The MGA Issues a Call for Submission of Details on Distributed Ledger Technologies and Cryptocurrency Projects
News    ·   18-12-2017
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AUTHOR: Malcolm Falzon; Terence Cassar; Alexia Valenzia

The Malta Gaming Authority (the “MGA”) has issued a statement calling for interested parties to share details of existing or planned projects related to Distributed Ledger Technologies (“DLTs”) and cryptocurrencies within the gaming industry (“Call”).  The Call outlines that the MGA is currently in the process of establishing a “sandboxed test” (test and learn) live environment for cryptocurrency usage for the placement of bets and is drafting guiding principles for the application of DLTs within a gaming operator’s day-to-day operations. The MGA will be assessing all submissions in order to improve the sandboxed test by creating a more realistic and practical environment, as well as improving its DLT guiding principles, which are intended to be published in Q1 of 2018.

The publication of the Call follows the MGA’s release of a white paper on future-proofing Malta’s gaming legal framework in July 2017.  Within this white paper, the MGA stated that it is aware of the inevitable rise in importance of cryptocurrencies and that it intends to allow the use of cryptocurrencies by its licensees in the near future, whilst also noting however, that there are various risks associated with cryptocurrencies and DLTs.  The incorporation thereof within the gaming industry requires mitigation of these risks through the introduction of safeguards so as to protect consumers and prevent crime, in particular the crimes of money laundering and terrorist funding. 

Interested parties willing to respond to the Call are asked to register their interest and supply the requested information by email to the MGA on innovation.mga@mga.org.mt by no later than the 8th of January 2018. 

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