- Malta Gaming Authority is now in the process of setting some regulations and rules for the forthcoming innovations in the gambling sector.
- The gaming regulator is planning to adopt NFTs and other digital technologies after contemplating the growth of online gaming.
- The MGA is launching a stakeholder consultation in order to develop proposed policies for the utilization of technology in gaming.
In a recent announcement, it was disclosed that the Malta Gaming Authority is planning to set up some rules and regulations considering the forthcoming innovations in the gambling sector. This has come amid the revelation that the gaming industry is all set to go through drastic alterations in the next decade.
The Malta Gaming Authority is planning to adopt NFTs and other digital technologies as the online gaming sector continues to grow. It was announced yesterday that the Malta Gaming Authority is launching a stakeholder consultation in order to develop proposed policies for the utilization of technology in the gaming sector.
These include Virtual Financial Assets (VFAs), Virtual Tokens, and Non-Fungible Tokens. It was revealed that digital solutions are being incorporated into the ecosystem slowly. However, it should be noted that the lack of regulations acts as a barrier to facilitating responsible development.
In addition to this, it should be noted that the authority has intentions to onboard the interested parties in order to take part in the Sandbox environment, which will continue to run till December 31. Even though the Sandbox was expected to be finished already, back in March 2021, MGA made an announcement regarding the extension of the launch till the end of this year.
As revealed, the MGA is all set to host a regularity workshop in order to discuss the proposed policies. It will soon start sending out invitations to capable industry insiders in order to prepare for the workshop in December. In addition, there are plans to introduce a new policy that will present its position on the adoption of virtual tokens and the utilization of ITAs.
NFTs are emerging as an ideal solution for storing digital collectibles such as pieces of art, music, or any other digital content. In addition, players will be able to place their bets as NFTs and can get to know if they have won or lost immediately.
Given the fact that NFTs are able to verify and secure ownership of digital items, it stands to ground that they can also be utilized in gambling.