The Malta Gaming Authority has proposed guidelines on cryptocurrencies and Blockchain applications by the gaming industry.
The Malta Gaming Authority (MGA) has recently issued a document with guidelines on Blockchain and cryptocurrency applications in the gaming industry, the regulatory organization announced March 29.
The @MaltaGamingAuth publishes a consultation document on a Sandbox Environment for Distributed Ledger Technology and Virtual Currencies. Read More: https://t.co/CNcMSoyKDC pic.twitter.com/dv5MffiuOb
— MaltaGamingAuthority (@MaltaGamingAuth) March 29, 2018
The public document called “Guidance on the use of Distributed Ledger Technology and the acceptance of Virtual Currencies through the implementation of a Sandbox Environment” aims to apply standards to games that use cryptocurrencies and Blockchain technology.
The authority aims to form a licensing system for game developers, specifically suggesting the establishment of standards for accepting crypto as a means of payment, use of digital currency wallets, deposits, and the calculation of exchange rates.
MGA noted that it will accept games “that are hosted fully or partially on a Blockchain environment, provided that the operator shall ensure that the gaming service is not unduly disrupted by such operational setup.” Notably, the MGA will accept DLT verification in determining whether a game is provably fair and truly random; concepts which are especially important in electronic gambling.
MGA seeks to protect customers and the “reputation of Maltese jurisdiction”, and to support anti-money laundering (AML) measures in compliance with the EU 4th Anti-Money Laundering Directive. MGA is offering to test games adhering to the new cryptocurrency and Blockchain regulations in a specially engineered “sandbox” environment open to game developers. The gambling regulatory authority plans to provide a final version of the sandbox environment on April 30.
Yesterday Cointelegraph reported that mobile chat Kik App recently revealed plans to partner with video gaming company Unity Technologies in a move towards mainstream adoption of its Kin cryptocurrency by the gaming industry.
