The Malta Gaming Authority (MGA) is constantly monitoring the tendencies in the field of Blockchain and cryptocurrencies, including their application in various industries related to innovative technologies. Remaining at the forefront of innovations and keeping up with new developments within the gaming industry, the Authority is considering the possibility of allowing its licensees to use cryptocurrency and distributed ledger technology.
The MGA is fully aware of the existing risks and the need to eliminate them for:
- consumer protection;
- prevention of crime and money laundering or funding of terrorism (in accordance with the 4th Anti Money Laundering Directive);
- maintenance of the reputation of the Maltese jurisdiction.
At this point, the Regulator is in the process of creating the “sandboxed environment” (test and learn) for the use of digital currency in the remote gambling. At the same time, the development of guiding principles for the use of distributed ledger technology and methods of its implementation in various industries is being carried out. Taking into account the fact that a significant degree of expertise within the industry lies within the innovative projects and concepts which are already on the market, the MGA is reaching out to interested parties requesting to share information regarding their Blockchain and the Cryptocurrency projects. Data collection will continue until January 8, 2018 inclusive. All the received information will be used in order to form the optimal environment and effective principles of Blockchain which are planned to be published in the first quarter of the next year.