The Malta Gaming Authority Provides Information on Cryptocurrency and Blockchain Framework
The MGA provides additional information regarding the new Cryptocurrency and Blockchain Sandbox framework this week. The newly introduced Sandbox Framework will broaden the adoption of Virtual Financial Assess and Virtual Tokens and Innovative Technology Arrangements (ITAs) across the industry. The news was released during the Delta Summit. The new framework will comprise two phases says the MGA. The first phase will commence January 1, 2019.
MGA’s CEO, Heathcliff Farrugia commented on the newly released information saying,
“The MGA’s strategic mission is to be at the forefront of gaming regulation whilst embracing innovation. This, coupled with the rapid rise in interest from gaming operators to incorporate VFAs and DLT into their operations, were the main drivers behind the proactive approach taken by the Authority to issue a Sandbox Framework for the use of these technologies within a controlled regulatory environment. This Framework is intended as a live document and will therefore be subject to feedback and potential updates during its duration, whilst also keeping in consideration any technological or regulatory developments which may occur. The MGA envisages that this framework will run until end of October 2019, although its extension, both partially and wholly, could be a possibility. The Delta Summit is definitely the ideal place to launch this sandbox.”