During the first edition of the Delta Summit, that took place earlier this month, the Malta Gaming Authority (MGA) has taken the opportunity to launch its Sandbox Framework regarding the acceptance of Virtual Financial Assets (VFAs) and Virtual Tokens and the use of Innovative Technology Arrangements (ITAs) within the gaming industry.
The framework shall be divided into two phases: as of 1 January 2019 the Authority will accept applications for the use of DLT assets (VFAs and Virtual Tokens) as a method of payment. In a second phase, the sandbox framework will be extended to applications for the use of ITAs within the key technical equipment of licensees, to coincide with developments launched by the Malta Digital Innovation Authority (MDIA).
During the Summit, the MGA’s Chief Executive Officer, Heathcliff Farrugia, stated that: “The MGA’s strategic mission is to be at the forefront of gaming regulation whilst embracing innovation. This, coupled with the rapid rise in interest from gaming operators to incorporate VFAs and DLT into their operations, were the main drivers behind the proactive approach taken by the Authority to issue a Sandbox Framework for the use of these technologies within a controlled regulatory environment. This Framework is intended as a live document and will therefore be subject to feedback and potential updates during its duration, whilst also keeping in consideration any technological or regulatory developments which may occur. The MGA envisages that this framework will run until end of October 2019, although its extension, both partially or wholly, could be a possibility. The Delta Summit is definitely the ideal place to launch this sandbox.”