MGA released a document describing guidelines for Blockchain and cryptocurrency application in the gaming industry.
The document is called “Guidance on the use of Distributed Ledger Technology and the acceptance of Virtual Currencies through the implementation of a Sandbox Environment”. It aims to introduce standards for games that use Blockchain and cryptocurrencies. MGA (Malta Gaming Authority) announced it on the 29th of March.
MGA wants to create a licensing system for game developers. It suggests setting up standards for accepting cryptocurrency as payments, the exchange rates and use of wallets etc. MGA will accept Distributed Ledger Technology (DLT) verification to ensure each game is fair and truly random. The final version of the sandbox environment will be provided on 30th April this year.
The Blockchain Island
MGA is actively supporting the anti-money laundering measures, complying with European Union’s 4th Anti-Money Laundering Directive. Malta is an important finance center despite its size. The island of only 450 thousand inhabitants is home to multiple gambling companies. Various local politicians expressed their desire to make Malta the “Blockchain Island”. Binance was recently welcomed to the island by Malta’s Prime Minister Joseph Muscat.