Malta started to consider the opportunity to legalize and regulate the use of Bitcoin and other cryptocurrencies as a digital payment system at its online casinos, realizing that it may improve the gaming environment and stay on top of the latest trends in the industry.
Malta regulated its online gambling industry a long time ago. With the advent of technologies, the country has always invested efforts to be the first to embrace or introduce innovations. When it comes to the cryptocurrency payment system, though, it seems that Malta was a bit more cautious, at least up to now.
Nevertheless, Malta government started to consider the possibility to introduce cryptocurrencies at its online casinos. It became clear that the government launched a technical research, which is to provide detailed information regarding the cryptocurrencies.
In an interview with Coindesk, Joseph Cuschieri, executive chairman of the Malta Gaming Authority (MGA) explained that the regulatory authority started to look for the most secure way to incorporate the cryptocurrency use in gambling. He added that the research will provide information about any possible risks, which the technology may hide.
The implementation of the cryptocurrencies is said to happen after it is given an accurate estimation regarding the risks. This is supposed to happen by the end of the year. Mr. Cuschieri explained that the regulator realizes the importance of embracing the innovative technologies, but this should happen in the safest way.
The technical research aims to protect players’ interests, as well as the proliferating gambling industry on the island. To welcome the cryptocurrencies at the casinos, the officials should carefully craft a regulatory framework, so that it will allow no misuse.
One of the main proponents of the cryptocurrency technologies admired the MGA’s decision to start undertaking steps to implement it. But they also warned the regulator should hurry with the decision-making process, otherwise it may turn out that the island is among the latecomers to legalize the cryptocurrencies.
It was explained that MGA will invest efforts to attract more operators and investors, but it will not allow any abuse of its regulations. Cuschieri explained that the regulation of the cryptocurrencies is the best way to prevent illicit activities, as cryptocurrency systems will keep on operating no matter if legalized or not.
It seems that Malta will soon embrace the cryptocurrency technologies, as the first cryptocurrency ATM is already a matter of fact. It is believed that it will convince officials and local people in the many advantages of using such payment system, as being a faster and safer one. Even though the idea is still in its early stages, Malta may see the coming of cryptocurrencies even sooner than expected, as the island always tries to stay on top of the innovation wave.