MGA launches closed consultation on Innovative Tech Arrangements, acceptance of VFAs & virtual tokens

The Malta Gaming Authority on Wednesday launched a closed consultation with relevant stakeholders regarding the proposed policy on the use of Innovative Technology Arrangements (ITAs) and the acceptance of Virtual Financial Assets and Virtual Tokens.

Given that the applicable period of the ‘Guidance on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens through the implementation of a Sandbox Environment’ shall expire on 31st December 2022, the MGA plans to introduce the newly drafted policy which shall present the regulator’s position with respect to the acceptance of VFAs, virtual tokens and the use of ITAs, including Distributed Ledger Technology platforms and smart contracts, by authorised persons.

As part of the consultation process, the MGA will be launching its first Regulatory Workshop, with more to follow, with the subject-matter of the first forum being the proposed policy. Closed consultations mean that only licensees and relevant stakeholders are invited to give their feedback.

The workshops’ objective is to introduce a more regular and structured touchpoint between industry stakeholders and the MGA and to encourage an informal exchange of views around regulatory topics of mutual interest.

In the coming weeks, the MGA will be inviting interested stakeholders to participate in the first workshop that will be held in December 2022.

The ongoing consultation shall give the opportunity to such stakeholders to submit their feedback, if any, regarding the proposed policy. The consultation period shall run until 14th December 2022.