What To Expect From Malta
Malta expects to introduce its new Gaming Act on 1 July, with changes that allow gaming companies to operate with one license across multiple platforms.
The Act replaces a gambling regulatory system that awards licenses to gambling companies in different classes.
The new regulatory system will award two types of licenses, business to business (B2B) and a business to consumer (B2C), depending on the focus of the company applying for a license.
“This is a very important milestone for the MGA. The new law establishes very robust compliance and enforcement powers and structures, and lays the necessary foundation to continue to strengthen player protection,” said Heathcliff Farrugia, CEO of the Malta Gaming Authority.
The Gaming Act come into effect for remote gaming operators on 1 July. For land-based operators, there will be a transitionary period and the law will take effect on 1 January 2019.
This new Gaming Act is the first revision made to Malta’s gambling legislation in 14 years and was approved by Maltese Parliament back in May.
“The industry lobbied for it, and it is the way to go – in fact, many other jurisdictions offers this,” said Joseph Cuschieri, former head of the Malta Gaming Authority in an interview with The Sunday Times of Malta.
“It also simplifies regulatory compliance and avoids duplication of requirements,” he added.
The regulatory body is expected to implement stricter rules and guidelines in an attempt to counter money laundering, the financing of terrorism and other illegal financial flows associated with the gambling industry.
“The MGA will periodically review the regulatory performance of the sector and the framework itself and will advise Government on the attainment of its objectives mainly focusing on consumer protection and integrity,“ said Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation.