Malta Gets Up to Speed With New Gaming Regulations

Published Sunday, June 24, 2018 - Online-Casinos.com
Malta Gets Up to Speed With New Gaming Regulations

Malta may once again have the deserved reputation as being one of the best jurisdictions to be regulated by. The last few years have been hard on the online gambling industry with Italian influence corrupting the already fragile business of regulating online gambling.

Now after a long wait the European Commission has finally approved Malta’s new gambling laws. The government proposed the regulations last spring and now will be able to implement the revised rules this July 1st.

This a total makeover for the Maltese regulatory system after fourteen years there are significant alterations in the very fabric of the system.

The alterations are mostly to the licensing process which is enough in itself to create some confusion for operators. But operators ar actually in luck with these new regulations with it making things simpler for operators. Replacing the multi-tiered system operators now have just two categories to choose from. One for the business-to-business (B2B) market, and the other for operators that focus on the business-to-customer (B2C) arena. To be determined by the applicant’s operations before the license is granted.

The former executive chairman, of the he Malta Gaming Authority, Joseph Cuschieri, initiated the proposed changes. Not only is there a simplified licensing system, Malta’s new Gaming Act gives the MGA extensive regulatory powers and more enforcement functions. The body will now be more effective in countering money laundering, terrorist financing, and other illicit financial activity sometimes associated with the gambling industry.

The Times of Malta quoted Henrik Tajernstrom of Kindred, “It is something that we had been acting very actively with the MGA to secure. It means that we do not have to have a dozen licenses but can have just one umbrella license. This saves a lot of administration for both the operators and the regulator.”

 

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