Malta Gaming Authority Proactive Strategy Revealed

Published Tuesday, April 25, 2017 - Online-Casinos.com
Malta Gaming Authority Proactive Strategy Revealed

The effort the countries that joined the European Union have put into making Europe an economic power are in jeopardy with the exit of Britain. The sentiment among some politicians in the Union mirrors the isolationism of the new Trump administration in the USA. There are some areas that may feel threatened by the competitive nature of e-commerce development such as Gibraltar, Isle of Mann and Malta. These are small jurisdictions that have created an economy by providing services to the online gambling industry.

Malta is a good example of a forward thinking country which leads the way in providing a regulatory platform for internet betting. Recently the Malta Gaming Authority chairman Joseph Cuschieri spoke at a parliamentary committee for financial affairs conference revealing the economic impact of the online gambling industry. Cuschieri said gaming added €56.3m in direct taxes to the 2016 budget. The total contribution of about €120m came from gambling related activity. As many as three thousand Maltese citizens work in the industry locally.  

Malta has been a proactive regulator and online gambling hub so it comes as no surprise that Cuschieri maintains that the MGA must act, “to avert the threats and reap opportunities at a global level.” The strategy that the MGA will adopt has the goal of making the MGA “future proof”. The MGA is studying new game types, virtual reality, and will create a more efficient regulatory process while securing the necessary agility to adapt to advancements in technology and market demands.

Virtual currencies and the blockchain concept are also on the MGA agenda for discussion. Cuschieri said,“in-depth studies of the role which crypto-currencies can play within the Maltese regulatory regime.” The MGA hopes to unveil its plan to introduce “virtual currencies in a gaming context” later in 2017.  Blockchain technologies are of vital interest to the Maltese government with the Prime Minister Joseph Muscat stating, “the fact is that it’s coming. We must be on the frontline in embracing this crucial innovation… We must be the ones that others copy.”

 

 

 

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