Malta Gaming Authority Issues Guidelines On Blockchain And Cryptocurrency Applications Within The Gaming Industry
MGA (Malta Gaming Authority) recently issued a document with guidelines regarding the applications of blockchain and cryptocurrency within the gaming industry on March 27.
The document titled “Guidance on the use of Distributed Ledger Technology and the acceptance of Virtual Currencies through the implementation of a Sandbox Environment” sets up a basis of guidelines and standards for games that intend to use cryptocurrencies in blockchain technology.
An MGA licensing system for game developers, suggest that the establishment of accepting cryptocurrency as a means of payment through digital currency wallets, deposits, and calculation of exchange rates will be subject to approval through the system.
MGA states that they will only accept games that are fully hosted or partially on the blockchain environment, provided that the operator ensures that the gaming service is not disrupted by operational set up.
MGA will also accept DLT verification to determine whether a game is fair and truly random, which are important concepts within the electronic gambling industry.
MGA offers to test games that adhere to the new cryptocurrency and blockchain protocol. They have developed a specifically engineered sandbox environment which are open to all game developers.
This is set up to protect customers from…read full story