Malta Gaming Authority adopts cautious approach to "risky" bitcoin

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Aug 16, 2016.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    It's been a mixed few weeks when it comes bitcoin gambling regulations. On the positive side, the Isle of Man Gambling Commission has been drawing up preliminary guidelines for crypto-gambling, while the UK Gambling Commission have gone one step further by permitting their licencees to accept digital currencies.

    Unfortunately, the Malta Gaming Authority (MGA) doesn't appear to be quiet as progressive when it comes to crypto-currenices like bitcoin. Joseph Cuschieri, executive chairman of MGA, recently said in an interview that he still sees crypto-currencies "as a risk" and that the MGA has refused all requests by licencees to use BTC.
  2. PokerGod

    PokerGod Member

    that dude needs to get with the program. unless the malta gambing authority starts to regulate for crypto gambling they are going to lose a lot of customers.
  3. Humble Servant

    Humble Servant Active Member Staff Member

    The Malta Gaming Authority appear to be moving closer to recognising bitcoin according to an article in Malta Today. There are rumours that a decision will be made in the coming weeks, which would be good news for the hundreds of online casinos based in Malta who are unable to accept BTC because of MGA's anti-cryptocurrency regulations. Their decision may be influenced by the fact that NetBet recently became the first UK Gambling Commission licensed gambling site to accept BTC. Malta will not want to lose competitiveness and be left behind if other gaming regulators around the world approve bitcoin as a payment option.
  4. Humble Servant

    Humble Servant Active Member Staff Member

  5. Humble Servant

    Humble Servant Active Member Staff Member

  6. Humble Servant

    Humble Servant Active Member Staff Member

    According to the Malta Times, The Malta Gaming Authority are running a "sandbox test" with a fake virtual currency to see if the controls and regulations they've laid out are effective enough and to identify strengths and weaknesses. According to the Prime Minister Dr Muscat, the aim is to turn Malta into the "blockchain capital of the world".

    If this process is successful, then we should see the first crypto-currency gambling sites being licensed by the Malta Gaming Authority within a few months.
  7. Toast

    Toast Member

    i wonder will the crypto bubble bursting in 2018 make these gambling jurisdictions even more wary of regulating crypto.

Share This Page