Cryptocurrency Guidelines Issued By MGA
At the recent Delta Summit in Malta, which discussed the use of cryptocurrencies, the Malta Gaming Authority published their guidelines on how to implement payments using Bitcoins and other virtual methods. From the beginning of 2019, the MGA will accept applications from casinos in their jurisdiction to process payments in so-called Virtual Financial Assets. In a second phase, applications to use other Innovative Technology Arrangements, (ITA's), will be considered.
The Delta Summit was created to promote virtual currencies and blockchain services. Malta is seen as a leadiing jurisdiction in the use of Virtual Financial Assets and the local parliament has recently approved the VFA act which regulates the technology. This initial summit provides a framework for Maltese authorities to outline details of their approach to VFA's and ITA's to the wider world.
Major blockchain companies were represented at the event, along with noted guest speakers and exhibitors. The framework reflects the growth in interest in using cryptocurrencies across iGaming sites and is intended as a working document which can be subject to amendments.
The MGA envisages that this framework will run until end of October 2019, although its extension, both partially or wholly, could be a possibility. The Delta Summit is definitely the ideal place to launch this sandbox.
MGA’s Chief Executive Officer, Heathcliff Farrugia
Source: Malta Gaming Authority introduces cryptocurrency guidelines www.mga.org.mt 10th October 2018
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