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MGA interested in cryptocurrency projects

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The Malta Gaming Authority (MGA) released a statement in which it asks companies to register their interest in cryptocurrency projects and Distributed Ledger Technology (DLT).

 

The Authority will evaluate all submissions in order to enrich and render a more practical sandbox environment and DLT guiding principles, which it intends publishing during the first quarter of 2018.

The MGA said that it is willing to receive the opinion of companies on those two markets, and that in order to set new regulations, it must ensure that consumers and reputation are protected, as they can’t be related to crime, money laundering or terrorism.

The MGA is currently in the process of establishing the sandboxed (test and learn) live environment for cryptocurrency usage within the remote gaming sector, whilst also drafting guiding principles for the application of DLT and its various adaptations within the industry,” said the statement that was published on the authority’s website.

Cognisant of the fact that a certain degree of expertise lies within the industry, with a number of innovative projects and concepts already available on the market, the Authority is reaching out to interested parties willing to share information regarding their cryptocurrencies and/or DLT projects,” it added.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Pragmatic Solutions Fosters New Partnerships At SIGMA Malta 2019

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PragmaticSolutions Pragmatic Solutions Fosters New Partnerships At SIGMA Malta 2019

 

Pragmatic Solutions, a trusted and fast-growing iGaming platform (PAM) for regulated markets, will be exhibiting at one of the biggest and most important events for the global iGaming sector – SIGMA’19 – taking place between the 27th to 29th November in Malta.

Pragmatic Solutions looks forward to showcasing their innovative mobile-focused, API-based iGaming platform that has been specifically designed to eliminate major operator pain points, such as limited UI/UX control, data at risk, or slow delivery. Being already certified across multiple markets and planning to expand to Denmark, Italy and Spain, as well as North America and Africa in the near future, Pragmatic Solutions never fails to demonstrate its scalability, speed, flexibility, and total data security.

At this year’s edition of SIGMA, Pragmatic aims to highlight the platform’s solid position in today’s everchanging gaming environment. Acknowledging the summit’s extensive repertoire, the event provides the ideal setting for operators to get acquainted with the industry’s challenges and opportunities alike. With technology built for the right purpose, right from the start, and a mobile first approach, Pragmatic Solutions will present attendees the platform that manages to meet the latest standards and continuously works on keeping up with the changes that arise within the gaming sector.

Operators interested to explore in-detail the offering of a leading iGaming platform provider, as well as learn more about the latest trends in the industry, can meet the team behind Pragmatic Solutions at stand ST28. The company can be reached to book a meeting in advance at sales@pragmatic.solutions.

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Betting is to become VAT-free

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New rules will bring gambling in line with lotto and lotteries

 

Gambling on the outcome of an event, including sports, will be exempt from Value Added Tax (VAT) from January, as will the services of bookmakers and betting exchanges.

A notice published in the Government Gazette last week shows that as from January 1, the placing of bets and wagers, including the services of bookmakers, betting exchanges and “equivalent facilities” will be exempt without credit for VAT purposes.

Events on which betting and placing of wagers will be exempt include sporting events, both real life and virtual, competitions, lotteries, performance of an index and a natural phenomenon.

Gambling on the outcome of casino-type tables games, such as blackjack, poker and roulette, and any game of chance where they outcome is determined by a random generator will not be exempt from the tax. Similarly, any gambling with the use of remote gaming equipment will not be exempt.

At present, government lotto and lotteries are exempt from the tax.

The exemption from VAT of gambling is outlined in the Value Added Tax Act, the notice shows and it is also an implementation of a Council of Europe directive on the common system of VAT.

According to this directive, EU States may exempt from VAT “betting, lotteries and other forms of gambling subject to the conditions and limitations laid down by each Member State”.

Questions by this newspaper to the Finance Ministry on how this would work and how much revenue the exemption would cost the country were not answered by the time of writing.

Last year, Malta’s VAT revenue was just over €0.7 billion, which translates to 7.3 per cent of the country’s Gross Domestic Product.

 

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SoftSwiss now offering Malta licensed White Label solutions

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SoftSwiss has launched a Malta-licensed white label service having been secured its remote gaming license in the jurisdiction last month. 

 

The software provider has been offering a white label casino service under the aegis of Curacao since 2014 and has seen an increase in the number of projects operating under the white label model this year.

In light of this SoftSwiss  expanded its business to the jurisdiction of Malta. After extensive due diligence checks and a rigorous technical audit of the software, the Malta Gaming Authority issued a Class 1 on 4 gaming license to N1 Interactive Limited, a Malta corporation within SoftSwiss group of companies.

This achievement marks a major milestone for SoftSwiss, with the main goal of providing casino operators powered by the company’s platform with broader access to the European markets under the reputable banner of MGA.

Now that the platform is compliant with Maltese requirements, SoftSwiss will continue to uphold high industry standards and build on the already established quality of services. It is worth noting that besides Malta, the casino platform is also proven to be in full technical compliance with such internally regulated markets as Belgium, Estonia and Romania.

SoftSwiss representatives said they were already preparing for launch several online casinos with unique features under the MGA license. Besides that, in Q1 2018 the company plans to release two new software products to complement its core offering.

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