The Malta Gaming Authority (MGA) has simply launched the second section of its Sandbox Framework initiative. The trouble goals to discover how crypto belongings may be used at licensed on-line casinos.
The main iGaming licensing authority will now settle for purposes to begin utilizing blockchain know-how and cryptocurrencies inside their platforms. It follows the profitable completion of the primary section of the initiative by which holders of MGA licences got the chance to experiment with blockchain-based digital assets in a controlled atmosphere.
MGA to Bring Cryptocurrency to Licensed Casinos
Though there may be nothing at all new about crypto casinos, as far as we all know, not one of the main iGaming regulators on the planet have granted a licence to at least one. Nonetheless, the Malta Gaming Authority is seeking to change that as quickly as doable.
Based on a report in online gambling publication iGamingBusiness, the MGA has simply began the second stage of an initiative seeking to discover how licensed online casinos would possibly be capable to use cryptocurrency assets and other revolutionary technologies within their games and platforms.
Following a profitable first section of the Sandbox Framework, launched in January of this year, the authority will now accept applications for what it calls Innovative Technology Arrangements (ITAs).
The report states that prior to an ITA application being authorised, the company in query should bear a full audit to make sure that the regulator will respect any regulatory obligations that may come up from their use of cryptocurrency assets or related technology. All audits should be carried out by an Malta Digital Innovation Authority-approved auditor.
Along with the launch of section two, MGA has determined to increase the entire period of the Sandbox Regulatory Framework initiative. It was initially meant to run for 10 months however its success to date prompted an extension to 31 December, 2021.
It comes as no shock to see the Malta Gaming Authority leading the sector when it comes to crypto asset and blockchain technology integration with online casino offerings. Malta is, in fact, well-known for its progressive stance in the direction of distributed ledger technology.
The federal government of Malta has been eager to create beneficial conditions for blockchain and crypto startups and the island’s lenient rules surrounding the business has meant that large names, such as Binance, have setup shop on Malta. That stated, there have also been reports of younger companies related to the crypto business struggling to access traditional banking services, with banks being extra cautious of companies that offer some type of digital currency, as opposed to those experimenting with distributed ledger technology alone.