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The MGA is bringing crypto to licensed online casino operators

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The MGA is bringing crypto to licensed online casino operators like Norway facing ComeOn Casino.

For the online casino industry, every day brings new change, opportunities, and progress. Regulators and casino operators are constantly looking at ways to enhance the overall online gaming experience.

The MGA is one of the leading gaming authorities now moving towards allowing crypto as a payment method.

Crypto for MGA licensees

The Malta Gaming Authority is working to bring crypto to online casino operators with an MGA license.

While cryptocurrency has rapidly grown in popularity, none of the gaming authorities has stepped forward to allow it as a payment method.

The Malta Gaming Authority is the first to take steps in this direction, enabling casinos and players to enjoy using cryptocurrency for payments.

The Malta Financial Services Authority (MFSA) has taken steps by granting a Virtual Financial Assets (VFA) license to the cryptocurrency payment provider, Moneybite. This allows it to branch into the iGaming industry.

According to the latest developments, Moneybite will be the first MFSA-approved company to provide merchant services internationally. The primary focus will be on providing services to gambling operators licensed by the Malta Gaming Authority.

According to the Moneybite managing director, Elton Dimech, it is a huge moment and a ‘regulatory sunrise for the industry.’ Dimech states that transactions with crypto should not be a cause of concern but be as convenient as any fiat currency. For this reason, their objective is to become a trusted bridge between the two.

The regulation of crypto casinos

Cryptocurrency is not a new trend or something that will disappear within the next few years. Instead, it has grown in popularity, and its use has expanded in various fields, including online gaming.

Despite the popularity of cryptocurrency, gaming authorities are not too enthusiastic about awarding licensing to cryptocurrency online casinos.

As a leader in the industry and a trendsetter to watch, the Malta Gaming Authority is the first to leap in awarding licensing to gaming regulators.

Since 2018, the MGA has been working towards extending its gaming license to include cryptocurrency. And now, the MGA will successfully start allowing crypto at licensed online casino operators. ComeOn Casino is one of the MGA licenses already offering crypto in Norway.

With this latest revelation, it is expected that even more MGA licensed brands will hop on the cryptocurrency bandwagon, such as the 7Stars brands.

With the Licensee Relationship Management System update, all new and existing licensees can take advantage of the amendments.

The MGA’s Sandbox Framework Initiative has been used to explore precisely how crypto-assets can be used on MGA licensed platforms.

The implementation of the framework was set to run only for ten months. However, it was extended to December 31st, 2021, thanks to its popularity.

Cryptocurrency and its benefits

With the regulation of crypto casinos, such as Bitcoin casinos, there are benefits for both online casino operators and their customers. For customers, this is a reason to join a licensed online casino which increases the safety of online casino gameplay. Also, the casino will boast licensing from a top regulatory gaming authority. This provides more assurance of fair treatment and safety standards.

For operators, this is a chance to obtain licensing to offer crypto casino gaming to online casino customers legally. This enables them to play above board and form partnerships with the top payment providers. It also gives them the ability to promote offers in a regulated and ethical manner.

Published: April 27, 2022

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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