Malta accelerates the release of Bitcoin

nnnThe Malta Gaming Authority (MGA) has recently publicly stated that it plans to legitimize and regulate the use of digital currency such as Bitcoin in its gaming industry and will encourage effective management and enforcement while encouraging its use. The move also represents Malta’s desire to learn more about digital money and block-chain technology to maintain its competitive advantage and to seize the opportunity in technological innovation.n
nnTranslated by: Inan
nMalta has been a pioneer in Internet gambling and is rapidly advancing the plan to allow online casinos to legally use Bitcoin and other digital currencies.n
nJoseph Cuschieri, executive director of the Malta Gaming Authority (MGA), which oversees the country’s entity and online casino, said in an interview that the agency has begun detailed technical research to explore the best of legitimate and regulated digital currencies in the gaming industry How to use it.n
n”We believe that digital money and block chain technology are emerging innovations that need to be analyzed and evaluated for their potential risks and opportunities in the gaming sector,” he said.n
nCuschieri told CoinDesk:n
nn”We will publish the form of a digital money management framework after the risk assessment, and the MGA will show its position after announcing the results of the study and announce how to use the digital currency.”n
nnThe agency is expected to announce details of the findings in the fourth quarter of 2017.n
nPlan onen
nJust before Cuschieri commented, the MGA had just released a white paper that showed that the legal supervision of its online gambling had to keep up with the pace of technology to achieve development.n
nOne of the conclusions of the report is that in order to maintain a competitive advantage, digital money should be accepted because the wider use and application of these technologies is inevitable.n
nThe report says:n
nn”The Authority recognizes that the rise of digital money is unavoidable and is aware of the need to remain at the forefront of innovation and to keep up with the new developments in technology and industry … The Authority is committed to allowing its licensees to use figures in the near future currency.”n
nnThe promotion of legal and normative digital money betting is only part of the Maltese government’s broader plan to develop a chain chain strategy and at the forefront of technology applications.n
nWhen the initial strategy was first announced in April, Prime Minister Joseph Muscat said:n
nn”In hugging key innovations, we have to go ahead, we can not wait for someone else to take action and copy their practices, and we’re going to be the object of imitation.”n
nnMalvio Schembri, Malta’s Minister of Digital Economy, told the local media this week that Malta is committed to introducing distributed book technology throughout the public sector and attracting block chain companies.n
nHe said:n
nn”We’ve heard a lot of chunks of chains, and now it’s time to put words into action, create new opportunities for citizens and the economy, and turning this vision into reality is my top priority.”n
nNeed to prevent fraudn
nHowever, the development of regulatory frameworks for rapidly evolving technologies requires a careful study of the effects of consumer protection and anti-money laundering and competitive pressures from other jurisdictions.n
nBitmalta is a local digital money advocate organization, praised the MGA initiative, but called on the agency to take prompt action to keep up with other countries to seek the pace of legalization of digital money.n
nThe organization said in a statement:n
nn”Other jurisdictions, such as the United Kingdom, have legislated to allow remote gamers to use digital money, unless they are willing to take up the technology.”n
nnCuschieri insists that while a key goal is to attract new operators and investments, it does not mean that he will welcome everyone.n
nHe said:n
nn”Our first priority is always the rule of law, and Malta does not welcome any country that does not meet our standards of correctness, regulation, anti-money laundering and consumer protection.”n
nExposed to the sunn
nSince the emergence of block-chain technology 10 years ago, Bitcoin and digital money casinos have been one of its main applications, but many of these entities operate in unregulated or underweight controls, raising concerns about lawless elements Use digital currency.n
nCuschieri argues that the most direct way to stop an illegal act is to expose the casino to the sun.n
nHe said:n
nn”We firmly believe that sound and effective regulation and enforcement is the best way to control gambling, prevent crime and protect players.”n
n”Prohibition or obstruction will only lead to underground activities and the black market behavior, which does not involve the best interests of participants and industry, it is best to establish a transparent regulatory system for the system to increase integrity and trust.n

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