News - 4 January 2019 16:00

First Sandbox Phases for VFAs begin

The Malta Gaming Authority (MGA) launched the initial phases of its Sandbox Framework for the use of Virtual Financial Assets (VFA) and Distributed Ledger Technology (DLT)in gaming on the 1^st of January 2019.

During the first two phases of the Sandbox, licensed entities with successful applications will be able to use DLT Assets. Operators will be able to apply until the October 2019 – a year after the launch of the Sandbox was announced by the MGA during the Delta Summit in Malta – and will be able to use VFAs such as cryptocurrencies either through a third party as well as directly.

With the Sandbox in place, gaming operators must provide players with two distinct limits for both fiat currencies and VFAs when a player chooses to set a player-specified limit, while deposits in VFA must not exceed €1,000 per month.

With the Sandbox now in action, Malta continues to distinguish itself as an innovative jurisdiction especially in relation to legal framework in the fintech world

Topics

Science, technology

Contacts

Dr Silvana Zammit

Partner Gaming, Property, Yachts & Aircraft asksza@cclex.com +356 22056606

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