Malta eyeing NFT regulation for 2023

Malta’s gaming industry could be on the cusp of a digital revolution.

The Malta Gaming Authority (MGA) has launched a closed consultation aimed at creating a new policy for the implementation of Virtual Financial Assets (VFA), virtual tokens, and non-fungible tokens (NFT).

The consultation period expires on December 14.

Multiple “Regulatory Workshops” are planned to hammer out the details, with the very first one aimed at bringing industry stakeholders in direct contact with the regulatory body.

It’s planned for some time in December – presumably before December 14, so as to give relevant stakeholders time to form their feedback on the proposal and work it out in a more informal setting.

The idea behind the “Regulatory Workshops” was to “introduce a more regular and structured touchpoint between industry stakeholders and the MGA”, a news release by Malta’s regulator says.

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” is said to expire on December 2022. This means that any moves the government makes, must come in 2023.

The proposed policy regarding NFTs, VFAs and virtual tokens is a necessary step for the government if it is to introduce it into the market.

It is expected to also address the use of smart contracts, as well as internet technology assets (ITA), including Distributed Ledger Technology.

This is also not the first consultation that MGA has launched recently. On September 30 it announced another – this time involving gambling licensees – in regards to devising amendments to its Player Protection Directive.

By all accounts, the country appears to be preparing to take its digital assets game – and its gaming industry – to the next level. It will be miraculous if it manages to do it by 2023 but if it does, it might be joining Dubai in the list for that year.

Dubai is set to introduce its crypto framework next year.

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Written by Kyamil Nasuf


Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.

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