The Malta Gaming Authority (MGA) published a White Paper proposing drastic change in the Malta’s Gaming Legal Framework.
The five-week period for public consultation will be held for stakeholders before the draft legislation is presented in Parliament. The key purpose behind this proposal is that the current legislation would be repealed and replaced into one parent act called the Gaming Act.
The changes include:
- Exchanging the existing multi-licence system with a new simplified system which includes two different types of licenses; a Business-to-Consumer (B2C) licence and a Business-to-Business licence (B2B). The legislation would exempt B2B licenses from gaming tax, hence making Malta a more competitive location for these companies.
- Strengthening the player protection framework by formalising the mediatory role through a player support unit.
- Broaden the regulatory scope to increase MGA oversight and allow for intervention in order to crack down on money laundering and funding of terrorism
- Establishing new and more effective processes for criminal and administrative justice, comprising the allocation of appeals from judgement decisions of the Authority to the Administrative Review Tribunal and the introduction of a distinction between criminal and administrative offences.
- The concept of administration is introduced to safeguard a firm in distress, and if required, to assist in the winding up of a business or operation.
- The strengthening of the Authority’s role in the fight against manipulation of sports competitions by presenting new obligations on operators to monitor sports betting and report suspicious bets.
Read more here: //www.mga.org.mt/malta-gaming-authority-publishes-white-paper-proposing-major-reforms-maltas-gaming-legal-framework/