The Malta Gaming Authority has piloted a sandbox test on cryptocurrency such as Bitcoin to check whether these currencies should be added as payment options to online casinos licensed by the regulation authority. A number of online casinos that operate with a Malta gambling license are powered by the software group, Microgaming. A sandbox test essentially tests software to check security and to make sure that the program is running correctly.
The MGA has been testing cryptocurrencies for over a year, and the sandbox framework was introduced on January 1st to process all transactions. If this phase of the text proves to be successful, the authority will move onto the next step of the project.
The MGA believes that control over cryptocurrency as a payment solution could expedite financial transactions and give customers and operators peace of mind.
In October last year, the chief executive officer of the MGAM Heathcliff Farrugia said: “The MGA’s strategic mission is to be at the forefront of gaming regulation whilst embracing innovation. This, coupled with the rapid rise in interest from gaming operators to incorporate VFAs and DLT into their operations, were the main drivers behind the proactive approach taken by the Authority to issue a Sandbox Framework for the use of these technologies within a controlled regulatory environment”.
“The MGA envisages that this framework will run until end of October 2019, although its extension, both partially or wholly, could be a possibility,” he said