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Maltese Casinos Could Soon Accept Cryptocurrency Payments

Written by: Bridgewest

Maltese-casinos-could-soon-accept-cryptocurrency-paymentsThe Maltese gaming industry is close to a very important change as the Malta Gaming Authority (MGA) announced it is currently working on allowing customers of casinos to pay with digital money. Also known as cryptocurrency, this type of money, is the latest trend in the fintech industry in Malta and it is slowly but surely finding its path in day-to-day activities. Our lawyers in Malta can offer more information on the legislation related to cryptocurrency and financial technology.

Cryptocurrency is “fast and cost-effective”, Malta Gaming Authority sustains

Holders of casino licenses are expected to enjoy this benefit in the near future, according to MGA representatives. However, before committing to this change will affect the gaming industry positively, the MGA has commissioned a study which will assess the impact of using cryptocurrency in casinos all over the country.

Also, the introduction of cryptocurrencies will fall in line with the anti-money laundering local and EU legislation and the MGA will make sure that specific provisions will be introduced in order to safeguard the interests of Maltese companies and their clients. Also, Malta hopes to become one of the first countries in the world to embrace blockchain, the technology used to create digital currencies.

There are also voices advocating that this is a natural step for Malta to take as one of the most important remote gaming hubs in Europe.

Foreign investors interested in starting a business in the gaming sector can rely on the services provided by our law firm in Malta.

Not only gaming operators will use cryptocurrencies in Malta

The introduction of blockchain and cryptocurrency will most likely be introduced in other areas and industries in Malta, as the Maltese Prime Minister also announced the implementation of blockchain in the Land Register and the national health registers in the country.

The gaming sector is the first step towards adopting not only bitcoin, but a new set of currencies, including ones which can be created by Maltese fintech companies. Malta was also the first country in Europe to regulate remote gambling which is why it came as a natural choice for the same sector to use such an innovative payment method.

Our Maltese lawyers can also help you open a cryptocurrency business, so do not hesitate to contact us if you need assistance.

 

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