The Malta Gaming Authority (MGA) has published a White Paper proposing major reforms to Malta’s gaming legal framework which will help reduce bureaucracy.
The framework is open for public consultation for around five weeks.
Under the new reforms, the current legislation would be replaced by a single primary act called the Gaming Act. The changes would include replacing the current multi-licence system with a two-licence system – a business-to-consumer (B2C) licence and a business-to-business licence (B2B) – covering different types of activities across multiple distribution channels, in order to cut through unnecessary bureaucracy. The legislation would also exempt B2B licensees from gaming tax.
According to the MGA, the new law would broaden the MGA’s regulatory scope and widen its compliance and enforcement functions to better achieve regulatory objectives, in line with concurrent developments on anti-money laundering and funding of terrorism obligations.
It would introduce new and more effective processes for criminal and administrative justice, including the allocation of appeals from decisions of the authority to the Administrative Review Tribunal and the introduction of a distinction between administrative and criminal offences, and bolster the Authority’s role in the fight against manipulation of sports competitions by introducing new obligations on operators to monitor sports betting and report suspicious bets.
MGA representatives also said that the authority had commissioned a study on cryptocurrencies in order to assist in the development of a proper framework governing the use of such currencies in the remote gaming sector.
The White Paper was presented by Silvio Schembri, Parliamentary Secretary for Digital Economy, Financial Services and Innovation, and Joseph Cuschieri, Executive Chairman of the MGA.
The White Paper can be viewed here: http://www.mga.org.mt/malta-gaming-authority-publishes-white-paper-proposing-major-reforms-maltas-gaming-legal-framework/