Malta could allow cryptocurrencies

The iGaming industry is assessing the possibility of operating with cryptocurrencies in Malta.

Malta.- Malta Gaming Authority could allow the implementation of cryptocurrencies for the online gaming industry soon. Gaming operators could start offering the blockchain option through its licensed platforms, which will turn Malta into one of the leading countries adding legal cryptocurrencies operations.

“Since Malta prides itself as being one of the main hubs for remote gaming, it is only logical that it should support suppliers and operators alike in adopting one of the most promising technological advances of the last decade,” stated Bitmalta, a dedicated organisation in favour of cryptocurrencies. “However, this is just one small step which has been taken in progressing towards full adoption of the blockchain technology and cryptocurrencies, and possibly a late one at that.”

The country’s gaming authority held a study verifying the market’s possibility of developing a cryptocurrency sector for the iGaming industry, according to newspaper Malta Today. Currently, legislators are drafting a comprehensive framework to introduce later this year in order to regulate the blockchain, the technology underlying Bitcoin and under crypto-currencies.

“I understand that regulators are wary of this technology but the fact is that it’s coming. We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy,” commented Prime Minister Joseph Muscat.