MGA introduces crypto and blockchain in the Gaming Industry

On the 1^st of January, 2019, the Malta and Gaming Authority (MGA) initiated the first phase of its Sandbox Framework for the acceptance of Virtual Financial Assets (“VFA”) and the usage of Distributed Ledger Technology (“DLT”) within the Gaming Industry. During this phase, the MGA will be accepting applications for the usage of DLT Assets (whether via direct usage or via third party service providers) by its respective licensees. It is planned that the phase will last for 10 months, which the MGA may extend as appropriate. The MGA has also updated the Licensee Relationship Management System to allow new and existing licensees to take advantage of these amendments.