing more challenging. InteliumLaw’s Costa Rica Gaming License Services At Inteliumlaw, we specialize in guiding businesses through the establishment of online gambling operations in Costa Rica. Our services encompass company formation and registration, ensuring compliance with Costa Rica’s unique legal framework. We provide expert advice on legal compliance, banking, and crypto solutions available to gambling companies in Costa Rica, ongoing support in navigating Costa Rican laws, along with risk management and adherence to international standards. Costa Rica gambling license requirements In general, there a no specific requirements to incorporate a company with a data processing license in Costa Rica. You will only have to provide some KYC documentation such as a passport, proof of address, source of funds confirmation, etc. to setup a company and receive a license. Costa Rica Gambling License Process The process of setting up an online gambling operation in Costa Rica, while not involving a traditional gambling license, does require a series of steps to legally operate under the framework of a “data processing license”. Here’s a general overview of the process: 1. Company Incorporation The first step is to incorporate a company in Costa Rica, as this entity will be used to conduct the online gambling operations. This process involves registering the company with the appropriate Costa Rican authorities, which requires various legal documents and may involve legal assistance. 2. Obtaining a Data Processing License Although not a gambling license per se, a data processing license is necessary for online gambling activities. The process involves applying to the Costa Rican government. This application typically includes details about the company, its owners, and the nature of the data processing (i.e., online gambling). 3. Opening a Corporate Account You will need to open an account (fiat, or, more often, crypto) for your company. This step can be challenging due to the nature of the business and may require finding a bank that accepts online gambling-related businesses. 4. Payment Processing Solutions Due to the nature of the business and the lack of a specific gambling regulatory framework, finding payment processing solutions can be challenging. Often, companies opt for cryptocurrencies or other alternative payment methods. How long does it take to obtain a Costa Rica gambling license? The entire procedure, from inception to completion, typically spans from 2 to 6 weeks. Costa Rica Gaming License Cost Due to the absence of a regulatory framework for online gambling in Costa Rica and the lack of a formal online gambling license, the Costa Rica gaming license cost is significantly lower compared to jurisdictions that mandate an online gambling license. If you have a question “How much does it cost to get a casino license in Costa Rica?”, please contact us to receive the most up-to-date pricing information. Costa Rica gambling license fees and taxes As there is no formal Costa Rica casino license, no license fees are due from the gambling business in Costa Rica. Also, a Costa Rica-based gambling company is not subject to tax on its revenue. This is because the revenue is generated externally, not within Costa Rica, leading to the non-imposition of taxes by the authorities on such companies. In general, you will have to pay only annual fees related to the company’s maintenance. Additional Services Except for assistance with Costa Rica online gambling license and associated matters, we could help you to obtain a license in other jurisdictions such as Curacao, Anjouan, and Isle of Man. In addition, we provide a broad range of other business legal services such as assistance with bank accounts opening, incorporation of companies etc. Leave Us A Message And we wil get back to

For an extended period, Bulgaria has maintained a cautious stance towards cryptocurrencies, lacking specific regulations or extensive discussions about their status. The Bulgarian National Bank (“BNB”) and the Bulgarian Financial Supervision Commission (“FSC””) have yet to classify cryptocurrencies as financial instruments or electronic money, allowing them to remain unregulated and not deemed illegal. The lack of a defined regulatory framework has led to no special licensing regime for establishing a crypto asset entity in Bulgaria. Thus, the widely used term “crypto license in Bulgaria” refers to an additional registration requirement with the National Revenue Agency (“NRA”) in Bulgaria, rather than a distinct licensing process. This registration enables entities to engage in various crypto-related activities, including cryptocurrency exchange, custody services, wallet provision, crypto payment services, and crypto advisory services given a way for a “Bulgarian crypto license” in the industry. Bulgaria’s regulatory approach to cryptocurrencies has largely followed the guidance of the European Central Bank. The BNB expressed concerns about the inherent risks of buying virtual currencies in 2018, highlighting their extreme price volatility and potential pricing bubbles. The FSC echoed these sentiments in 2022, issuing warnings about the volatility and unregulated nature of crypto investment funds. Despite the absence of specific regulations, cryptocurrencies in Bulgaria are indirectly regulated by measures aimed at preventing money laundering. In 2019-2020 the Measures Against Money Laundering Act in Bulgaria (or well-known “MAMLA”, in Bulgarian “Закон за мерките срещу изпирането на пари”) introduced the first legal definition of