The Gaming Industry is keen to embrace technological advances, says the executive chairperson of the Malta Gaming Authority (MGA), Joseph Cuschieri. However, there should be flexible regulatory frameworks that would innovate the industry to take advantage of the full developments that should also minimize risks to consumers.
One area the structures would be considered is the use of cryptocurrencies like bitcoin for gaming purposes.
Cuschieri said the currencies are gaining ground in Malta because certain financial institutions are being risk-averse. They are also adopting a very conservative approach. He said there has been a lack of oversight in the gaming supply chain and adequate audit trails in place.
Speaking to Malta Today, he said:
Crypto-currencies are an attempt to create a virtual currency, backed up by a technology block-chain that manages its transactions. I still see it as a risk, and the authority’s position is that we still do not accept crypto-currencies. The authority has received very few requests to accept crypto-currencies, and we have always refused- we are looking to adopting a national approach and given it’s a financial instrument we shall be collaborating