On the 1st of January, 2019, the Malta and Gaming Authority (MGA) initiated the first phase of its Sandbox Framework for the acceptance of Virtual Financial Assets (“VFA”) and the usage of Distributed Ledger Technology (“DLT”) within the Gaming Industry. During this phase, the MGA will be accepting applications for the usage of DLT Assets (whether via direct usage or via third party service providers) by its respective licensees. It is planned that the phase will last for 10 months, which the MGA may extend as appropriate. The MGA has also updated the Licensee Relationship Management System to allow new and existing licensees to take advantage of these amendments.
MGA introduces crypto and blockchain in the Gaming Industry
How can we help?
For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.
Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria. For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected].