MGA stars cryptocurrency controls test

Malta’s gaming regulatory body is set to start a test to see if cryptocurrencies can be introduced in the country.

Malta.- After the local regulatory body Malta Gaming Authority (MGA) proposed a sandbox test in a report to see if virtual currency can be introduced in the country without hurting the economy, it seems like Malta is ready to test the waters.

The test is conducted by auditing firm PWC and it set to look the pro and cons of cryptocurrency as well as the threats and opportunities that it presents to the European territory, Times of Malta reported. “The idea is that virtual currency would be introduced within a controlled framework to test proposed controls and legislation but without there being any bearing on the wider local economy,” said unnamed sources.

The review is being reviewed by a virtual currency last force that was set up by Prime Minister Joseph Muscat during the first days of September and is in charge of coming up with the best way to adopt the new currency. A spokesman for muscat said that the Prime Minister wants to make Malta the “blockchain capital of Europe”. “We would like to be the first country to regulate crypto-currency and blockchain,” the spokesman added.

Joseph Cuschieri, chairman of MGA, said that it was time for Malta to do something regarding the new modality of money. The official added that the regulatory authority asked the Malta Financial Services Authority, the Financial Intelligence Analysis Unit and the Central Bank of Malta for their feedback on how Malta should treat cryptocurrency and they all agreed that they would have to be involved in the process in order to make sure that there were no oversights.

“Cryptocurrencies present us with a double-edged sword, combining opportunity with significant risks,” he added.