Didn’t you know that Malta has become known as the ‘‘blockchain island’’ in the past decade? That is because Malta is one of the most advanced countries when it comes to innovation and blockchain technology due to the fact that it is the first country that provided legal frameworks for all iGaming firms.
In fact, the application of three of the biggest laws on cryptos and DLT (distributed ledger technology) in 2018 has made it possible to crown Malta as ‘‘blockchain island’’.
The global revolution that blockchain technology has made in the world is something that many operators don’t want to miss out on. In fact, many casino operators have begun to integrate DLT-like features within their services recognizing benefits of this technology. Experts from ICOpulse.com wrote a big article discussing benefits of using Bitcoin in a casino. I recommend checking it out if you are interested in this subject.
What is next with MGA and its Trial-and-Error Approach?
The last movement by MGA (Malta Gaming Authority) was helping iGaming firms to embrace blockchain technologies and cryptocurrencies as a payment option in a controlled environment through testing.
Early this year, some regulatory institutions started accepting applications coming from different iGaming operators throughout Malta wishing to integrate VFA (Virtual Financial Assets). Virtual Tokens will be offered directly as a method of payment as well as a wide range of other uses.
In fact, this is a part of an experiment that will last for at least 10 months. Within this 10 months frame, the authority started to test a sandbox environment that operators must accept and make sure they won’t break the rules established by the authority.
What an iGaming company has to do to join?
In order to get started and join the sandbox as an iGaming operator, you must meet a list of requirements. The requirements have been published by the authorities on their official website.
So, if you want to get a license to start offering your services in Malta you have to go through a tough process in which new and not popular iGaming companies stand no chance.
But for those who are willing to try, Malta has its own law firm called WH Partners. This firm will help any aspiring operator go through the licensing process.
We are happy to see that Malta is now a blockchain island where casinos and other online gaming companies are embracing crypto and blockchain thanks to properly established regulations.