As we speak, Malta is in the works of allowing the legal use of cryptocurrencies like bitcoin, at online casinos.
Malta’s regulatory officials from the Malta Gaming Authority (MGA), have recently spoken in an official press conference that they will be approving the use of Bitcoin, along with other digital tokens in Malta’s online casinos. According to reports, the representatives have declared to run a thorough study of the risks and opportunities of implementing cryptocurrencies in the gaming sector.
This news came almost half a year after the Malta Gaming Authority formally announced that they are planning to regulate bitcoin. Back then, the use of Bitcoin had already been welcomed by the UK Gambling Commission, which further urged the MGA to follow a similar course of action. Especially, since the MGA wanted to stay in the lead for Europe’s casino licensing competition.
Furthermore, a white paper was presented by a regulatory body that specified several significant changes to the monitoring framework for the casino sector in the region. One can only estimate how willing they are in accepting these changes and it is claimed that action will only be taken once there is a sit down between these officials. Represented by MGA’s Executive Chairman, Joseph Cuschieri, the study included an extensive research on the use of digital currencies in the online gambling sector and the risks that come along with its espousal. In other words, it’s basically spelled out for the MGA on how they can legally introduce bitcoin and other digital tokens, specifically for gambling purposes, in the safest way. They will go about an approach once a collective decision has been made on how to proceed.
Not to Be Outshined
Prior to the official release of the white paper, Malta’s Prime Minster, Joseph Muscat, declared that the nation will be on the “frontline” in accepting this fundamental innovation i.e. Bitcoin and Blockchain technology. He claimed that they must take action and had no interest in copying others but wanted others to mirror their movements.
It’s pretty clear that Malta’s government has bigger plans in mind – particularly considering the announcement made to the local press by Malta’s parliamentary secretary for digital economy, Silvio Schembri – the island is devoted to implementing distributed ledger technology all throughout the public sector and charm top blockchain companies.
However, constructing a regulatory framework for such a rapidly-moving innovation is no child’s play. It requires finding a balance between consumer protection and anti-money laundering implications with rival pressures from other districts.
A local digital currency enthusiasts group known as Bitmalta, preached the MGA’s initiative while also instructing them to pick up their pace in order to keep up with other nations that are in works of legalizing cryptocurrency gambling.
We’re aware that Malta is aiming to attract new cryptocurrency investors and corporations but that does not mean they’d welcome just any rando on board. Cuschieri stated that the only way to control online gambling frauds and protect players is through effective security measures and law enforcements.