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MGA’s Report for the utilization of DLT ...

MGA’s Report for the utilization of DLT and Virtual Currencies

Published on April 05, 2018

The Malta Gaming Authority (‘MGA’) published a report which gives direction on the utilization of Distributed Ledger Technology and on the acknowledgment of Virtual Currencies through the usage of a Sandbox Environment.

Virtual Currencies and Distributed Ledger Technology (DLT) are another problematic marvel in the computerized money and innovation territory. The MGA’s methodology is to be at the bleeding edge of remote gaming direction while grasping development and recognizing that a judicious approach around there is both sensible and required.

The attributes of virtual monetary forms, while frequently referred to as drivers for their reception, at the same time represent various dangers which should be tended to in a well thoroughly considered way. The MGA is careful that these dangers should be tended to keeping in mind the end goal to guarantee that the vital shields are set up to protect consumers, cater for the prevention of crime and money laundering or funding of terrorism (with due regard to the 4th Anti Money Laundering Directive) and protect the reputation of the Maltese jurisdiction.

By merging points of view of kindred partners, the internet gaming industry and key specialists in these sort of advances, the MGA is issuing for open counsel, criteria as set out in this paper for the foundation of a sandboxed (test and learn) condition for virtual money reception inside the remote gaming division, while likewise drafting managing standards for the use of DLT and its different adjustments inside the business.

You can find more details on the following link.