Further to the recent booming of the cryptocurrencies and blockchain technologies, we are seeing a ripple effect of request to implement these trends within established and start-up gaming companies.
You want to be innovative and be ahead of others? There is no other option, but to venture yourself into the acceptance of cryptocurrencies and the technology underlying it. This is well known as the distributed ledger technology or better known as blockchain.
However, IGA recommendation is that prior pursuing any further; it is recommended that one may look into the regulatory requirements.
Taking an example the Malta Gaming Authority as a reputable regulator, it has not yet issued a position paper on these two emerging technology phenomena.
For the advantage of those who already hold an MGA license or those currently in the process of obtaining one, a couple of week ago, the chairman of the same Authority whilst addressing the attendees at the regulators conference in South Africa, he committed that by Q1 2018 the MGA will issue two detailed position documents; one on the virtual currency sandbox launch and another on the application of DLT (blockchain) technology in the provision of gaming services by licensed entities.
At IGA it is believed that this is a very cautious approach and that it shows how serious this regulatory is. They just do not approve anything, unless they test the waters properly
It is our understanding that there are already some workarounds that may allow the use of cryptocurrency within the gaming operation and the implementation on blockchain technology. Nevertheless, it is always up to the MGA to approve.
At IGA we are currently assisting a number of already licensed operators and other gaming activities wishing to acquire a license from the MGA using such technologies, including the implementation of an ICO.
Please contact us on [email protected] for further assistance, or visit our website for further information.