Businesses in the fastest growing iGaming market have another reason to consider moving to Malta. This is because the Malta Gaming Authority opted to introduce a new sandbox that will be used for the virtual financial assets and the cryptocurrencies. This new sandbox will unleash the new crypto regulations in the country’s online gaming market. Malta had already implemented some crypto-related regulations, even though they leave the entire online gaming market shaken up. But with the new crypto regulation sandbox by the MGA, more cryptocurrency online gaming companies will start opening up shops in Malta.
The 2-Phase Rollout
According to the Chief Executive Officer of Malta Gaming Authority, Heathcliff Farrugia, the program will be rolled out in two main phases. On the 1st of January 2019, the agency announced that it would have begun to accept the applications for the use of the DLT – Distributed Ledger Technology as a means of payment. This implies that the online gaming companies that own this license will have opportunity to accept the crypto deposits. The second phase was expected to follow suit immediately. It would extend the application to enable the use of ITAs – Innovative Technological Arrangements. What this means is that blockchain casinos will have opportunity to apply for regulation in Malta and get the coveted Maltese license in return.
How The Casino Players Will Benefit
How the casino players will benefit from this new sandbox is also an important factor to consider. With this new license, more games providers will have their registrations done in the European Union. As a result of this, players will have an opportunity to play more games. There are certain games that are locked to particular geolocations, which can be bypassed by a VPN. The new license will also give the providers an opportunity to provider more of their gaming products to more European countries and world over. At the end, the casino lovers will a wider selection of games to play at various online casinos.
Crypto Casinos Still Growing In Popularity
More people are getting into the casino market with every passing day. And all they need is more ways of spending the virtual coins or just having fun with them. The crypto casinos give the players an opportunity to deposit their crypto coins such as Bitcoin, Bitcoin Cash, Ethereum and others, and get a chance to play their favorite casino games. The crypto industry has just been compared to a huge unregulated casino.
More Benefits Of The New Regulations
The proposed new sandbox for iGaming cryptocurrency regulation will come with a number of benefits. Apart from making the online gaming market fairer and safer for all the stakeholders, it will also make the market move forward and grow more. With the introduction of the blockchain technology, games are continuing to be fair. This new regulation form is only expected to make things much better. Malta is finally bringing together its two largest businesses together – online gaming and blockchain. It shows that there is hope for the future.