The Malta Gaming Authority (MGA) has issued a call for interested parties to register their interest and provide details on Distributed Ledger Technology (DLT) and cryptocurrency projects. The MGA is considering allowing the possibility of having its licensees use cryptocurrencies and DLT – a situation which was not previously allowed.
There are certain safeguards that are required in order to ensure the paramount protection of consumers, adhere to the rules regulating money laundering and the funding of terrorism as well as ensure that the Maltese jurisdictional reputation for high standards is upheld. To this aim, the MGA is in view of establishing a sandbox test for the use of cryptocurrencies within the remote gaming sector, thereby enabling the MGA to explore this introduction within a controlled environment. Concurrently, the Authority is also in the process of drafting a set of principles for the application of DLT within the industry. The MGA plans to publish the aforementioned principles within the first quarter of 2018.
It is for this reason that the MGA has reached out to industry insiders and experts to share their knowledge and practical insights on DLT and cryptocurrencies, in particular considering that the Maltese Prime Minister has expressed his intention for Malta to become a leader in the industry. Where other countries have opted to ban or stifle the growth of cryptocurrencies and DLT, this has encouraged the growth of this industry in Malta, and steps such as this one ensure that this growth is complemented with practical insights and proper understanding of the intricacies of these technological advancements.
Interested participants are encouraged to register their interest and provide details on their projects to the MGA by no later than the 8th January 2018.
For more information on Cryptocurrencies, Bitcoin, Blockchain, Smart Contracts and related areas please contact Dr Ian Gauci on igauci@gtgadvocates.com