Malta Gaming Authority ‘sandbox test’ of cryptocurrency impact

Malta’s gaming regulatory body is proceeding with a ‘sandbox test’ of its cryptocurrency controls before allowing Malta-licensed online gambling operators to accept digital currencies such as Bitcoin.

On Monday, the Times of Malta reported that the Malta Gaming Authority (MGA) had enlisted the help of auditing firm PricewaterhouseCoopers (PWC) to conduct the test, which involves introducing a fictitious cryptocurrency within a controlled environment and seeing what threats – if any – it presents to Malta’s overall economy.

MGA chairman Joseph Cuschieri said the Malta Financial Services Authority, the Financial Intelligence Analysis Unit and the Central Bank of Malta would participate in the sandbox test and provide feedback.

In April, Malta’s Prime Minister Joseph Muscat revealed that Malta was working on a national strategy to promote blockchain technology, and a Muscat spokesman told the Times that the PM wanted to make Malta the “blockchain capital of Europe.”