MGA to Introduce Test Cryptocurrency in Regulatory ‘Sandbox’

According to the Times of Malta, the government may soon begin a ‘sandbox test’, a trial rollout of cryptocurrency to test regulations and legislative measures before giving the green light to the Malta-licensed online gambling sites to accept digital currencies.

The test will be conducted by the auditing firm PricewaterhouseCoopers (PWC) which will be able to manage and estimate the pros and cons of the virtual currency to the best of its abilities.

“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.” sources said.

Joseph Muscat, the Prime Minister of Malta, will review the results. Dr Muscat’s spokesman told the Times of Malta that he wants to make Malta the “blockchain capital of Europe”. The spokesman added “We would like to be the first country to regulate crypto-currency and blockchain”.

Joseph Cuschieri, MGA’s Executive Chairman, told the Times of Malta that it is now time for Malta to do something about the new form of money. “In this respect, Cryptocurrencies present us with a double-edged sword, combining opportunity with significant risks,” he added.