SBC News MGA seeks guidance on policy development of Virtual Assets

MGA seeks guidance on policy development of Virtual Assets

The Malta Gaming Authority (MGA) requires stakeholder guidance on its proposed policy related to its Innovative Technology Arrangements (ITAs), and the acceptance of Virtual Financial Assets (VFAs) and Virtual Tokens. 

Guidance is required as the MGA plans to introduce new policies that will develop and strengthen its regulatory stance on the acceptance of VFAs and virtual tokens.  

Furthermore, the Authority requires deeper insights into the use and management of ITAs, including Distributed Ledger Technology platforms and smart contracts, used by authorised persons.

Supporting its research, the MGA has launched an ongoing consultation that will run until 14 December, providing stakeholders the opportunity to submit feedback.

The MGA has implemented a ‘Sandbox Environment’ to test the application and acceptance of  VFAs and ITAs, which shall expire on 31 December 2022.

Further developments will see the Authority launch a series of dedicated Regulatory Workshops that will serve as a  “structured touchpoint between industry stakeholders and the MGA and to encourage an informal exchange of views around regulatory topics of mutual interest”. 

The MGA will be inviting interested stakeholders to participate in the first workshop that will be held in December 2022.

Headline directives see the MGA continue to develop its new proposals to reform its Player Protections Directive, which undertook a ‘closed consultation’ with licensees in October.

The regulator is finalising new player protection guidelines for licensees that will be published in 2023.  

SBC News MGA seeks guidance on policy development of Virtual Assets

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