The Maltese authority has unveiled its new “Sandbox Framework” that explores new technologies.
Malta.- The Malta Gaming Authority (MGA) has published details on its “Sandbox Framework”. The scheme is set to contribute to the authority’s mission to be at the forefront of gaming regulations while embracing innovation.
The MGA said that the framework is set to be divided into two phases: as of January 1st, 2019, the authority will accept applications for the use of DLT assets (VFAs and Virtual Tokens) as a method of payment. In a second phase, the sandbox framework will be extended to applications for the use of ITAs within the key technical equipment of licensees, to coincide with developments launched by the Malta Digital Innovation Authority (MDIA).
MGA’s Chief Executive Officer, Heathcliff Farrugia, said: “The MGA’s strategic mission is to be at the forefront of gaming regulation whilst embracing innovation. This, coupled with the rapid rise in interest from gaming operators to incorporate VFAs and DLT into their operations, were the main drivers behind the proactive approach taken by the Authority to issue a Sandbox Framework for the use of these technologies within a controlled regulatory environment.
“This Framework is intended as a live document and will therefore be subject to feedback and potential updates during its duration, whilst also keeping in consideration any technological or regulatory developments which may occur. The MGA envisages that this framework will run until the end of October 2019, although its extension, both partially or wholly, could be a possibility. The Delta Summit is definitely the ideal place to launch this sandbox.”