Bitcoin could be recognised by Malta

The recognition of the cryptocurrency as a payment method could popularise it among the gaming industry.

Malta.- According to the investment broker Exante, the acceptance of Bitcoin as an official payment method could boost the gaming industry even further. “The acceptance of bitcoin as payment method would no doubt help popularise it among online casinos and gamers while also attracting bitcoin casinos that currently use fiat currency,” said Exante.

Joseph Cuschieri, executive chairman of the Malta Gaming Authority (MGA), said that they have already received requests from licensees to authorise bitcoin transactions. MGA has been a strongly opponent to the cryptocurrencies because it considered that the use of this technology could be a huge risk.

Exacta’s communication director Patrick O’Brien said that the recognition of Bitcoin by the Maltese gaming authorities in the years ahead would allow Bitcoin to get on the global gaming market and expand into Asian and Russian markets. Malta-based BitStarz agrees with O’Brien, and said that the problem lies in casinos, which constitute almost the entire market and do not accept the digital currency.

Earlier this year, the United Kingdom Gambling Commission (UKGC) has made amendments on the country’s gambling regulation to allow the use of bitcoin whilst gambling on online licensed platforms. The inclusion of Bitcoin as an alternative to cash by the UKGC, served as an acknowledgment of Bitcoin’s status as a financial instrument by the regulatory body. Since the UKGC regulations are applicable only to online casino platforms providing to the UK market, this can encourage new and existing businesses to obtain a license from the UKGC to accept Bitcoin wagers from their customers.