BUSINESS

Vladimiro Comodini on cryptocurrency in Malta

TAGs: cryptocurrency, Malta, Vladimiro Comodini

In this interview with CalvinAyre.com’s Becky Liggero, Vladimiro Comodini of RSM Malta gives his forecast on the future of cryptocurrency in Malta.

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Malta has held the distinction of “Europe’s gambling hub” for quite some time as it manages to lure hundreds of online gambling companies. Their success, however, is not caused by a mere sheer of luck.

Though considered as the smallest member of the European Union, Malta has managed to attract a big number of online companies due to its favorable tax incentives and sound functioning regulatory

Vladimiro Comodini of RSM Malta said the island nation continues to come up with policies that will provide support to the growing needs of the gambling industry despite its success.

In terms of the use of cryptocurrency, Comodini pointed out that Malta is now taking a proactive approach, especially since operators are divided over the use of the commodity. He revealed that there had been high level meetings between the financial regulator and the gaming authority.

“In my view it is something that has to happen, when or if it will happen. It will definitely happen. Cryptocurrency has been with us for the past 10 years, and as we all know, once it has been accepted in the public, it will have to come to the gaming as well,” Comodini told CalvinAyre.com. “From the operators, they are will to show because it is you know, an easier form of getting funds to your company, so it is more business for them. That is definitely a plus for them.”

He added: “I think, for the payment service providers, it is against it because they will lose revenues. IN that sense, the operators will not be too happy about that but in terms of gaming operators it will grow up their business definitely.”

Comodini also noted that Malta is also bracing itself for the implementation of new EU regulations on May 18, which may likely to affect gambling companies in their jurisdiction.

“Unfortunately, as anything in gaming, the gaming company will think, ‘ooh, it will not affect us, we can wait and nothing will happen.’ But May 18 is round the corner, and data protection rules are coming into place and they will be enforced,” he said. “I suggest that gaming companies to start looking into it, because we are already meeting our clients and devising a plan on how to reach the deadline. It is the deadline which will not move, it has already been drafted and it is enforced on May 18 so it is really just around the corner.”

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