Malta to Legalize Bitcoin at Online Casinos

Malta to Legalize Bitcoin at Online Casinos

The Malta Gaming Authority (MGA), Malta's land-based and online casino regulatory authority, is reportedly speeding ahead with its plans to legally permit the use of Bitcoin and other cryptocurrenices within its online casinos.

Malta won't be the first jurisdiction to legalize this form of digital currency, but after this long pioneer in internet gambling makes it legal, this will no doubt be a game changer for the rest of the industry. Once Malta legalizes it, cryptocurrencies will no longer be limited to specific casinos and will become a much more widespread and standard accepted banking option at iGaming sites.

According to Joseph Cuschieri, Malta Gaming Authority's executive chairman, the MGA has commissioned a detailed and technical study to examine the most optimal path forward for the use of legal and regulated cryptocurrency in gambling.

"The shape and form of the framework governing cryptocurrencies will be announced in due course and once the risk assessment is carried out," Cuschieri told leading digital currencies news and information provider, CoinDesk, in an interview.

"Once the results of the study are evaluated, the MGA will make its position official on how cryptocurrencies will be adopted," he added.

Malta seeks to become the leading user of Blockchain and digital currencies

With a strong belief in the potential of blockchain technology and cryptocurrencies, the Maltese government plans to aggressively advance their development in the country. The goal is to position the nation to become the top users of blockchain and digital currencies, like Bitcoin.

"We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy," stated the nation's Prime Minister Joseph Muscat.

What's more, the island nation is also committed to rolling out distributed ledger technology all through the public sector as well as attract blockchain companies, according to Malta's parliamentary secretary for digital economy, Silvio Schembri.

"We've heard enough about the opportunities posed by blockchain and it's now time to put words into action to create new opportunities for both citizens and the economy," Schembri recently told the press. "It's my priority to turn this vision into a reality."

If Malta continues to push its efforts to legalize cryptocurrencies, it might not be long before online casino players see Bitcoin popping up at their favorite MGA casinos.

About The Author

As both a player and a fan of strategy analysis in the area of online gambling, my goal is to share the latest information and news about online casinos and the games that they offer. My background was originally in writing guidebooks for the individual games, as well as for tournaments, but after a decade of that, I chose to expand my experience to writing honest, objective, and helpful articles.

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