Malta Makes Preps to Approve Future Bitcoin Gambling

Avatar
Bitcoin gambling in Malta will soon be approved
Bitcoin gambling in Malta will soon be approved.

As we speak, Malta is in the works of allowing the legal use of
cryptocurrencies like bitcoin, at online casinos.

Malta’s regulatory officials from the Malta Gaming Authority (MGA), have
recently spoken in an official press conference that they will be approving the
use of Bitcoin, along with other digital tokens in Malta’s online casinos. According
to reports, the representatives have declared to run a thorough study of the
risks and opportunities of implementing cryptocurrencies in the gaming sector.

This news came almost half a year after the Malta Gaming Authority
formally announced that they are planning to regulate bitcoin. Back then, the
use of Bitcoin had already been welcomed by the UK Gambling Commission, which
further urged the MGA to follow a similar course of action. Especially, since
the MGA wanted to stay in the lead for Europe’s casino licensing competition.

Furthermore, a white paper was presented by a regulatory body that
specified several significant changes to the monitoring framework for the
casino sector in the region. One can only estimate how willing they are in
accepting these changes and it is claimed that action will only be taken once
there is a sit down between these officials. Represented by MGA’s Executive
Chairman, Joseph Cuschieri, the study included an extensive research on the use
of digital currencies in the online gambling sector and the risks that come
along with its espousal. In other words, it’s basically spelled out for the MGA
on how they can legally introduce bitcoin and other digital tokens,
specifically for gambling purposes, in the safest way. They will go about an
approach once a collective decision has been made on how to proceed.

Not to Be Outshined

Prior to the official release of the white paper,
Malta’s Prime Minster, Joseph Muscat, declared that the nation will be on the “frontline”
in accepting this fundamental innovation i.e. Bitcoin and Blockchain
technology. He claimed that they must take action and had no interest in
copying others but wanted others to mirror their movements.

It’s pretty clear that Malta’s government has bigger plans in mind – particularly
considering the announcement made to the local press by Malta’s parliamentary
secretary for digital economy, Silvio Schembri – the island is devoted to
implementing distributed ledger technology all throughout the public sector and
charm top blockchain companies.

Juggling Demands

However, constructing a regulatory framework for such a rapidly-moving
innovation is no child’s play. It requires finding a balance between consumer
protection and anti-money laundering implications with rival pressures from
other districts.

A local digital currency enthusiasts group known as Bitmalta, preached
the MGA’s initiative while also instructing them to pick up their pace in order
to keep up with other nations that are in works of legalizing cryptocurrency
gambling.

We’re aware that Malta is aiming to attract new cryptocurrency investors
and corporations but that does not mean they’d welcome just any rando on board.
Cuschieri stated that the only way to control online gambling frauds and
protect players is through effective security measures and law enforcements.

Author: Paula Gardner