The Malta Gaming Authority has issued a consultation document which provides 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 area. 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 characteristics of virtual currencies, while often cited as drivers for their adoption, simultaneously pose a number of risks which need to be addressed in a well thought out manner. These risks need to be addressed in order to protect consumers, to prevent crime and money laundering or funding of terrorism and at the same time protect the reputation of the Maltese jurisdiction.
The MGA has thus issued for public consultation, criteria 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 various adaptations within the industry.
Closing date for feedback isMonday, 30 April, 2018.