Soon, you may be able to use Bitcoin to play in your favorite online casinos.
The MGA, or Malta Gaming Authority has recently made a move to integrate bitcoin and other cryptocurrencies within its iGaming platform. The organization has launched the Sandbox Framework, a two-phase initiative that will serve as a testing ground for the innovative digital payment system.
The first phase of the new sandbox platform involves checking for the control and effectiveness of cryptocurrencies and how it can work within the iGaming industry. They are now accepting applications from crypto coins and blockchain technology and will observe how these digital assets may be added to online licensed casinos.
That said, Malta could very well be the destination for future iGaming shops when the sandbox achieves notable success. Malta has been known to be agreeable to such innovations, having already implemented regulations that are related to crypto but the move to bitcoin payment is an entirely new shift in the gambling landscape. The Sandbox Framework will prove to be the deciding factor when and how bitcoin and other cryptocurrencies will be integrated into the iGaming market.
Since its inception in January of this year, the Malta Gaming Authority has made strides and is now about to enter phase 2 of the initiative. Heathcliff Farrugia, MGA Chief Executive Officer has outlined how phase 1 was a resounding success and that they’re proceeding to phase 2, which involves the ITA, or Innovative Technology Arrangements program for its DLT, or Distributed Ledger Technology.
In simple terms, the MGA states that online casinos who have the license may be able to accept crypto deposits that are as good as any form of payment they offer. Blockchain casinos who are interested in widening their market may apply for regulation and acquire a highly-coveted Maltese license in the process.
But before this happens, the MGA will conduct a thorough audit to ensure the online casino will be able to respect any and all obligations that come with using and offering blockchain, cryptocurrencies and similar technologies, which will be carried out by a Malta Digital Innovation Authority-approved figure. What’s more, the organization will conduct tests in a controlled environment in order to assess potential risks and dangers associated with digital transactions, the regulatory environment, and Malta’s economy.
In addition, the Malta Gaming Authority has extended the Sandbox Regulatory Framework’s duration from 10 months to set a date of December 31, 2021. In a sense, we may see bitcoin coming to MGA licensed casinos if all goes well.
It’s nice to see the Malta Gaming Authority taking a progressive stance towards offering cryptocurrency as a mode of payment for its iGaming platform. The country is quite renowned when it comes to pushing technology forward and has favored distributed ledgers and blockchains ever since its inception.
The Malta government supports the use of blockchain and has set up favorable conditions where crypto startups are welcome to open businesses in the country. One notable example is Binance, a crypto firm that has moved to Malta.
Currently, there are no licensed casinos within the MGA that accept bitcoin or any other crypto. Curacao licensed sites are the first ones to offer bitcoin and use blockchain technology, but its license is not as trustworthy and as complete as one acquired in Malta.
The growing popularity of bitcoin, ethereum, and other crypto coins cannot be denied. In online casinos, the best way to gain new audiences is to offer convenient payment options, which may include bitcoin in the future.
The industry itself is growing by leaps and bounds since the proliferation of smartphones and high-speed internet, and introducing crypto as a new way to enjoy your favorite online casino games seems like a natural step forward.
The new sandbox has its own share of benefits as well. The online casino market will be infused with new competition as new crypto casinos are set to open shop in Malta and get the license to operate. This is a win-win for both online casino gamers and operators alike.
The Malta Gaming Authority is poised to introduce bitcoin as a mode of payment in 2020 if all conditions are met, which means that more people can enjoy online casinos as a whole. The future of online casinos is bright indeed!
Disclaimer: This is a paid post and should not be considered as news/advice.