«Malta And BTC Regulation
We’ve been witnessing the huge rise of popularity of Bitcoin and other types of alt-coins, for the last several years. More and more online casinos are accepting the digital money as a new payment method. But, despite this rise, there’s still no legal framework and any regulations concerning cryptocurrencies. This situation is expected to change very soon. For example, Malta is already going to become the first country, which will introduce the proper legislation applying to BTC and all the other alt-coins. As you see, this country is going to become a pioneer in this sphere.
Malta’s First Steps
Malta’s government has been working on this project for several months. Last September Malta received a report from some company, based in the UK, about the results of several tests, embraced under the title “the Sandbox”. Those tests were taken after Maltese Prime Minister’s announcement that Europe should turn into the “bitcoin continent”. The goal of those tests was checking the possibility of using BTC in Malta’s economy. Actually, Malta isn’t the first country which had this idea and conducted these tests. But still, this country managed to introduce some regulations concerning block-chain currencies.
We, gamblers, know perfectly well, that Malta is the European gambling regulation center. Thousands of online casinos and other gambling websites are operated under the license, received from Malta’s Gambling Authority. And now we’re witnessing Malta’s steps towards a gambling bill, which is expected to enlarge Malta’s authority in the gambling world.
Apart from that bill, Malta introduced three proposals concerning ICOs and digital money. The public had a chance to express their opinion about those proposals. After the end of the commenting process the bills are going to move to the Parliament.
The bill, concerning the digital money, is expected to deal with everything, connected to all types of cryptocurrency, including exchanges, eWallets and so on.
So, Malta will become the first country with the fully regulated market of digital money. Who knows, maybe some other countries will follow this example.