Malta announces a delay in the introduction of new gambling regulations
Malta is awaiting the introduction of its new gambling regulations, but news broke on the 28th that these would come a bit later than planned.
The reason for the delay is being cited as comments made by the European Commission and another EU Member State, pushing forward the implementation date to July 16th, and the start date back to August 1st.
The Malta Gaming Authority (MGA) said in a statement:
“Government and the MGA shall be reviewing and taking into account the recommendations made by the European Commission and the Member States.”
According to reports, detailed opinions were forthcoming from Finland, Poland, and the European Lotteries Association- all of which must be duly considered by the Maltese government and the MGA.
The changes to the existing law were proposed back in May 2017 and the new legislation was drafted after an extensive public consultation period with key local and international stakeholders. The new Gaming Act will replace the current rules and it is particularly focussed on licensing and the provision of gambling services. Once it comes into force, it will drastically simplify the licensing system by using just two categories of license- a B2B one and B2C one.
This new act is the first revision of the nations gaming laws since 2004 and as well as simplifying certain areas, it also aims to implement stricter controls and regulations to ensure that the industry is immune from money laundering, terrorist financing and other various financial crimes that are associated with gaming and sports betting.
This news comes alongside the announcement that the Maltese Parliament has approved three acts designed to regulate the cryptocurrency, blockchain, and ICO industries. The Virtual Financial Assets Act, the Malta Digital Innovation Authority Act, and the Innovative Technology Arrangement Act will seek to provide much sought after regulatory clarity, as well as providing support and encouragement for the burgeoning sector.
This is a world first and has put Malta on the map in the world of crypto and blockchain with the small EU state even being dubbed as the “Blockchain Island”.
With these new pieces of legislation for both the iGaming industry and the blockchain and cryptocurrency industry, it places Malta at the forefront of these disruptive and progressive global industries.
E&S Group can help operators within both industries set up their operations in Malta. We can assist with opening a company, applying for applicable licenses, adhering to regulations, and providing tax planning and associated services. To find out more, contact us on +356 2010 3020 or by email on [email protected]