The Malta Gaming Authority’s (MGA) white paper on the future of the iGaming regulatory framework featured a short but promising piece about the acceptance of cryptocurrencies, recognising them as “fast and cost-effective alternatives to traditional payment mechanisms” while promising the allowance of usage by MGA licensees of such cryptocurrencies.
Bitmalta welcomes this position taken by the MGA which is in line with what the Prime Minister has been stating over the past few weeks when expressing his wishes that Malta becomes one of the leading jurisdictions championing the blockchain technology and cryptocurrencies. Since Malta prides itself as being one of the main hubs for remote gaming, it is only logical that it should support suppliers and operators alike in adopting one of the most promising technological advances of the last decade.
However, this is just but one small step which has been taken in progressing towards full adoption of the blockchain technology and cryptocurrencies, and possibly a late one at that. Other jurisdictions such as the United Kingdom have already legislated in favour of the use of cryptocurrencies by remote gaming operators, and unless Malta wants to play second fiddle to such other jurisdictions, it should ramp up its efforts to embrace such technologies by speeding up the process and employing the services of experts readily available in the Maltese islands who would be more than glad to aid Malta in repeating its resounding success achieved in 2004 when it was the first jurisdiction in Europe to successfully regulate remote gaming. The opportunity is ripe for such another historic advance, which would even dwarf what was achieved in 2004.
Bitmalta offers its full support to the MGA in this decision and believes that while one should never legislate in haste, the excuse that one should preferably err on the side of caution when considering cryptocurrencies has long since expired, and Malta as a jurisdiction should either ride the wave or be buried under it.