When it comes to blockchain, crypto and distributed ledger technology (DLT), Malta likes to believe its miles ahead of the pack. In a step to make the government’s bold claims a reality, the Malta Gaming Authority (MGA) has launched phase one of its crypto and DLT regulatory sandbox. The MGA announced the sandbox would go live in early 2019 several months ago, along with a raft of regulations. This new sandbox makes the Malta gaming license more attractive to companies and will make it one of the most prestigious gaming licenses in the world.
Protecting the Gaming Industry from Crypto
This new sandbox focuses solely on the regulation of cryptocurrencies and DLT being used in online casinos and sportsbooks. There are already a number of online casinos and sportsbooks offering cryptocurrency play, but there are very few licenses available for these practices. By regulating how this new breed of casinos and sportsbooks operate and are licensed, Malta is hoping to make the space safer than ever before – after all, look at the amount EOSBet has lost due to poor infrastructure.
Malta Pushing the Boundaries of Crypto Regulation
The sandbox announcement only helps to cement Malta’s position as an industry leader in blockchain and crypto regulation. Once the sandbox phase is completed in 10 months’ time, proper regulations will be drafted and rolled out. These complete regulations will mean that the entire blockchain and crypto industry will be regulated in Malta – being the first country to achieve such a feat.
Is Malta Slowing Down?
Since Malta’s crypto friendly laws went live in November 2018, it has been rather quiet on the cryptocurrency front in Malta. Very little action has been going on as the Malta Financial Services Authority (MFSA) starts the regulatory process. Many are concerned that the regulations were simply a marketing stunt to draw more businesses to the island and that the self-dubbed “blockchain island” could be stalling. After two-thirds of applicants failed the country’s first crypto agent exam, you can hardly blame people for speculating about the country’s future in blockchain.
Crypto gaming is becoming incredibly popular – BitStarz Casino is a huge testament to that fact – and as more casinos and sportsbooks become regulated, it will become safer and more popular. If people have the ability to play with their crypto, it gives cryptos a real purpose where adoption isn’t so great. On top of this, this sandbox allows for more games to be available to players throughout Europe and beyond, meaning you can have access to the very latest games without needing to use a VPN.
