Malta’s online gambling regulator is taking a wait-and-see approach towards allowing its licensees to handle transactions in digital currencies like Bitcoin.

Joseph Cuschieri (pictured), exec chairman of the Malta Gaming Authority (MGA), recently told Malta Today that virtual currencies like Bitcoin were gaining popularity in part because traditional financial institutions were becoming more risk averse regarding their dealings with online gambling operators.

Cuschieri said the MGA had received “very few requests” from licensees looking for authorization to handle Bitcoin transactions, and that the MGA had “always refused” these requests because Cuschieri still views the use of such technology by MGA licensees “as a risk.” Cuschieri said the MGA’s policy remains that “we still do not accept crypto-currencies.”

Nonetheless, Cuschieri said the MGA intended to take a proactive approach and was therefore looking at “adopting a national approach” to crypto-currencies. On this, the MGA planned to collaborate with Malta’s Central Bank, the Financial Intelligence Analysis Unit and the Malta Financial Services Authority.