Malta Enacts New Gambling Law
A new gambling law aimed at regulation of the land-based and remote gambling houses comes into force July 1, 2018, in Malta. It is worth noting that this is the first review of legislation in this sphere for the last 14 years. A former CEO of MGA, Joseph Cuschieri, triggered the process.
The new law abandons the current regulatory system granting licenses in several classes. New Gaming Act includes two main types of licenses: business-to-business (B2B) and business-to-consumer (B2C), while the business segment will be exempt from taxation.
It is also expected that the new legislation will make the process of licensing easier and operators will face fewer hindrances during the initial stage of the business project. It should be achieved through the empowering of MGA that will take on the role of the official mediator between the operators and players. The existing consumer protection standards will be strengthened as well. Besides, the new reporting system is supposed to combat illegal activities thereby helping monitor and resolve suspicious betting transactions.
The Gaming Act includes several key features aimed at improving the MGA regulatory frameworks regarding such issues as:
- combating illegal financial operations;
- consumer rights protection;
- administrative justice.
Innovations in the Maltese gambling legislation caused the increase of interest in the offshore jurisdiction among the foreign companies. Many famous gambling and betting projects are already planning to start their gaming business there.
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