Malta Gaming Authority sets new Blockchain game rules. Malta Gaming Authority (MGA) publishes a guide with recommendations on the use of Blockchain technology and cryptocurrencies within the country’s online gaming arena.
The Malta Licensing Authority has been renamed to Malta Gaming Authority
Renamed Malta Licensing Authority to Malta Gaming Authority (MGA) for short. MGA is also known as Authority Lottery and Gaming Authority (LGA). In 2001, the MGA mission was established by law on other games and lotteries. MGA’s mission is to prevent money laundering, to prevent corruption and criminals, to ensure fair game play, to protect vulnerable and small players with an understanding of transparency, to ensure that the game industry is carried out in various fields and lottery draws are carried out in a correct system. MGA licenses many areas in the betting industry, including remote gaming.
The criteria contained in the document stem from Malta’s need to protect its reputation
The document is open to feedback and protects consumers, regulatory and informative to prevent money laundering and other crimes. The criteria contained in the document stem from Malta’s need to protect its reputation. As a result, this sandbox could lead to new regulations for Malta’s remote gaming ecosystem.
Companies wishing to accept cryptocurrencies will now need to meet a number of conditions
In particular, accepting cryptocurrencies Companies that want to use crypto will now have to meet a number of conditions, such as providing financial and technological value, being able to trade on exchanges with “competitive market capital”, and being an integral part of the company’s use case.
The “transparency of games hosted by an operator.” MGA has announced that it will evaluate each cryptocurrency and give final approval as to whether a company can use them in its own business. In the document, similar conditions apply for special cases.. Games hosted by an operator are required to use Blockchain technology to “maintain transparency and prove the fairness of these games”. In this sandbox, MGA will accept games hosted on a fully or partially blockchain environment, provided the operator makes sure that the game service is not unnecessarily disrupted by such operational setup.
Malta Gaming Authority will return to those who want to get information about the guide until April 30, 2018
The guide also stated how the AML procedures will work, and the game operators’ crypto money or special tokens. states that it is necessary to plan for risks that may arise or worsen by using it as a funding method.. Anyone wishing to provide feedback on the guide should send an e-mail to the MGA by April 30, 2018.
Coindesk