The Malta Gaming Authority (MGA) knows how to stay at the forefront of gaming regulation, and they’ve proved it once again. In a press release dated January 3, the MGA announced it had launched the first of two phases for its cryptocurrency Sandbox Framework.
In the announcement, the authority noted that in this phase, starting on January 1 and planned to run for 10 months, the MGA will be “accepting applications for the use of DLT [Distributed Ledger Technology] Assets, directly or through third party service providers, by its respective licensees.”
This follows the October revelation from MGA that they would be introducing this Sandbox Framework so they could explore and develop guidelines for the use of cryptocurrencies in the gaming space.
Although the framework is only planned for 10 months, the MGA could choose to extend that period if they feel it needed. The second phase will allow licensees to apply for the use of Innovative Technology Agreements.
The MGA getting directly involved and encouraging the use of cryptocurrencies by its licensees is a great sign. They can work hand in hand to address the strengths and weaknesses of using digital currency, and avoid the pitfalls of trying to operate without a cooperative regulatory regime.
Above all, it’s a positive for operators to be regulated by a pro-crypto regime like the MGA. Cryptocurrencies, and notably Bitcoin SV (BSV), were created to solve issues just like gambling payment systems.
BSV is a very attractive payment option for both operator and customer, because of the features that only it can offer. As the only crypto currency to follow Satoshi Nakamoto’s original vision, it can massively scale to meet high demand, and guarantees fast and incredibly cheap payment processing. Transaction fees are infinitesimal, making it extremely competitive against third party processors and other cryptos alike.
It will be exciting to see how the next 10 months go for MGA regulated operators who opt into this Sandbox Framework. It will be even more exciting to see how many opt to offer BSV.