Curaçao’s Minister of Finance discusses impact of regulatory innovation at SiGMA Africa
During the SiGMA Africa Summit held in the picturesque city of Cape Town, South Africa, a Fireside Chat, aptly titled “Curaçao and Africa: Parallel paths and shared lessons,” explored regulatory innovation and its impact on the gaming and cryptocurrency landscapes. This candid discussion featured two distinguished speakers: Hon. Javier Silvania, Minister of Finance of Curaçao and Aideen Scott, an advisor to the Curaçao Gaming Control Board.
Javier Silvania opened the session by drawing parallels between Africa and Curaçao, highlighting the similarities in their regulatory challenges and approaches. He detailed how Curaçao has spent the past three years revising its gaming laws, which are now in the final stages of legislative approval. Silvania emphasised the importance of strong laws that create fair markets, ensure accountability, and protect the vulnerable. With both Curaçao and several African countries embracing technology to improve market regulation, he stressed the need to anticipate future developments. Silvania pointed to virtual assets and cryptocurrencies as offering new opportunities to operators and players, with the caveat that their rapid evolution is outpacing regulation. He underscored the necessity of updating AML and responsible gaming measures to keep pace with these changes and advocated for harmonisation and collaboration to maintain a robust gaming environment.
Following Silvania, Aideen Shortt took the stage to expand on the key issues the Minister outlined. Shortt explained that despite the apparent differences between the 54 nations of Africa and Curaçao, they face similar regulatory issues. She delved into the significance of AML, noting that the Financial Action Task Force (FATF) pays particular attention to gaming in its evaluations. Curaçao’s updated legislation, she mentioned, has built-in minimum AML requirements, favouring a non-prescriptive approach that demands operators tailor their policies to their business models and the markets they serve.
Shortt then touched on player protection, cautioning against over-regulation that could inadvertently fuel the grey market. She highlighted the importance of collaboration and finding a balance that promotes the integrity of the high-risk industry while avoiding the pitfalls seen in some over-regulated jurisdictions. The new legislation introduced in Curaçao, Shortt explained, sets only the minimum requirements for player protection but also works with operators to ensure policies are effectively safeguarding players when necessary.
The third key point addressed by Shortt was the need for flexibility in legislation to account for the diverse economic landscapes across Africa and globally. The modular nature of Curaçao’s new legislation allows for different licenses and operation across multiple URLs, reflecting the diversity of the markets. She highlighted that the legislation is designed to accommodate business models of all sizes, including those operating in the crypto-based gaming sector. Recognizing that Curaçao’s existing legislation was outdated, Shortt emphasized the complete overhaul that was undertaken to embrace cryptocurrencies and future-proof regulations.
In conclusion, both Silvania and Shortt emphasised the significance of strong yet flexible legislation that can adapt to technological advancements and diverse market needs. They agreed that such an approach could attract the right attention and add value, creating a strong legislative environment for the gaming industry. The session underscored the importance of collaboration in navigating the future of gaming and cryptocurrency regulation.
