On Thursday, the Malta Gaming Authority (MGA) declared it has “no connection or affiliation with the cryptocurrency entitled ‘Malta Gaming Authority’, which is referenced on bscscan.com”.
The regulator said that in the absence of any authorisation granted by itself, “any statement or reference referring to any cryptocurrency purporting to be connected or affiliated to the MGA is false and misleading”.
As a major jurisdiction for the iGaming community, with hundreds of iGaming companies in operation, Malta has over recent years also positioned itself as a ‘Blockchain Island’ through the introduction of targetted legislation, attracting blockchain and cryptocurrency enthusiasts from around the world.
'Hacks, scams and rug pulls not only pose a threat to individual investors but cast a shadow on the broader narrative of cryptocurrency as a revolutionary force in finance'
'Processes have been re-engineered to specifically make it easier for companies to fulfill their reporting responsibilities’
While the idea is certainly catching on, the big question remains whether it will become a standard and what consequences impacts this working arrangement will have
Responsible gambling means being aware of the risks involved and taking care to never bet more than you can afford to lose