Malta's regulator intends to implement NFT rules through further consultations

The Malta Gaming Authority (MGA) has initiated a consultation on a proposed new policy on the use of Innovative Technology Arrangements (ITAs) and the acceptance of virtual financial assets (VFAs) and virtual tokens.

The consultation will run through December 14 and enable key stakeholders to provide feedback on the MGA's plans to propose new rules and regulations in these areas.

As part of the consultation process, the MGA will conduct a series of 'Regulatory Workshops' with the intention of creating a more frequent and structured touchpoint between industry stakeholders and the MGA and encouraging an informal exchange of opinions on regulatory issues.

The first of these meetings will occur next month and will focus on the proposed policies of the regulator addressing ITAs, VFAs, and virtual tokens. The MGA will invite all interested parties to attend this session.

“The ongoing consultation shall give the opportunity to such stakeholders to submit their feedback, if any, regarding the proposed policy,” the MGA said.

The survey follows the MGA's commitment last month to provide "detailed player protection rules for licensees," having initiated a second consultation on the matter.

In September, the MGA launched a "closed consultation" regarding "licensees' obligations regarding their responsible gaming policies and procedures and the introduction of five markers of harm that must be considered when determining effective measures and processes to detect and address problem gambling."

This, it stated, followed a review of its player protection policy by "an expert in the subject," as well as MGA research and the Responsible Gaming Unit's efforts.

By fLEXI tEAM