The Maltese Gaming Authority’s (MGA) Legal Counsel, Brandon Debattista, believes that digital currency has a bright future in the online gaming industry. Debattista has been on the front lines of building digital currency opportunities for online gaming companies in Malta, and took some time out to sit down with our very own Becky Liggero, to advises on the use of digital currency in online gaming.
Legislation was passed in 2018, to allow online gaming operators to use digital currency for their operations in Malta. Debattista has played a major role in a sandbox framework for companies to participate in. According to Debattista there was plenty of interest from operators based in Malta:
“From the inception of the sandbox framework, there was a lot of interest which was shown for eventual participation in the sandbox. There was the first phase where interested applicants could apply to start accepting cryptocurrencies as a means of payment and this was followed by phase two which basically enabled interested participants to incorporate further DLT [Distributed Ledger Technology] within their operations for instance using smart contracts.”
Debattista pointed out as there has been plenty of development as in regulations as the technology has developed. “The sandbox paper itself has been amended significantly to reflect the developments that have taken place both with the financial perspective and the technological perspective,” he said.
According to Debattista the interest from companies during the rollout of digital currency legislation was focused on using digital currency as a form of payment.
“Initially there was a lot of interest by Non-MGA entities that wanted to get in the market and start using this technology. Lately the most interest that was shown was mainly by companies that just wanted to accept crypto as a means of payment. Just to enable the users to opt to use crypto or mainly bitcoin as a means of payment but the applications.”
While getting regulators to come to a consensus on regulation may be some way off in EU territories, Debattista believes that education will continue to play a vital role in breaking down barriers. “As we go along however at a nationwide level, I believe that some significant initiatives have taken place, even at university level where entire courses are being offered on DLT which is very interesting,” he said. “I think we are moving in the right direction in terms of education. Even YouTube videos are enabling the public to feel more comfortable in using this technology.”
In the full interview Debattista goes on to describe the role that regulators can play in shaping the legislation around digital currency. Subscribe to CalvinAyre.com YouTube channel to see every interview we make as it goes up.