Bitcoins may be recognised by the Malta Gaming Authority

It is possible that the Bitcoin cryptocurrency will be recognised by the Malta Gaming Authority, Maltese investment broker EXANTE says

9 November 2016, 2:04pm

1 min read

At present, hundreds of casinos licensed in Malta cannot accept Bitcoin due to the MGA’s regulations

Earlier this year CoinTelegraph indicated the possibility of the Bitcoin currency being recognised by the Malta Gaming Authority (MGA) as well as other global regulators in the very near future.

At present, hundreds of casinos licensed in Malta cannot accept Bitcoin due to the MGA’s regulations.

“The acceptance of the Bitcoin as payment method would no doubt help popularise it among online casinos and gamers while also attracting Bitcoin casinos that currently use FIAT currency,” Malta regulated investment broker EXANTE said in a statement.

It added that Malta-based Bitcoin casino BitStarz is of the opinion that the adoption of Bitcoin would open up opportunities for spreading cryptocurrency in the gambling industry. According to Sasha Jade, marketing manager at BitStarz, the problem lies in the fact that FIAT money casinos, which still hold 99% of the gaming market, currently do not accept Bitcoin.

“The recognition of Bitcoin by Maltese gaming authorities in the years ahead would allow Bitcoin to get on the global gaming market and expand into Asian and Russian markets,” Patrick J O’ Brien, EXANTE’s communication director, said.