Widely regarded as the leading iGaming licencing authority, the Malta Gaming Authority (MGA) recently announced the launch of the second phase of their Sandbox Framework initiative. The initiative is designed to explore how digital assets might be used at licenced online casinos which is a great step forward for the iGaming industry as a whole. The trail blazing MGA will have all eyes on them now following its successful completion of phase one which gave holders of MGA licences the opportunity to experiment with blockchain and digital assets.
Although crypto can already be used in casinos no major iGaming regulators have pursued the requirement to have a licence to use digital currencies and blockchain integration with online casinos. Well known for its progressive stance towards DLT technology is was perhaps only logical that Malta has taken the lead. The second stage sees MGA exploring how licenced online casinos can reap the benefits of digital assets and the amazing innovation brought about through blockchain integration.
iGaming is one of Dragon’s three key pillars with a current market value of $46 billion and which an expected increase to a colossal $94 billion by 2024 it clear to see why licencing providers are taking notice. Dragon CEO Paul Moynan’s vision for iGaming has seen him forge several strategic partnerships with a range of outstanding gaming technology providers to capitalise on this phenomenal market growth.
In order to move forward, MGA will now accept applications which they are referring to as Innovative Technology Arrangements (ITAs) but stress that before an ITA can be approved the company must undergo a comprehensive audit. All audits must be carried out by a Malta Digital Innovation Authority-approved auditor before 31stDecember 2021.
The Maltese government has always been keen to create favourable conditions for blockchain and digital currencies and summits held in the country are always extremely well attended highlighting the islands importance in the crypto space. For more industry news and all things Dragon, be sure to head over to our blog by clicking here.
Title image credit - Illustration by 'Isles of the Left'