The Malta Gaming Authority (MGA) has created a guide on how to use the distributed ledger technology and crypto assets in the national gaming industry.
The document was entitled “Guidance on the Use of Distributed Ledger Technology and the acceptance of Virtual Currencies through the Implementation of a Sandbox Environment” and published on MGA’s website.
At the moment, the document published as a guide is open to any feedback. It refers to the benefits of the new guide, namely “the need to protect consumers, prevent money laundering and other crimes“, but also the need to improve the Malta’s image. Thus, the instructions mentioned in the document will inform users about the “sandbox” environment.
Companies based in Malta that intend to accept crypto assets are required to satisfy a number of conditions, including the fact that the digital asset is actually a virtual financial resource that is available for being traded on stock exchanges, but also that these have become an important component of the modern society.
The government authorities ensure they will check each crypto asset and provide the final decision on whether these can be typed in the company’s operations. The same instructions will be applied to tokens.
“For the duration of this sandbox, the MGA will accept games that are hosted fully or partially on a blockchain environment, provided that the operator shall ensure that the gaming service is not unduly disrupted by such operational setup.”, according to MGA.
Also, the guide proposed by the Malta Gaming Authority is linking to the ways that will help to combat AML procedures, identifying that “game operators must plan for the risks that may arise or be exacerbated by the use of cryptocurrencies or custom tokens as a funding method“.
Those interested in giving feedback are kindly requested to send an email to MGA by 30 April 2018.