Our team of professionals have extensive experience in the remote gaming and fintech industries and have been assisting clients with their business needs for several years. Our experience includes assisting companies with their licensing and compliance requirements with particular focus on gaming and crypto companies.
While our office is situated in Malta, we are knowledgeable of the crypto requirements of various jurisdictions, working with a select network of partners worldwide. This ensures that we can help you in selecting the jurisdiction most appropriate to your business model. RADIX can assist you with the following services:
Remote Gaming Services
Malta is one of the leading hubs when it comes to the iGaming industry. Within this sector, the Maltese jurisdiction is looked upon as having a reputable and a well-regulated Authority which supports the growth of the remote gaming industry. The Remote Gaming Regulations, published in April 2004, took Malta to the top spot, making it the first country in the European Union to regulate remote gaming. In 2018, the legislative framework was overhauled, bringing into force a comprehensive set of regulations that serve to safeguard the public interest, generate jobs, attract foreign investment and prevent money laundering.
Our team has extensive experience in providing assistance in connection with your gaming activities in Malta, including incorporation and tax advice of the appropriate corporate structures, assistance in the licensing application, provision of key function services, gaming compliance, tax compliance, accounting, assurance and IT Audit services. We understand that the gaming industry has specific needs, and our services are intended to cater to them. Our remote gaming service areas include:
a. Licence application
The process towards obtaining a licence from the Malta Gaming Authority entails a thorough due diligence exercise on all key persons, directors and beneficial owners of the prospective licencee, as well as the preparation and implementation of policies and procedures to ensure that the licencee will have the operational and statutory requirements to meet the obligations prescribed by law. Not least, the applicant’s business plan is expected to have a detailed forecast of the operation, inclusive of marketing and distribution strategies, HR plan and growth targets. We can guide you through the application process, as well as preliminarily provide advisory services in relation to identifying the type of licence that would be fitting to your business model.
b. MGA System and Compliance Audits
Remote Gaming Companies licenced by the Malta Gaming Authority (MGA) are required to go through a System Audit before they can actually ‘go-live’ with their operation. Furthermore, at regular intervals and at the MGA’s request, licencees are required to carry out Compliance Audits performed by an approved System Auditor. As approved System and Compliance Auditor by the by the MGA we have extensive experience in carrying out such audits in line with the MGA’s requirements. Since we use technically experienced auditors, we do not merely go through a tick-box review, but, can understand when mitigating measure are appropriate and meet the MGA’s requirements.
As part of our service offering we can also provide you with a ‘Pre-Systems Audit’ and ‘Pre-Compliance audits’ which seek to ensure that the operator is in line with the MGA-approved system in advance of the formal audit.
c. Key Functions
Pursuant to the new Gaming Act which entered into force on 1st August 2018, licencees are required to identify, those individuals who will be entrusted with key functions within their operation. Key functions may only be provided by natural persons. Such functions include the CEO, CFO, CTO and CMO as well as other functions which licencees may seek to outsource, such as Data Protection Officer, Money Laundering Reporting Officer, Internal Auditor and Legal.
We can provide you with experienced and approved individuals who can be appointed in Key Functions in order to assist you in your gaming business.
With increased scrutiny by regulators and other stakeholders, the demands on the Internal Audit department is always increasing.
The Internal audit function should be an independent, objective assurance activity that is designed to add value and improve an organization's operations. It helps organizations accomplish their objectives through a systematic, and disciplined approach in evaluating and improving the effectiveness of the risk management, control, and governance processes.
Outsourcing all or part of your internal audit tasks results in costs reduction, higher independence and addresses potential skill and experience gaps. At Radix, we can provide experienced personnel that will assist you in your Internal Audit goals to not only fulfil regulatory requirements but to also add value to your organisation.
IT is at the core of the modern or oganisation's business model, often driving mission critical systems which necessitate monitoring and control to prevent information leaks and vulnerabilities. In a more complex and highly regulated business environment, organisations are required to adhere and comply with directives and regulations that are issued from time to time.
We offer IT system and compliance reviews covering areas such as business continuity and disaster recovery, information security policies, service agreements and network infrastructure, as well as advisory services to assist you in leveraging the full potential of your company's IT infrastructure. We also carry out holistic audits that incorporate information security (ISO 27001) in preparation to achieving compliance with the ISO 27001 standard and testing against the UK Gambling Commissions technical standard.
Assistance with MFSA ICT Risk and Cybersecurity Guidelines
On the 28th January 2021 the Malta Financial Service Authority (MFSA) issued its ICT Risk and Cybersecurity guidelines applicable to various licenced entities including Credit Institutions, Financial Institutions and Company Service Providers amongst others. The guideline document sets out a number of requirements that licensees must meet including the proper implementation of a Cybersecurity Framework, regular testing of the security of the infrastructure and regular IT and Cybersecurity audits. Our team can assist your company at the various stages of complying with the MFSA’s requirements, starting from policy drafting and implementation up to independent audits.
In today’s digital world it has become extremely important to protect sensitive business information from unauthorised access, alteration or destruction. Establishing adequate credential protection as well as secure infrastructure is an important step to protect such data. Performing regular penetration testing ensures that the infrastructure cannot be compromised by attackers, whether internal or external.
Our testing involves performing a controlled attempt to breach the organisation’s infrastructure using the same techniques that malicious attackers use to gain access. This helps us obtain an understanding of how well the security measures operate in protecting information from being compromised to provide you with valuable insights of how to improve the security measures.
Smart Contract Audits
With the increased popularity of blockchain based systems, the deployment of smart contracts has dramatically increased over the last couple of years. A vulnerability in a smart contract can have catastrophic effects, especially when such a smart contract can hold millions of euros in user funds. It is therefore imperative that an independent professional smart contract audit is performed prior to contract deployment.
Our team of skilled code reviewers have extensive experience in auditing smart contracts written in various languages, to give the peace of mind that vulnerabilities are uncovered prior to deployment.
Crypto licencing Services
Our team members have over five years of experience in the blockchain and crypto industry spanning from technical to regulatory advisory. We have experience with the regulatory regimes of various jurisdictions, with special emphasis on Liechtenstein. We can provide you with the whole range of services required to setup and operate your crypto based business in a compliant manner.