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Phase 2 of Sandbox Regulatory Framework launched by the MGA

Phase 2 of Sandbox Regulatory Framework launched by the MGA

Phase 2 of Sandbox Regulatory Framework launched by the MGA

The Malta Gaming Authority (MGA) has announced today the launch of the second phase of the Sandbox Regulatory Framework, following the implementation of the first phase of the Framework on the 1st of January 2019. During Phase 1, the possibility for authorised persons to be allowed to accept Virtual Financial Assets (VFAs) as a means of payment was established. 

During Phase 2, the MGA will be accepting applications for the use of Innovative Technology Arrangements (ITAs), including Distributed Ledger Technology (DLT) platforms and smart contracts. The duration of the Sandbox Regulatory Framework will be until the 31st of December 2021. 

In order to reflect the developments that have taken place, the Guidance on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens through the implementation of a Sandbox Environment has been amended. 

This means that the Licensee Relationship Management System (LRMS) has been updated to the effect that both prospective and existing licence holders are now able to apply for the MGA’s approval in order to integrate ITAs within their operation.

The approval to participate in the Sandbox Regulatory Framework is conditional on the applicant holding the relevant licence issued by the MGA. 

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