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MGA publishes Guidelines on its Sandbox Framework for the acceptance of VFA and the use of DLT

MGA publishes Guidelines on its Sandbox Framework for the acceptance of VFA and the use of DLT

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

The Malta Gaming Authority earlier published details on its Sandbox Framework for the acceptance of Virtual Financial Assets and Virtual Tokens and the use of Innovative Technology Arrangements (ITAs) within the gaming industry (found here) at the first-ever edition of the Delta Summit which is taking place at the Intercontinental Arena Conference Centre (IACC) in Saint Julian’s, Malta, between 3 and 5 October 2018.

The framework shall be divided into two phases: as of 1 January 2019 the Authority will accept applications for the use of DLT assets (VFAs and Virtual Tokens) as a method of payment. In a second phase, the sandbox framework will be extended to applications for the use of ITAs within the key technical equipment of licensees, to coincide with developments launched by the Malta Digital Innovation Authority (MDIA).

The Delta Summit was created to serve as a platform which promotes blockchain technology and other related business opportunities. Internationally, and as reflected in the recent approval of the VFA Act by Maltese Parliament, Malta has been repeatedly confirmed as a leading jurisdiction when it comes to regulating blockchain and cryptocurrency technology. This summit provides an opportunity to solidify Malta’s position as a regulated virtual currency and ICO Centre and the perfect platform for the Authority to outline details of its Sandbox Framework to all interested parties.

During the Summit, the MGA’s Chief Executive Officer, Heathcliff Farrugia, stated that: “The MGA’s strategic mission is to be at the forefront of gaming regulation whilst embracing innovation. This, coupled with the rapid rise in interest from gaming operators to incorporate VFAs and DLT into their operations, were the main drivers behind the proactive approach taken by the Authority to issue a Sandbox Framework for the use of these technologies within a controlled regulatory environment. This Framework is intended as a live document and will therefore be subject to feedback and potential updates during its duration, whilst also keeping in consideration any technological or regulatory developments which may occur. The MGA envisages that this framework will run until end of October 2019, although its extension, both partially or wholly, could be a possibility. The Delta Summit is definitely the ideal place to launch this sandbox.”

The MGA’s CEO is also participating on a panel entitled “Blockchain and the Future of the Gaming Industry”, which will discuss blockchain regulation from a gaming perspective and gamification trends across industries.

The first-ever edition of the Delta Summit features major blockchain companies, renowned stand exhibitors and acclaimed international speakers. Additionally, it provides participants with a one-stop shop opportunity to discuss directly with regulators and blockchain companies alike.

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