cryptocurrencies in Bulgarian legislation. It defines “virtual currencies” as digital representations of value accepted by individuals or entities as a medium of exchange, without being issued or guaranteed by a central bank or public body. Based on the 5th Money Laundering Directive (Directive (EU) 2015/849) MAMLA also implemented the definition of “wallet provider, offering custodial services” is defined as “a natural or legal person, or other legal entity, providing services for the protection of private cryptographic keys on behalf of its clients for owning, storing and transferring virtual currencies” Further referring to these concepts the Additional Provisions of Ordinance No. Н-9 of 7 August 2020 in Bulgaria, established requirements to crypto-asset exchanges and custodial wallet providers to register in a public register maintained by the NRA in Bulgaria. This created a so-called “cryptocurrency license in Bulgaria”. Upon registration, companies receive a crypto-certificate or crypto-license, the only state-issued document allowing them to provide crypto-related services. In summary, Bulgaria’s regulatory landscape for cryptocurrencies remains open, recently a registration process replaces a formal licensing regime. The position on unregulated status of cryptocurrency activity is confirmed in court practice and opinions of BNB and FSC in Bulgaria. There are no specific crypto-currency or fintech law that regulated this shpere. The country’s approach aligns with preventing money laundering, ensuring transparency, and promoting responsible crypto-related activities. It is expected that in its further movements towards “crypto license in Bulgaria” regulation the country will mainly follow European Union approach. Advantages of Bulgaria Crypto License Bulgaria crypto license has several advantages, few of which are listed below. EU Location: Bulgaria’s strategic location within the European Union provides businesses with access to the EU market, fostering international credibility. Ease of Setup and Obtaining License: The process of a crypto company formation in Bulgaria is quick and easy, as well as obtaining a crypto license in Bulgaria is relatively straightforward compared to some other jurisdictions, promoting a hassle-free experience for businesses. Flexible Regulatory Environment: Bulgaria’s crypto regulatory environment is less stringent compared to some EU counterparts, offering businesses flexibility in their operations as holders of so-called “Cryptocurrency license” in Bulgaria. Competitive Tax Rates: Bulgaria maintains a relatively low tax rate, enhancing the financial attractiveness of operating a crypto business in the country. Favorable Business Environment: The country’s overall business environment is conducive to growth, with supportive policies and a commitment to fostering economic development. Currency Stability: Bulgaria’s adherence to the currency board arrangement and its use of the Bulgarian lev (BGN) contribute to a stable economic environment for crypto businesses. Cost-Effective Operations: Operating costs in Bulgaria, including a crypto company setup in Bulgaria, as well as a crypto license Bulgaria obtaining, labor and infrastructure, can be more cost-effective compared to some other EU countries. Skilled Workforce: Bulgaria boasts a skilled workforce, offering expertise in various fields, including technology and finance, to support crypto-related ventures. Innovative Ecosystem: The country is fostering an environment that encourages innovation, with a growing ecosystem of tech startups and businesses. These advantages collectively position Bulgaria as an appealing destination for obtaining a Bulgarian crypto license, attracting businesses seeking a conducive and cost-effective environment for their crypto-related operations. Types of Cryptocurrency Licenses in Bulgaria Despite the fact that crypto activity is not specifically regulated in Bulgaria, there might be situations when certain part of crypto activity falls under the existing licensing rules. Therefore, we could conditionally divide the following types of cryptocurrency licenses in Bulgaria: I. Registration with National Revenue Agency (NRA): Authorized Activities: A registration with the National Revenue Agency in Bulgaria grants entities the authority to engage in various crypto-related activities. These activities include cryptocurrency exchange, custody services, wallet provision, crypto payment services, and crypto advisory services. Applicability: This option is suitable for businesses primarily involved in cryptocurrency activities that do not fall under the categorization of financial services or financial instruments. II. Financial Services Commission (FSC) License: Scope of Financial Services: If the crypto-related activities potentially qualify as financial services or be categorized as related to financial instruments, a license from the Financial Services Commission (FSC) might be required. Investment Firm License: Services related to crypto-assets, particularly those that can be considered financial instruments, may necessitate obtaining an investment firm license under the Markets in Financial Instruments Directive II (MiFID II), transposed in Bulgaria as the Markets in Financial Instruments Act. Application of EU Financial Rules: According to the European Securities and Markets Authority (ESMA), when crypto assets qualify as financial instruments, various EU financial rules, including the Prospectus Directive, the Transparency Directive, the Market Abuse Directive, the Short Selling