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  1. #1
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    The Buzz is offline GPWA Gossip Hound
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    Default Malta Gaming Authority proposes Blockchain gaming guidelines

    Last week, the Malta Gaming Authority released a document called “Guidance on the use of Distributed Ledger Technology and the acceptance of Virtual Currencies through the implementation of a Sandbox Environment,” aiming to apply standards to games that use cryptocurrencies and Blockchain technology.

    From the MGA:

    The characteristics of virtual currencies, while often cited as drivers for their adoption, simultaneously pose a number of risks which need to be addressed in a well thought out manner. The MGA is mindful that these risks need to be addressed in order to ensure that the necessary safeguards are in place to:

    • Protect consumers;
    • Cater for the prevention of crime and money laundering or funding of terrorism (with due regard to the 4th Anti Money Laundering Directive) and;
    • Protect the reputation of the Maltese jurisdiction.

    By consolidating perspectives of fellow stakeholders, the online gaming industry and key experts in these type of technologies, the MGA is issuing for public consultation, criteria as set out in this paper for the establishment of a sandboxed (test and learn) environment for virtual currency adoption within the remote gaming sector, whilst also drafting guiding principles for the application of DLT and its various adaptations within the industry.
    Read the entire document here: http://www.mga.org.mt/wp-content/upl...nvironment.pdf

  2. #2
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    Vargoso is offline Spanish Forum Moderator
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    Default

    This can be a "hard topic" with cryptos, because one of the key selling points is the independency, anonymity, etc.

    Some rules may be important, but take a look if this topics I just see in a quick check of the document:

    no operatormay accept deposits and, or wagers in VC by a player exceeding the equivalent of one thousand euros(€1000) per month (hereinafter the “maximum amount”). Nevertheless, and without prejudice to thegeneral obligations of the operator to adhere to applicable anti-money laundering legislation, uponcumulative deposits or wagers, as the case may be, of one hundred and fifty euros (€150) or more ina rolling period of one hundred and eighty (180) days, customer due diligence obligations shall betriggered, as envisaged in section 5 hereof.
    Also important quote about not flipping among cryptocurrencies, similar to a gambling site only processing cashouts to the same ewallet you used. But this mention don't state a limit, so if you win more than you deposit, you must use same crypto.

    Furthermore, all payments received in a certain unit of VC must be returned by the operator in thesame unit. At no point will the operator and/or players be allowed to transfer funds between differentVCs on the gaming/betting platform
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