MGA seeks interest in DLT, cryptocurrency projects

6 December 2017

The Malta Gaming Authority (MGA) has called for companies to register their interest in Distributed Ledger Technology (DLT) and cryptocurrency projects.

In a statement on its website, the MGA said it is keen to gather opinion on these two markets as it considers allowing the application of DLT and cryptocurrencies by its licensees.

The regulator also said in order for the potential changes to come into effect, it must ensure both consumers and reputation of the Maltese jurisdiction are protected, while such activities cannot actively contribute to crime, money laundering or the funding of terrorism.

“The MGA is currently in the process of establishing the sandboxed (test and learn) live environment for cryptocurrency usage within the remote gaming sector, whilst also drafting guiding principles for the application of DLT and its various adaptations within the industry,” the MGA said.

“Cognisant of the fact that a certain degree of expertise lies within the industry, with a number of innovative projects and concepts already available on the market, the Authority is reaching out to interested parties willing to share information regarding their cryptocurrencies and/or DLT projects.”

The MGA intends to evaluate all submissions, with a view to publishing “more practical the sandbox environment and DLT guiding principles” during the first quarter of next year.

The move comes after the MGA last month revealed that gaming added more than €556m ($657.6m) to the domestic economy in the six months to June 30.

Related article: Gambling adds €556m to Malta economy in H1