Malta Gaming Authority releases crypto guidance

Mar 30, 2018

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Malta has been all over the crypto news recently since Binance, the biggest crypto exchange currently, announced that they are migrating their operation to the island. Not much later BigONE and projects like Tron and Monaco Card signaled their interest as well. Of course this was the result of local authorities promoting blockchain technology, as Malta clearly stated that they would love to be a major player in the European crypto space and we got to admit, they are on track so far.

Now the Malta Gaming Authority (MAG) has released a guidance on using a distributed ledger technology and cryptocurrencies, as supposedly operators are going to accept and use them. And since these operators are regulated by the MAG, it is important to educate the masses about what they are about to use.

The goes in detail explaining the need for consumer protection and the prevention of money laundering and other crimes. It makes clear rules on what a cryptocurrency is, what characteristics do tokens own, how wallet and smart contracts work and so on. It also sums up cryptocurrencies in general, based on their financial and technological value, mentioning their scalability questions as well.

Currently they are open for feedback, so if anyone is interested in providing some, they could send an email to the MAG by April 30, 2018.

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