Malta prepares for cryptocurrency casino legislation

Malta, a small island adrift in the Mediterranean Sea, is set to make waves in the world of online gambling as the Malta Gaming Authority, the regulatory body responsible for gambling in the island-state, has revealed that a new technical study will be conducted to analyse how to best approach the issue of cryptocurrency and online gambling.

This move comes months after Malta adopted an official blockchain strategy and the Maltese Prime Minister, Joseph Muscat, sees blockchain technology and cryptocurrencies as an area in which Malta can be leaders, stating: “Having a strategy would encourage investors to come here. Malta could be a trailblazer in this sphere. We need to be a frontline country when it comes to this innovation; we cannot wait for the regulators to reach their conclusions and then have to copy what other countries are already doing.”

The latest news revolves around comments attributed to the Malta Gaming Authority’s Executive Chairman Joseph Cuschieri, who was quoted as saying: “The shape and form of the framework governing cryptocurrencies will be announced in due course and once the risk assessment is carried out. Once the results of the study are evaluated, the MGA will make its position official on how cryptocurrencies will be adopted.”

His comments hint that a plan is already being developed within the Maltese administration and it sounds promising. Malta is a country that has been linked with gambling, both land-based and online, for some time as both have an extensive presence. Gambling on the island is kept under control by the watchful eye of the Malta Gaming Authority which is responsible for all kinds of gambling from casinos to lotteries to sports betting to bingo to online casinos. Malta is also home to numerous software developers of online casino games so the environment on the island is one that is welcoming towards the gambling industry.

Another boost for those interested in the further adaptation of cryptocurrencies is set to come our way from this drop of land just south of Italy while the news that cryptocurrencies could be used for online gambling without any restrictions is sure to turn the heads of those online casinos looking to set up legitimately within the European Union.

Comments are closed.