Malta moves to further streamline online gambling license requirements
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In his new column for Yogonet, the iGaming industry consultant analyzes Malta Gaming Authority's recently announced new compliance protections and amendments to the gambling legal framework.
Malta moves to further streamline online gambling license requirements.
Malta's gaming authority published several amendments to the rules on 20 October 2021. Key function roles for license holders have been changed and streamlined. The number of roles has been reduced from nine to seven for B2B businesses. Sports integrity suspicious betting previously applied to B-2-B but now also applies to businesses offering sports betting supplies or services.
The new Key Function Certificate requirements come into force by the end of May 2022. Existing Key Persons must apply with the MGA to receive approval under the new rules. The Mga will either approve or reject the application by September 2022, and the licensees must confirm who will fill the roles by December. Final confirmation by M GA will be given by March 2023. Professional development requirements must be adhered to by second renewal of the Key function certificate.
Malta was placed on the FATF grey list earlier this year. Some payment processors don't want to work there anymore. Other companies and businesses have decided to look elsewhere for a European base. There is an influx of operators looking to get licensed in Kahnawake, Curacao and the Isle of Man. Fast Offshore can help existing Malta license holders or are looking for jurisdiction for their gambling company.
