Malta Gaming Authority opens consultation on new NFT policy

The Malta Gaming Authority (MGA) announced it has launched a closed consultation with relevant stakeholders on a proposed new policy on the use of Innovative Technology Arrangements (ITAs) and the acceptance of virtual financial assets (VFAs), and virtual tokens. 

The consultation will run until December 14 and invite input from stakeholders on the MGA plans to introduce new rules and regulations regarding contemplating these areas. 

As part of the process, MGA will launch a series of Regulatory Workshops with the intention of introducing “a more regular and structured touchpoint” between industry stakeholders and the MGA, and to encourage “an informal exchange of views around regulatory topics.”

The first of these sessions will take place next month and will be focused on the regulator’s proposed policies regarding ITAs, VFAs and virtual tokens. The MGA will invite interested stakeholders to participate in this workshop, the regulator sai.d

In a statement, the MGA said that the ongoing consultation “shall give the opportunity to such stakeholders to submit their feedback, if any.”

The consultation comes after the MGA pledged last month to introduce “detailed player protection guidelines for licensees,” having opened a separate consultation on the subject. 

The regulator launched a “closed consultation” in September to cover licensees’ obligations regarding their responsible gaming policies and procedures and the introduction of five markers of harm that must be considered by licensees when determining effective measures and processes to detect and address problem gambling. 

This followed a review of its player protection directive by “an expert in the field,” as well as MGA research and the work of its Responsible Gaming Unit. 

Before that, the Authority published its annual report, in which it unveiled that it had canceled only seven licenses and did not issue any license suspensions in 2021. These figures were down from 14 cancellations and three suspensions in 2020. Instead, the regulator focused on issuing more warnings and administrative penalties during the last year. 

It is a priority for us to move towards leaner and more efficient processes, to remove unnecessary bureaucracy which introduces burdens on the industry without providing added value, and to become more effective in achieving our regulatory priorities,” said last month Carl Brincat, MGA’s CEO.