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Malta Set To Introduce A Brand-New Gaming Legislation
- March 21, 2018 By Riley Wilson -
The Maltese parliamentary secretary for Financial Services, Digital Economy, and Innovation Silvio Schembri has introduced a new Gambling Bill, set to replace the country’s current legislation.
The new and improved proposal will be presented to the parliament, and the voting should take place in the coming period.
A Major Step Forward
Schembri stated the Bill marked a major step in streamlining and encompassing the governance of all gaming services offered in and from Malta and across all channels under the competence of the MGA.
A series of new technical guidelines and explanations, suggested by the country’s regulator – the Malta Gaming Authority – has been incorporated into the new bill with the ultimate goal of creating a piece of legislation that will offer a better regulation, but at the same time keeping it fun and responsible, as well as transparent.
Malta is one of the favorite destinations for some of the biggest names in the industry and is regarded as a well-regulated market.
After the new bill gets the green light from the voters, the existing multi-license system will be changed, cutting down the number of licenses to just two: a Business-to-Consumer (B2C) license and a Business-to-Business license (B2B).
More Power Will Be Given To The MGA
Once adopted, the gambling bill will give the Malta Gaming Authority more control when it comes to the threats of money laundering, terrorism funding, and other criminal activities. The bill will definitely create a safer environment for both players and consumers, offering an increased level of protection for their funds.
Executive chairman of the MGA, Joseph Cuschieri emphasized the importance of changes which would be brought by the new bill and added the consumer protection would be at the highest level.
Maltese politician and a Member of Parliament, Silvio Schembri said all these changes would boost the gaming industry growth by another 4%.
Under the provisions of the new bill, bookmakers will be obliged to identify suspicious betting-related activities and report them to the MGA. In addition to all these changes, B2B licensees will not be required to pay the gaming tax, which in turn should result in an increase in their profit.