Malta Gaming Licence - new Malta Gaming Act approved
On May 10, 2018, a new gaming act was approved by the Maltese parliament, according to the Malta Gaming Authority (MGA).
The newly passed piece of legislation provides for a more strict, yet less bureaucratic, supervision of the gambling companies by the MGA – the official regulator – with a view to simplifying the procedures and combatting illegal activities, namely money laundering and terrorist financing.
This is planned to be achieved via extending the MGA's powers of intervention, formalising the role of the official mediator between operators and players (the so-called Player Support Unit) and reinforcing the existing consumer protection standards. In addition, in an effort to combat illicit activities, a new reporting system will help track and tackle accordingly suspicious sports betting transactions.
Two new types of Malta Gaming Licences
An important update will regard the licensing procedure. Under the new law, the current system of concessions will be replaced with a new one, which provides for just two types of licences: Business-to-Business (B2B) and Business-to-Customer (B2C). This is believed to simplify the existing processes and encourage further growth of the sector.
“This is a very important milestone for the MGA. The new law establishes very robust compliance and enforcement powers and structures, and lays the necessary foundation to continue to strengthen player protection,” Heathcliff Farrugia, the MGA’s Chief Executive Officer, said.
The enactment of the above-mentioned changes is still subject to the approval by the EU Commission, in line with the Technical Regulation Information System process. It is expected that the new edition of the Gaming Act will enter into force on July 1, 2018, for remote operators and January 1, 2019, for land-based operators.
Get more info about the new Malta Gaming Licence
