Malta Gaming Authority White Paper Results Published

Published Saturday, July 15, 2017 - Online-Casinos.com
Malta Gaming Authority White Paper Results Published

The internet is constantly changing to adapt to new technology and trends. Institutions that regulate and try to control online gambling are always seeking the input of stakeholders to adjust the rules and respond to requested amendments.

The online gambling regulatory regime of Malta has recently announced it plans to amend its conditions for approval and adjust the legal regulatory framework to be more streamlined. The essential goal of the consultation process is a new Gaming Act with the intent to reduce “unnecessary regulatory burdens” while letting the MGA strengthen supervision, “on the areas which present a higher risk profile.”

The current multi-tiered licensing system in Malta will be adjusted to just two types of licenses, the business-to-consumer and business-to-business. The term for the license will be doubled from five years to ten. Taxes will become “one flow with two main layers.” It is proposed that B2B licensees are to be exempt from gaming tax to attract operators to the nation.   

The changes are a matter of preparedness for the Maltese online gambling industry with the publication of a “white paper” intended to ‘Future Proof’ the respected and lucrative business. The Malta Gaming Authority also said it wants to move ahead towards, “an objective-based rather than excessively prescriptive regulatory approach” to encourage innovation while still making sure that the authority’s objectives are met. The MGA also has a plan to develop its regulatory capacity to “allow for intervention where necessary and in a proportionate manner.”

During these regulatory changes for the Authority the organization says it remains “committed to allow the use of crypto-currencies by its licensees in the immediate future.” The maturation of crypto-currency use and the concept of blockchain becoming entrenched the MGA now recognizes that use of virtual currencies is “inevitable.”

Keeping in tune with industry changes is what good regulatory bodies need to do. Malta is still setting a standard for online gambling operators that is the baseline for progress.

 

 

 

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