MGA Embraces Virtual Currency Technology

There’s a new chief in charge at the MGA, and he’s determined to drive the organisation forward into a new age of innovation. Newly appointed Chief Executive Officer at the Malta Gaming Authority, Heathcliff Farrugia, has said that embracing technological innovation is an important part of the organisation’s strategy of positioning itself at the forefront of world-wide gaming regulation.

To this end, the gaming regulatory body has released information about its groundbreaking Sandbox Framework. The project encompasses broader acceptance and implementation of cryptocurrencies, as well as well as what is known as Innovative Technology Arrangements (ITA’s). This forms an important part of the island of Malta’s quest and mission to become the world’s leading virtual currency hub, also known as blockchain.

Blockchain Is The Way Forward

The details surrounding the organisation’s plans for the future, as well as its closer involvement with virtual currencies, was recently made known at the very first instalment of a new gaming conference, the Delta Summit. The conference is currently underway at the island’s Intercontinental Arena Conference Centre which is situated in St. Julian’s.

The promotion of blockchain and other technological innovations that may be applied to further develop and enhance the global iGaming industry as well as various financial sectors is enjoying a lot of attention during the scope of discussions and presentations.

A Multi-Phase Process

The MGA has also published an official press release on its website, which details the organisation’s rollout strategy for its new Sandbox Framework initiative. The project will be rolled out in two phases, namely the application process for the use of Distributed Ledger Technology (DLT) as an accepted and official payment tender, and secondly, the further extension of the Sandbox Framework in order for it to accept the use of ITA’s by licensees.

The site-based press release emphasised the fact that the framework will be rolled out as a live document, which will enable interested parties to comment on various aspects of its proposed implementation and scope of operations. The project will also be fluid, meaning that it will be constantly subjected to new updates and further developments.

The framework will focus on established cryptocurrencies during its trial period, but operator-generated tokens will be accepted too.