Malta has reinforced its status as a blockchain hub by launching phase one of its two part ‘Sandbox frame’ which will oversee the use of Distributed Ledger Technology as well as acceptance of Virtual financial Assets within the gaming industry.
In the starting phase, the Maltese gaming authority will accept application for the DLT Assets by its respective license both directly or via third party service provider.
In second phase, the framework will extend to include applications for the use of Innovative Technology Arrangements within the key technical equipment of licensee, to coincide with development launched by the Malta Digital Innovation Authority.
MGA Chief Executive,Heathcliff Farrugia said: “The MGA strategic mission is to be at the forefront of gaming regulations whilst embracing innovation.
” This Coupled with the Rapid Rise in interest from gaming operators to incorporate VFA and DLT into the operation, 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.”
He added: “This framework is intended as a live document and therefore will be subject to feedback and potential updates during its duration, whilst also keeping in considerations any technological developments which may occur.”