The Malta Gaming Authority has issued a white paper within which it suggests extensive reforms to the betting industry of the nation. Malta Gaming Authority is among the best recognised and most effective regulators across the globe. It supervises the scores of operators as well as developers who have their bases on the Mediterranean island.
The main goal of this proposal is to nullify all the current authorisation and substitute it with the Gaming Act, together with secondary authorization housing horizontally the major areas of control along with an array of directives and rules circulated by the Malta Gaming Authority as the sole regulator of this zone.
The white paper will be accessible for examination purposes for the next five weeks. This time period is allotted for the consultation on the white paper because the MGA requires responses from the concerned parties. The present betting authorisation will be invalidated if the reform included in the white paper will ultimately be enforced.
Gaming Act to Come in Action for Simplifying Current Gambling System
In place of the current gambling legislation, a singular basic act of Parliament named the Gaming Act will come, which will be aimed at clarifying as well as unifying entities of the betting authorization. As a result, the present multi-license arrangement would be removed and the operators would shift to a dual arrangement.
The dual system would consist of a Business-to-Consumer (B2C) license and a Business-to-Business (B2B) license, covering various kinds of activities over different distribution channels. Currently, acquiring an operating license can be an intricate procedure because of the fact that the operators are bound to personally request for approval to accommodate numerous betting services. In severe cases, few operators have been compelled to apply for more than a dozen licenses to encompass services like sports betting, lotteries and online poker.
The novel system would view corporations like online slots developers are needed to acquire a B2B license, as their products are obtained by elements like web casinos. The web casino will also need a single B2C license in this condition since they will be offering their services straightly to the players.
Various Features Incorporated in the White Paper
In supplement to discarding much of the red tape that restricts the gambling operators, the MGA thinks that the reforms would permit for the incremented supervision. The white paper goes further barely reviewing operating licenses. It also mentions the ways to legitimize the MGA to make it better supplied for battling money laundering as well as other illegal activities.
The changes also include of clearing B2B licensees from gaming tax, hence incrementing Malta’s ambition as a center for these service providers. Though, the white paper chiefly discusses gambling via an operator’s viewpoint, players have not been ignored either. There are suggestions for managing corporations that enter legislation with an aim to ring-fencing player revenues.
The MGA has also instructed a study on cryptocurrencies with an outlook to obtaining a better realization of how to administer their use in remote gaming. The cryptocurrency industry has exploded in value in the year 2017, with an aggregate market cap extending over $100 billion at its maximum.
This hike in cryptocurrency approval and conjecture has been assisted by a burst of Bitcoin casinos bouncing up on the internet, as numerous casinos now acquire deposits in Bitcoin, Monero, Ethereum, Litecoin and other famous digital currencies. The MGA’s concern towards crypto is probable to additionally augment the idea that digital currencies possess a crucial function to play in the prospects of eSports and online betting.