“The MGA’s strategic Assignment is to be in the forefront of Gambling Law whilst Adopting innovation”, says Recently appointed MGA Chief Executive Officer Heathcliff Farrugia
The Malta Gambling Authority released today information about its recently introduced Sandbox Framework for its approval and wider adoption of Virtual Financial Assets and Virtual Tokens (cryptocurrencies) and Innovative Technology Arrangements (ITAs) as part of this island nation’s approach to become a leading blockchain and virtual currency hub.
The local gambling regulator shed new specifics about its updated strategy toward cryptocurrencies as well as the technology powering those throughout the inaugural edition of Delta Summit. The brand-new conference is currently taking place in the Intercontinental Arena Conference Centre in St. Julian’therefore, Malta and aims to promote blockchain engineering and other technology innovations that will be successfully implemented in the gambling and financial sectors.
The MGA stated in a press release on its official website that its Sandbox Framework, which was approved by Maltese lawmakers earlier this season, will roll out in 2 stages. The first stage will begin on January 1, 2019 and will involve the regulatory body accepting applications for using DLT (Distributed Ledger Technology) assets (that is Virtual Financial Assets and Virtual Tokens) as a payment method. The next stage will involve the extension of the Sandbox Framework so that it takes applications for using ITAs within important technical gear of MGA licensees.
The MGA’s tactical mission is to be in the forefront of gaming regulation whilst embracing innovation. This, coupled with the rapid rise in interest from gaming operators to integrate VFAs and DLT in their surgeries, were the principal drivers behind the proactive approach taken by the Authority to issue a Sandbox Framework for using these technologies inside a controlled regulatory environment.
What’s Next for the Sandbox Framework?
The MGA stated in its press release that the frame has been crafted as a live document which means that feedback from interested parties is welcome and that the frame will probably be subject to prospective upgrades within its duration. The regulator further pointed out that the frame will run through the end of October 2019 and that it could be partly or wholly extended.
News concerning the MGA’s plans to conduct a sandbox test environment to ascertain the advantages and risks of their use of cryptocurrencies and the technology within Malta’s gambling industry behind those first surfaced last September. The initiative will largely focus on based virtual monies but operator-generated tokens will, too, be assessed, it has also become clear.
The initiation of the sandbox evaluation arrives soon after Malta implemented its new Gambling Act. The legislative piece contains provisions that garbage and simplify the nation’s previous system for issuing licenses to curious gambling companies. Rather than multiple permits, the MGA now grants two types of licenses — for B2B surgeries and B2C operations. The enforcement of this updated Gaming Act a part of Malta’s approach to further cement its reputation as a favorite online gambling and innovative technology destination.
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