MGA launches first phases of its sandbox framework

(source: Unsplash/Markus Spiske)

Updated on

The Malta Gaming Authority (MGA) launched the first of two phases of its Sandbox Framework for the acceptance of Virtual Financial Assets (VFA) and the use of Distributed Ledger Technology (DLT) within the iGaming industry, as of the beginning of this year, according to a press statement published by the MGA on 1 January.

In this ten-month-long phase — subject to an extension by the authority — the MGA is open to accept applications for the use of DLT Assets, directly or through third party service providers, by its respective licensees.

Under the updated Licensee Relationship Management System (LRMS) of the authority, new operators are requested to apply for approvals for the use of DLT Assets as part of a New Licence Application, existing licensees are asked to apply for approvals for the purpose of DLT Assets through the application type, and existing licensees wishing to participate in the sandbox environment are requested to report VFA player liabilities through the monthly Player Funds Report, according to the press statement. The MGA also notes that licensees are also required to report on any failed return transactions, for any invalid deposits.

READ  OKEx celebrates anniversary in Malta, readies launching OKMSX

“An approval to participate in the Sandbox Framework is conditional on the applicant holding the relevant licence issued by the MGA, without prejudice to any other regulatory requirements stemming from other applicable legislation, including but not limited to the VFA Act and regulations issued thereunder,” the authority concludes in the press statement.