The Malta Gaming Authority (MGA) has published a White Paper proposing major reforms to Malta’s gaming legal framework. The existing legislation would be repealed and replaced by an Act to be called the ‘Gaming Act’. The changes would include replacing the current multi-license system with a system in which there will be two different types of licenses – a B2C and a B2B license. The B2C license will offer services to players while the B2B license will offer services or platforms to other companies.
The new law would also widen the MGA’s powers under the compliance and enforcement functions to better achieve regulatory objectives in line with developments on anti-money laundering and funding of terrorism obligations. It is also expected that the new legal framework will allow the use of cryptocurrency in the remote gaming sector. Furthermore B2B licenses will be exempt from gaming tax.
The White Paper can be viewed online http://www.mga.org.mt/wp-content/uploads/White-Paper-to-Future-Proof-Maltas-Gaming-Legal-Framework.pdf