The Malta Gaming Authority (MGA) is continuously analysing ongoing developments in the fields of Distributed Ledger Technology (‘DLT’) and cryptocurrencies including their application in various technology and innovation driven industries. Conscious of the need to remain at the forefront of innovation and to keep up with new developments in these technologies within the gaming industry, the Authority is actively considering the possibility of allowing the application of cryptocurrencies and DLT by its licensees.
The MGA is mindful that there are risks which need to be addressed in order to ensure that the necessary safeguards are in place to:
- protect consumers,
- cater for the prevention of crime and money laundering or funding of terrorism (with due regard to the 4th Anti Money Laundering Directive), and
- protect the reputation of the Maltese jurisdiction.
In this respect, the MGA is currently in the process of establishing the sandboxed (test and learn) live environment for cryptocurrency usage within the remote gaming sector, whilst also drafting guiding principles for the application of DLT and its various adaptations within the industry. Cognizant of the fact that a certain degree of expertise lies within the industry, with a number of innovative projects and concepts already available on the market, the Authority is reaching out to interested parties willing to share information regarding their cryptocurrencies and/or DLT projects. This can be done by registering interest and providing details on these projects by sending us an email on email@example.com by not later than Monday, 8 January, 2018.
The Authority will be evaluating all submissions with a view to enrich and render more practical the sandbox environment and DLT guiding principles it intends publishing in Q1 of 2018.