MGA Publishes Policy on the use of Distributed Ledger Technology by Authorised Persons

Further to the issuance of the Sandbox Framework for the acceptance of cryptocurrency deposits as an alternative method to traditional finance and a consultation followed by a workshop with external stakeholders, the MGA has now published a policy which clarifies the Authority’s position.

The policy lists the types of permitted assets; Cryptocurrencies, virtual tokens such as casino chips and other assets which will be accepted on a case-by-case basis. Furthermore, it clarified the wallet structure to be used by operators when accepting cryptocurrencies directly. Various additional obligations which were present in the Sandbox framework have now been streamlined with the obligations emanating from the legislations and other binding instrument therein.

The MGA has given three (3) months from the date of publication for approvals previously granted to the relevant Authorised Person to ensure that all additional requirements introduced herein are fully implemented.

At Radix, we assist operators to understand the requirements and prepare their operations in line with the requirements of the MGA Sandbox framework either through a direct acceptance of cryptocurrencies or through payment solution providers. We can guide operators to choose the best possible solution based on the business needs of the specific entity. Should you wish any additional information please feel free to contact us on [email protected].

Read also, https://www.radixmalta.com/latest-updates/accepting-cryptocurrencies-in-the-igaming-world