Companies operating in the iGaming industry have another reason to look at relocating to Malta. The Malta Gaming Authority (MGA) has just released a new sandbox for cryptocurrencies and virtual financial assets (VFAs). This new sandbox will pave the way for crypto regulations in the online gaming industry in the country – closely following its broader new crypto-friendly regulations.
Malta has already implemented crypto-friendly regulations, but these new rules leave the online gaming industry out in the cold. Thanks to the MGA’s crypto regulation sandbox, we can soon start seeing more crypto online gaming firms opening up shop in Malta and applying for its prestigious gaming license.
Speaking at the Delta Summit, Heathcliff Farrugia – MGA CEO – announced that it would be rolling out the sandbox in two phases. On January 1st 2019, it will begin accepting applications for the use of distributed ledger technology (DLT) assets as a method of payment – meaning online gaming firms with this license can now accept crypto deposits. The second phase will extend the application to allow the use of innovative technological arrangements (ITAs). This essentially means that blockchain casinos will soon be able to apply for regulation in Malta and have a prestigious Maltese license.
More Games for Casino Players
Now for the important part – how our players will benefit from this new sandbox. This new license will mean that more games providers will become registered in the European Union and this means more games will be available for players. Some games are currently locked to certain geolocations, and while this can be bypassed using a VPN, some sites won’t pay out if you break the rules. This new license will allow providers to offer more of their games to more countries in Europe and eventually around the world. Eventually, this will mean that you will have an even wider selection of games to play at your favorite online casino.
Crypto Casinos are Hugely Popular
With every passing week, more people start getting into the crypto world and they want more ways to spend their cryptos – or have fun with them. This is where crypto casinos are joining the party. Crypto casinos – like us here at BitStarz – allow players to deposit their Bitcoin, Ethereum, Litecoin, Dogecoin, or Bitcoin Cash and play their favorite casino games. Some people have compared the crypto markets to a giant unregulated casino, so if you’re tired of being on the wrong end of pump and dump schemes – like we saw at YoBit last week – you should try your luck over at an award-winning crypto casino.
This new sandbox for iGaming crypto regulation will help the online gambling industry move forwards, becoming safer and fairer for everyone involved. Games are becoming provably fair thanks to blockchain technology, and this new form of regulation will only help make things better. Once the regulation is up and running, we will see lots of companies applying for the prestigious Maltese license. The country is finally merging its two most prominent business industries together – blockchain and iGaming. The future looks very bright for Malta and online casinos that’s for sure.