Malta Gaming Authority issues Consultation Document on Sandbox Environment
02 April 2018
The Malta Gaming Authority (MGA) last week published a consultation document which offers guidance on the use of Distributed Ledger Technology and on the acceptance of Virtual Currencies through the implementation of a Sandbox Environment.
Virtual Currencies and Distributed Ledger Technology (DLT) are a new disruptive phenomenon in the digital currency and technology industry. The MGA’s strategy is to be at the forefront of remote gaming regulation while embracing innovation and acknowledging that a prudent approach in this area is both sensible and required.
The features of virtual currencies, while often cited as drivers for their adoption, also pose a number of risks which need to be addressed in a strategic manner.
The MGA is aware of the fact that these risks need to be tackled 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.
By taking into considerations the perspectives of key stakeholders, the online gaming industry and experts in these type of technologies, the MGA is issuing for public consultation, criteria as set out in this paper for the establishment of a sandboxed (test and learn) environment for virtual currency adoption within the remote gaming sector, whilst also drafting guiding principles for the application of DLT and its variations within the industry.
For further information regarding this recent development or any other gaming related enquiry please contact our CEO, Mark Attard.