MGA on the Verge of Approving Bitcoin

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malta-gaming-authorityBitcoin may see some good days soon because the Malta Gaming Authority (MGA) is weighing the pros and cons of regulating the cryptocurrency. This could turn out to be a major boost to the online bitcoin gambling industry.

For a long time, Internet news reports have been suggesting the possibility of Malta recognizing bitcoins, but it looks as if it is actually going to happen now.

MGA Considers Bitcoin Regulation

The MGA is taking a close look at the cryptocurrency and its possible effects on online gambling. Several online casinos all over the world have started offering Bitcoin as one of their banking options in spite of the fact that Bitcoin is unregulated. At the same time, several operators have refused to offer Bitcoin as a payment option because there isn’t any regulatory framework regarding the same.

One still cannot say for sure that the MGA will officially approve Bitcoin as an online casino banking method. Gaming experts are of the opinion that other regulatory bodies will quickly start approving Bitcoin if and when the MGA does so. But right now, nobody can say for sure how things are going to turn out.

Currently, no online casino licensed in Malta can offer Bitcoin as a banking method. The gambling regulations of Malta clearly list out legally approved banking methods. Any banking method that is not mentioned in this list is considered to be illegal. Online casino operators licensed in Malta are careful about complying with the laws because they do not want to be sentenced to jail for accepting Bitcoin before it gets regulated.

Bitcoin will benefit greatly if it gets the approval of any regulatory body. For this reason, the bitcoin gaming industry is happy that the MGA is even considering the pros and cons of approving Bitcoin.

A few months back, the UK Gambling Commission (UKGC) introduced cryptocurrencies into its list of banking methods that can be accepted at online casinos licensed in the UK.

Using bitcoins for betting on real money games at online casinos is slowly gaining popularity because of its several advantages. Bitcoin players can not only play anonymously, but also make instant deposits and withdrawals at bitcoin online casinos.

EXANTE’s Statement

EXANTE, an investment broker regulated in Malta, said: “The acceptance of the Bitcoin as payment method would no doubt help popularize it among online casinos and gamers while also attracting Bitcoin casinos that currently use FIAT currency.”

The investment broker further voiced the opinion of BitStarz, a bitcoin online casino based in Malta. BitStarz had opined that approval of Bitcoin would release a floodgate of opportunities for online casinos. BitStarz Marketing Manager Sasha Jade said that the fiat money casinos, which hold a 99% share of the online gambling industry, still do not offer Bitcoin as a payment method.

Patrick J O’Brien, communication director of EXANTE, said: “The recognition of Bitcoin by Maltese gaming authorities in the years ahead would allow Bitcoin to get on the global gaming market and expand into Asian and Russian markets.”

November 16, 2016: • No Comments

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