Malta to test future of DLT and cryptocurrency

As the value of Bitcoin skyrockets to over $14,000, the Malta Gaming Authority (MGA) has called for companies to register their interest in Distributed Ledger Technology (DLT) and cryptocurrency future projects.

The MGA has this week announced its intentions to gather information and opinions on these two verticals as it “actively considers allowing the application of cryptocurrencies and DLT by its licensees.”

However, the Maltese regulatory body highlighted in order for these changes to come into effect, these two potential markets must protect consumers and the country’s reputation by preventing crime or money laundering related activities.

In an official statement, the MGA said: “With a number of innovative projects and concepts already available on the market, the Authority is reaching out to interested parties willing to share information regarding their cryptocurrencies and/or DLT projects.

“The MGA is currently in the process of establishing the sandboxed (test and learn) live environment for cryptocurrency usage within the remote gaming sector, whilst also drafting guiding principles for the application of DLT and its various adaptations within the industry.”

The MGA is collecting information until January 2018 and will evaluate all submissions, aiming to publish DLT guiding principles before the end of the first quarter next year.