After introduction of several amendments to the current gambling legislation Malta is looking forward to implementing cryptocurrency into the iGaming industry.
Back in April, Joseph Muscat, the prime minister of the country, announced that Malta is going to become one of the first countries to legalize usage of block chain technologies and other cryptocurrencies.
The Maltese gambling regulator Malta Gaming Authority (MGA) is planning to allow using cryptocurrency payments in the iGaming industry, particularly in its online sector. Consequently, providers operating under the national jurisdiction are going to get an additional advantage and in near future will be able to offer these services by the means of their licensed platforms.
Such innovations are meant to turn Malta into one of the leading countries of the iGaming industry. According to the newspaper Malta Today, MGA has already conducted an analysis of the current market confirming general readiness of the iGaming market to use cryptocurrency.
However, regulators are looking forward to conducting a research in order to make sure that implementation of cryptocurrencies won’t jeopardize transparency of financial transactions and won’t lead to increase of cyber – crime that might eventually cast a shadow on the reputation of Maltese jurisdiction.
Currently legislators are working on framing a comprehensive structure aimed at placing control over cryptocurrency transactions. The legal framework and anti-felonious guarantees will be publically discussed already by the end of this year. Additionally, Maltese legislators are also reviewing guidelines over crackdown on money laundering. These laws include special provisions regarding cryptocurrencies.
BitMalta, the first organization on the said island specializing in promotion of Bitcoin and the rest of cryptocurrencies, has recently announced:
“Malta is proud to be named one of the main hubs of remote gambling and it’s quite predictable that it supports providers and operators in their desire to implement and promote some of the most promising technological advancements of the last decade. It’s just a small step towards full integration of block chain technologies that will mark the beginning of something bigger”.
In addition, BitMalta pointed out that such jurisdiction as the British one has already introduced several legislative decrees stipulating implementation of cryprocurrencies and their free use by different gambling operators. If Malta still wants to preserve its headship in introduction of block chain technologies it has to focus on speeding up of all the necessary legislative processes.
“I have a clear realization of the fact that regulators must be apprehensive about this technology, however, the truth is that it inevitably approaches us. We have to keep our leading positions, being the first ones to encompass and promote this important advancement, as we cannot simply wait while competitors will take the same measures. We have to be real trendsetters and the rest should just follow us”, commented the prime minister of Malta. “It doesn’t refer to Bitcoin only. I also expect that this technology will be soon implemented in land register and public health institutions”.