The Malta Gaming Authority is proposing a new policy on the concept of Innovative Technology Arrangements (ITAs) and the acceptance of virtual financial assets (VFAs) and virtual tokens, NFTs.
Running from November 14th, the global regulator is running a closed consultation that will address the idea of regulating NFTs. Part of the process will be a range of MGA-run “regulatory workshops” that aims to establish a more structured touchpoint between the regulator and industry stakeholders.
In a statement released by the Malta Gaming Authority: “The Malta Gaming Authority is launching a closed consultation with relevant stakeholders regarding the proposed policy on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens (the “Policy”).
Given that the applicable period of the ‘Guidance on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens through the implementation of a Sandbox Environment’ shall expire on 31 December 2022, the Authority plans to introduce the newly drafted Policy which shall present the Authority’s position with respect to the acceptance of VFAs, virtual tokens and the use of ITAs, including Distributed Ledger Technology platforms and smart contracts, by authorised persons.”
