Cryptos Reach Online Casino Operators with MGA License
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According to the latest developments, the Malta Gaming Authority (MGA) is going big with crypto adoption among online casino operators. The regulator opens a legal channel for crypto gambling with an MGA license. Thanks to this license, the online casinos can seek crypto support from any payment provider approved by the Malta Financial Services Authority (MFSA).
Cryptocurrencies have been with us for more than a decade now, and the larger part of the younger generation is actively utilizing them in various areas. Online gambling is probably the best-known utility of these digital assets, and the wider adoption has virtually created a new industry altogether. However, there has not been any attempt to bring a proper legal channel for this booming industry until now.
To harness this ever-so-expanding popularity of crypto gambling, the MGA has taken the step to bring regulatory licenses for crypto payment in online casinos. As the reports suggest, the MGA has become the first regulator to enable crypto payments through an official license. However, the approval is dependent on several conditions put forth by the regulator.
The casino could primarily use a payment provider that got the nod from the MFSA. The financial authority of Malta started granting Virtual Digital Asset (VDA) licenses to crypto payments providers only recently. And what is more, MoneyBite became the first-ever crypto service provider to receive this Malta VDA license. This license allows MoneyBite to take its crypto merchant services to the international market with legal support.
Nonetheless, given the recent announcements from the MGA, MoneyBite can potentially branch out to explore the opportunities of the iGaming sector now. In that case, users will longer have to rely on unregulated third-party sites to receive their Bitcoin casino free spins. The payments provider itself expressed intentions to explore the crypto gambling industry.
Elton Dimech, Managing Director at MoneyBite, considers the new approaches from the MGA and MFSA as a “regulatory sunrise for the industry.” It is also the company’s firm belief that crypto payments can be made as accessible and seamless as fiat currency. With this belief, MoneyBite will now work towards bringing a bridge between the two worlds.
It is not the first time the MGA has moved towards cryptocurrencies, as the regulator has seemed fascinated with this industry since 2018. After a successful trial run with the Sandbox Framework that ran until December 31st, 2021, the regulator has taken the first leap towards offering crypto licenses to online casinos. ComeOn, an online casino provider from Norway, has become the first to receive regulatory approval for cryptos from the MGA.
Implementing such licenses would bring several edges to players and operators alike. Apart from the innate security features, the regulatory approval would provide extra assurance about fair gameplay and safety measures in these casinos. As for the operators, they can now acquire customers and partnerships legally. Not only that, but the regulatory nod also pushes them towards the mainstream.
