The Malta Gaming Authority (MGA) has launched the Sandbox Framework for acceptance of Virtual Financial Assets (VFA) and the use of Distributed Ledger Technology (DLT) within the Gaming Industry.
Applications For The Use Of DLT Assets
The MGA will during this first phase be accepting applications for the use of DLT assets within gaming operations, either directly or through third party service providers. This phase is scheduled to last for 10 months but could be extended if deemed fit by the said authority.
Approvals to participate in the framework is conditional on the applicant having a valid gaming license issued by the Malta Gaming Authority. Furthermore, adherence to the newly implemented VFA Act and crypto-related regulations is needed in order to regulate the use of such DLT based technology in the Maltese licensed gaming industry.
Updated License Application
For new operators seeking to acquire a license, the new license application launched by the MGA now includes the use of DLT assets.
Existing licensees can apply for approvals for the use of DLT assets through application type "new or change in payment methods/ Financial Management Information".
A Game Changer For The Gaming Industry?
Malta's gaming industry has been on the forefront and is a widely popular license for international companies to operate their online gaming business from. With the introduction of the VFA Act, the formerly grey-zone-business of DLT and crypto-related companies are now regulated in Malta as well.
The Innovation Team at the MGA has now taken the first step to officially allow Distributed Ledger Technology within the gaming industry. This mean a sound framework for the use of new technology in gaming transactions and payment methods allowed. This could potentially bring new innovation and change the way products are working today.
Time will tell but considering the innovation within the industry and agility of gaming operators, this could potentially be a major game changer for both the gaming industry and DLT service providers in Malta.
.webp)
