Malta prepares new gaming bill
Malta Gaming Authority (MGA) has been currently consulting the government on the final publication of a new Gaming Act. It will cover the sphere of gaming regulation, and replace the existing legislation on gambling.
The Government of Malta is to fully reform the current legislative framework after the issue was discussed with the wide public, experts, and stakeholders. It will cover major gambling areas including consumer protection, anti-money laundering and fight against terrorism funding.
The Gaming Act should provide MGA with the resources and authority to publish directives and other regulatory acts as necessary, which will ensure the regulation of technical specifications and processes. Thus, the regulator will increase its flexibility in decision-making.
"This bill marks a major step in streamlining and encompassing the governance of all gaming services offered in and from Malta and across all channels under the competence of the MGA. The Government wants to ensure that the gaming industry continues to be run responsibly, fairly and free from criminal activity," the Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Hon. Silvio Schembri claimed, "So the Maltese jurisdiction provides a safe and well-regulated environment where the industry can also develop and innovate."
Joseph Cuschieri, Executive Chairman of the Malta Gaming Authority, stated: "This is an important milestone, and we welcome this major step forward by the Maltese Government. This bill contains draft proposals which aim to bridge the regulatory gap between various gaming verticals and channels, including new technologies serving as a platform to future-proof gaming regulation, whilst ensuring that consumers enjoy a consistent level of protection."
In the course of legislative reform, the current multi-license system will be replaced with a simplified one featuring only two types of licenses: B2C and B2B.
It is expected that due to new legislation the gambling industry in Malta will increase by another 4%.
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