Cryptocurrency technology is booming and being adopted in various sectors, such as online casinos. The demand for cryptocurrency casinos is on the rise today, as they provide gamblers a chance to enjoy gaming while remaining anonymous using crypto like Ethereum or Bitcoin. Also, most people prefer these casinos due to their decentralized nature, which eliminates the need for intermediaries and leads to fast transactions.
Starting a crypto casino is a lucrative business idea for online casinos and crypto enthusiasts as the demand is skyrocketing. However, obtaining a crypto casino license can be challenging. Curacao and Belize are some of the leading license operators where you can acquire your casino license to operate your crypto casino business legally.
In this article, we will help you understand the two license companies and how you can acquire one. We will also provide a table comparing Curacao and Belize in terms of cost, approval processing time, and the validity period of the license. Let’s dive in to explore more!
Understanding Crypto Casinos License
A crypto casino license is not unique; it is just a normal gaming or gambling license. A crypto casino license is required for operating a casino where all settlements and transactions are made in cryptocurrency.
By obtaining a crypto casino license, you legalize your casino, allowing it to function well based on international standards and regulatory rules. Remember, some jurisdictions don’t allow cryptocurrency use in gambling; thus, the country where you register the casino plays an important role.
The main reason why a crypto casino needs a license is to;
- Ensure fair gambling
- Protect the business and players
- Boost the trust of partners and clients
- Prevent the industry from money laundering risk
Curacao License
Curacao is a leading crypto casino license provider in the casino industry. As a top provider, it has more than 1,000 online casinos using the license and operating within its jurisdiction. The licensing company is a member state of the Netherlands Kingdom.
One reason most casinos use this license is the easy acquisition process. Within 4-8 weeks, you can get your gambling license, even for people who don’t have a casino server there. So, if you’re hunting for a crypto casino license with the easiest entry barrier, try Curacao.
They offer two major types of gambling licenses;
- Master Gaming License: This is a license issued to a casino operator, empowering the holder to issue a sub-license. The master gaming license is only valid for five years and gives certain responsibilities like licensing, supervising, and license processing.
- Sub License: Consider the sub-license if you want a crypto gaming license. This license can only be obtained from a master gaming license holder. With a sub-license, a holder can’t be permitted to conduct operations in Curacao but from Curacao.
How to Acquire a Curacao License
Acquiring a Curacao Gaming License for your crypto casino is easy. However, before you start the application process, you must have the necessary requirements. Ensure your casino is registered in the county’s E-Zone. Next, your casino software needs to be thoroughly audited for fairness to make the outcomes random. Submit all the legal requirements and financial documentation.
Here is a simple application procedure;
- Register a business in Curacao
- Acquire the necessary documents for obtaining a license
- Submit your application and pay the required fee
- Wait for some weeks, 4-8 weeks, to see if the application is approved
- Get your license and start your crypto casino business
Pros of Curacao License
- Cost-effective
- Comprehensive licensing coverage
- Streamlined application process
- Favorable taxes
- Positive online reputation
Cons of Curacao License
- Restricted prominent international markets
- Holders of Master license audit sub-licenses and not the gaming commission.
Belize Control Board License
The Belize Control Board License controls all gaming operations in Belize. With this license, the holder is allowed to maintain servers elsewhere; however, customer service operations must take place in Belize.
Once the license is granted, the holder is required to pay a licensing fee to the Belize government. A company can only acquire one license, which is valid for 12 months and should be renewed every 60 days. 60 days before the license expires, a holder needs to apply for a renewal. After it’s approved, a renewal fee is paid annually.
How to Acquire a Belize License
Like any other license acquisition procedure, you need to have the required documentation, such as background checks or financial statements. Here is an easy application procedure for a Belize license.
- Ensure your company is registered in Belize and fully complies with the Belizean Gaming Control Act.
- Submit your application to the Belize Control Board with the necessary documents, such as background checks, a business plan, and financial statements.
- The gaming board will audit your application to assess the financial stability and company’s integrity.
- After the application is approved, you will be given a gaming license that makes you a legal Belize operator.
Pros of Belize License
- Positive reputation in the gambling industry
- Favorable tax environment
- Cost-efficient
- Regulatory compliance
Cons of Belize License
- Fixed renewal dates for the license
- Belize license holders can’t offer services to the locals
The main difference between Curacao and Belize
Curacao and Belize are popular and reliable jurisdictions for obtaining your crypto casino license. However, the two differ in license fees, requirements, processing time, and reputations. Here is a comparison of Curacao and Belize gambling licenses.
| Curacao | Belize | |
| Regulatory Authority | Curacao Gaming Control Board (CGCB) | Belize International Gaming Commission (BIGC) |
| License Validity Period | Indefinite | 12 months |
| Applications Processing Time | 4-8 weeks | 24 hours |
| License Types | 2 types of license (Master Gaming License & Sub-License) | 3 types of license (Online Gaming license, Bookmaker’s license, & Gaming machine license) |
| License Cost | $20,000- $40,000 | $10,000 to $30,000 |
| Reputation | A well-established jurisdiction with a good reputation | Not commonly known but much stricter with a good reputation |
The table shows the main differences between Curacao and Belize regarding regulatory authority, validity period, processing time, license cost, and overall reputation. Thus, choosing the right one for your crypto casino will depend on your requirements, location, and budget.
Final Thoughts
To start a crypto casino today, you must acquire a license to offer and operate your company legally. The license ensures the operator and casino players’ security, safety, and privacy. Curacao and Belize are two license operators from which you can acquire your license. However, the two jurisdictions differ in pricing, reputation, processing time, validity period, and license type. If you are a start-up business that needs a cost-effective license, you need to apply for a Curacao license, but if you need a fast-processed license, consider the Belize license.
