Malta Gaming Authority has released new amendments to its Sandbox Regulatory Framework. Published on its website, MGA noted that: “By virtue of its nature as a living document, the ‘Guidance on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens through the implementation of a Sandbox Environment’ and the regulatory requirements envisaged therein are subject to be changed from time to time, as may be rendered necessary by technological and regulatory developments”.
In addition to this, the gaming authority published the amendments that have been carried in the document as follows:
1. Every authorized person and/or prospective authorized person shall be required to submit a legal opinion duly signed by a registered VFA agent, as regards the licensability or otherwise of the services in terms of the Virtual Financial Assets Act (Cap. 590 of the Laws of Malta), that shall be undertaken by the authorized person and/or any service provider engaged by the authorized person within the sandbox environment;
2. The amendments explains that authorized persons and/or outsourcing service providers that are applying for license in terms of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) require a license from the MFSA;
3. The requirements relating to the verification of control that a player exercises over his/her wallet have been brought in line with applicable AML/CFT obligations; and
4. The requirements applicable to the audit of innovative technology arrangements by auditors registered with the MDIA have been clarified.
Authorized individuals are then reminded that securing an approval to participate in the Sandbox Regulatory Framework is a condition on the applicant holding the relevant license issued by the MGA, without prejudice to any other regulatory requirements coming up from other applicable legislation, including but not limited to, the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) and the regulations issued thereunder.
Kindly contact the Innovation Team on innovation.mga@mga.org.mt for any queries related to the above.
