Parliamentary Secretary Silvio Schembri announced at ICE London 2019 that the Malta Gaming Authority (MGA) has so far received over 20 applications from new gaming companies looking to set up shop in Malta. This comes as no surprise since Malta has been growing in innovative industries such as Blockchain and Gaming, with forward-thinking legislation, such as that of the Virtual Financial Assets Sandbox, recently making global headlines.
Malta, the Home of Gaming Excellence
Despite the island’s miniature size, Malta is taking big steps towards innovation and cultivating growth within the jurisdiction, pushing Mr Schembri to identify Malta as the ‘home of gaming excellence’. In fact, Malta’s presence within the gaming industry was evident at ICE London with Malta being the country with the highest number of exhibitors of around 11%.
Before the implementation of the Sandbox, a direction which has allowed gaming operators to apply to use Distributed Ledger Technologies such as cryptocurrencies, Malta was already a strong player within the gaming industry, attracting serious operators to Malta as a result of the country’s legislation and its drive to strengthen supporting framework. Earlier in 2018, Malta also announced new regulation that would safeguard players and promote responsible gaming, by implementing a new Malta Gaming Act that required operates to exercise their platforms through a stricter and more compliant framework.
An island for iGaming and Blockchain companies
This pro-business attitude has led many foreign companies to look to Malta as a result of legislation that seeks to put into place a strategy for a sustainable future. Following Malta’s position as the first jurisdiction to thoroughly regulate the use of Blockchain Technology and Distributed Ledger Technologies, Malta was crowned the Blockchain island. Apart from this, Malta currently has the fastest GDP growth within the Eurozone, which in itself has attracted foreign investment to its shores.
Chetcuti Cauchi, your Malta iGaming advisors
As an international firm focusing on gaming and corporate law, Chetcuti Cauchi has positioned itself within the countries cutting edge industries by advising clients on the island’s corporative clients and providing solutions that best suit each client’s integral market strategies. To learn how Chetcuti Cauchi can help guide you through services ranging from advising on corporate legislation to consultancy on gaming law, contact us now.
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