Malta’s government has advanced its plans for a cryptocurrency legalisation and allow the usage of so called cryptocurrencies, as for example Bitcoins at online casinos.
To effectively regulate the digital currency in gaming, a detailed technical study was already commissioned by the MGA (Malta Gaming Authority), which is in charge of supervising the offline as well as the online casinos operations in Malta.
Joseph Cushier the Executive Chairman of MGA, is convinced that cryptocurrencies and Blockchain technologies are rising innovations. Therefore, they want to determine carefully which opportunities but also which potential risks they hold if they are adapted to the gaming industry.
Cuschieri indicates: “The shape and form of the framework governing cryptocurrencies will be announced in due course and once the risk assessment is carried out. Once the results of the study are evaluated, the MGA will make its position official on how cryptocurrencies will be adopted.”
The Maltese government is convinced by the potential and the opportunities Blockchain technologies and cryptocurrencies hold. Therefore, they intend to boost their development in the country aggressively. Aim is to position Malta as one of the leading users of digital currencies and Blockchain worldwide.
During the launch of the government’s Blockchain strategy, in April 2017, Malta’s Prime Minister Joseph Muscat stated, that the country should be one of the first to adopt Blockchain.
During the launch Muscat said: “We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy.”
Silvio Schembri, the Digital Economy Parliamentary Secretary, has announced that, in order to attract Blockchain companies to the current project, the Maltese government is already committed to introduce the ledger technology to the public.
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