MGA Executive Chairman backing blockchain

Malta Gaming Authority (MGA) has further established the country as a preferred destination for the blockchain gaming industry after the Executive Chairman pledged his commitment to the use of the platform.

Speaking at the International Association of Gaming Regulators (IAGR) conference in Johannesburg, Joseph Cuschieri, MGA Executive Chairman expressed the importance of embracing new technologies and innovations.

The news comes as the MGA is set to release a new piece of draft legislation at the end of 2017 which will detail a system of rules to help better regulate the gaming industry. The draft will include details of a new procedure for granting licensing as well as better positioning the legislator body to deal with new technologies such as blockchain.

Cushcieri declared the need for legislatory bodies to adopt "technologies such as DLT (Distributed Ledger Technology) to achieve more efficacy in the regulatory system".

"Regulators should not see new technologies as threats but as opportunities for innovation and improvement," according to a press release on the MGA’s website.

Malta is still unsure about the effect that a virtual currency introduction might have on their economy. Just earlier this year the MGA made a joint report regarding the issue with auditing firm PwC to help evaluate the potential impact. Currently the report is being evaluated by a special task force and the results are likely to determine the country's approach to the implication of blockchain.