Bitcoin has made some major progress in the cryptocurrency market in recent times. It is slowly becoming an increasingly accepted mode of payment across many businesses. And when it comes to the gaming world, it is no different as well. But what about the MGA?
Cryptocurrencies and especially BTC is now an accepted mode of payment for deposits in many casinos and gaming websites lately. But that does not seem to be true in the case with the Malta. As of now, none of the Malta Gaming Authority (“MGA”) licensed casinos accept bitcoin for deposits. But that might change very soon.
In an attempt to make it possible for the MGA licensed online casinos to use bitcoin for deposits, Malta licensing authorities are now accepting applications from many casinos and other gaming providers to use blockchain technology in their platforms, but also let operators accept crypto for deposits/withdrawals.
This is part of the second phase of the MGA’s Sandbox Framework Initiative. The first phase was apparently a huge success. These efforts aim at exploring how we can use these crypto-assets at MGA licensed online casinos and platforms.
Let’s look at how MGA is trying to change things in the licensed casino scenes.
MGA Preparing to Bring in Crypto in the Licensed Casino Areas
No major gambling regulator has granted authority to any of the casinos to use cryptocurrencies. But, the scenes are soon to change. The Malta Gaming Authority is taking concrete steps in this direction.
If the reports are to be believed, MGA is taking all necessary efforts in rolling out its second phase of exploring the options of using crypto assets with online licensed casinos.
Since the Sandbox Framework Phase I was successful the authorities are now ready to accept applications for further innovation. MGA calls this ITA’s (Innovative Technology Arrangements).
As per the report, before an ITA application gets approved, the company that applies for one is audited thoroughly. The audit has to be made by an authorized Malta Innovation Authority Auditor.
Apart from that MGA is also planning to extend the implementation of the framework initiative. It was proposed that this should run for 10 months. However, due to its massive success it will now run until 31 December 2021.
MGA as such is leading the scene when it comes to the integration of Cryptocurrency and blockchain technology with the licensed online casino platforms.
Malta has always been progressive in terms of the use of the distributed blockchain ledger technology.
Benefits of the Rollout and the Change
The obvious benefit for players is the ability to play at much more legitimate online casinos than they currently can.
The MGA license is a stamp of approval, in a sense that gives players a certain level of assurance that the casino in question is well off and will treat them fairly.
Government of Malta’s Other Initiatives Around Crypto Technologies
In Malta, the Government and the authorities are keen on creating conditions that are favorable for the crypto and the blockchain start-ups.
The island country’s lenient trade regulations in favoring the crypto industry has had some effects. One such effect is that big names are opening shops here, one of them being Binance.
Even the young start-ups in the country facing issues getting traditional banking facilities often resort to the use of cryptocurrencies and the Government is ensuring these start-ups are able to experiment with the distributed ledger system that Bitcoin and crypto technologies promise.
The world is still hesitant and full of apprehensions with the use of the blockchain technology. However, Malta and its progressive Government is paving way for an all-round growth and development with the use of Crypto technology. One of the largest potential industries is online casinos.
The tremendous potential this technology has is only going to place this country higher and higher in growth and business charts.
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