Malta Gaming Authority unveils future crypto-currency policies
As it looks to maintain its reputation as one of the world’s top iGaming licensing bodies, the Malta Gaming Authority has announced details regarding its Sandbox Framework on the future acceptance of crypto-currencies and innovative technology arrangements (ITAs).
Delta Summit debut:
The regulator used an official Thursday press release (pdf) to explain that the specifics were launched as part of last week’s inaugural Delta Summit, which was held at St Julian’s Intercontinental Arena Conference Centre, and are to see it begin accepting applications for the use of virtual financial assets and crypto-currencies from the first day of January.
The Malta Gaming Authority stated that a subsequent phase is to involve its possible acceptance of ITAs ‘within the key technical equipment of licensees’ as part of future developments to be premiered by the Malta Digital Innovation Authority.
Regulator is ‘embracing innovation’:
Heathcliff Farrugia (pictured), Chief Executive Officer for the MGA, declared that the premiere of a Sandbox Framework is all part of the regulator’s efforts ‘to be at the forefront of gaming regulation’ all the while ‘embracing innovation.’
Farrugia’s statement read…
“These, coupled with the rapid rise in interest from gaming operators to incorporate virtual financial assets and distributed ledger technology into their operations, were the main drivers behind the proactive approach taken by the Malta Gaming Authority to issue a Sandbox Framework for the use of these technologies within a controlled regulatory environment.”
Scheme to be a ‘live document’:
Farrugia detailed that the regulator’s Sandbox Framework is intended to serve as a ‘live document’ that is to be ‘subject to feedback and potential updates’ while additionally taking into consideration the appearance of ‘any technological or regulatory developments.’
Farrugia’s statement read…
“The Malta Gaming Authority envisages that this Sandbox Framework will run until end of October of 2019 although its extension, partially or wholly, could be a possibility.”
