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Malta Gaming Authority reveals future crypto-currency policies

October 09, 2018

Malta Gaming Authority

Malta Gaming Authority (MGA) aims at maintaining its reputation as one of the world’s top iGaming licensing bodies. So far, the MGA announced the details with regards to its Sandbox Framework on the upcoming acceptance of crypto-currencies and its innovative technology arrangements (ITAs).

Malta Gaming Authority Debut at Delta Summit

The watchdog used an official press release to explain specifics launched as part of last week’s opening Delta Summit. The summit took place at St Julian’s Intercontinental Arena Conference Centre in Malta. The MGA also accepted requests to use crypto-currencies and virtual financial assets from January.

The authority specified that their next step will involve its likely acceptance of ITAs “within the key technical equipment of licensees” as part of future growths to be premiered by the Malta Digital Innovation Authority.

Embracing innovation

Chief Executive Officer for the MGA, Heathcliff Farrugia, acknowledged that the premiere of a Sandbox Framework is part of the regulator’s efforts “to be at the front of the gaming regulation” all the while also “embracing innovation”.

“These, coupled with the rapid rise in interest from game operators to integrate virtual financial assets and distributed record technology into their operations, were the main drivers behind the practical approach that is taken by the Malta Gaming Authority to issue a Sandbox Framework for the use of technologies within a controlled governing environment,” said Farrugia

Farrugia further detailed that the regulator’s Sandbox Framework is envisioned to serve as a “live document that is subject to feedback and possible updates” while taking into thought the appearance of “any regulatory or technological developments”.

Overview

The MGA imagines that this Sandbox Framework will take place until the end of October 2019 even though its extension, partly or solely, could be an option.


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