Bitcoin Possibly to Be Recognised by MGA and Regulators in 2016MEDIA ROOM
CoinTelegraph stated that the Bitcoin currency may possibly be recognised by the Malta Gaming Authority (MGA) as well as other regulators in 2016. The current scenario in Malta is one where hundreds of casinos licensed on the island cannot accept Bitcoin due to the MGA’s regulations, despite a lot of them that would like to offer this payment option to their players.
The acceptance of the Bitcoin as payment method would help popularise it among online casinos and gamers while also attracting Bitcoin casinos that currently use FIAT currency. Malta-based Bitcoin casino BitStarz thinks that the adoption of Bitcoin would open up opportunities for spreading cryptocurrency in the gambling industry. Sasha Jade, marketing manager at BitStarz stated that the problem lies in FIAT money casinos currently not accepting Bitcoin. These casinos still hold 99% of the gaming market.
Casino representative Stephen Turk, in commenting about this currency stated that Bitcoin casinos are beginning to get a fair share in the market as the currency has been very stable and is even rising in value. Serious operators have even started building their operations around Bitcoin.Presently, Bitcoin casinos are striving to improve their customers’ experience to render them more pleasant and exciting and the Bitcoin online gambling market is foreseen to continue developing in 2016.
If the Bitcoin is accepted by the authorities, real money FIAT casinos will most likely also start accepting Bitcoin as payment method. This will lead to the rise of Bitcoin gambling and increased gambler awareness about this form of payment. According to mBit casino, the recognition of Bitcoin by Maltese gaming authorities in 2016 “will allow Bitcoin to get on the global gaming market and expand into Asian and Russian markets.” Furthermore, mBit stated that authorities will understand that Bitcoin is the way forward in gaming as it eliminates the risk of charge-backs and allows for instant deposits and withdrawals by users worldwide.
Sustaining this argument, Linda Murphy, VIP player manager at mBit said, “Bitcoin brands like ours will be able to offer players higher rewards than casinos that only offer FIAT. This will cause a shift in where players prefer to play.”