Blockchains’ Role in the Future of iGaming

September 27, 2018 | 2 minute read

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Malta recognizes the strong potential of blockchain in future generations. It is currently involved in efforts to create a pioneer European blockchain hub. The Malta Gaming Authority (MGA) is also working on a regulatory framework in partnership with the Malta Digital Innovation Authority (MDIA). Such efforts are evidenced by the creation of a Joint Regulatory Efficiency Board which is incorporated by individuals nominated from both the MDIA and MGA, amongst other national authorities. The new legislation will focus on protecting players and investors, as well as providing an opportunity for operators to thrive and develop in a regulated environment.

The blockchain industry continues to evolve as a variety of different businesses begin to embrace the new platform. For now, iGaming operators have not yet declared their support for blockchain, but the current state of online gaming may require them to fully adopt this rising technology for the next generation.

Online gamblers have shown a preference in recent times for moving from FIAT money to popular crypto currencies such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin for online gambling transactions. iGaming operators have noticed this trend amongst their players and have been forced to embrace cryptocurrencies or run the risk of neglecting a market segment.

With Malta focusing on improving crypto currency regulations and giving crypto operators a robust environment to operate in, it will rub off on the iGaming industry in Malta and cause more online casinos to start offering crypto currency payments to their players.

 

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