Major reforms to the legal framework for gaming in Malta have been revealed in a white paper published by the Malta Gaming Authority.
The authority’s plan is to repeal the existing legislation and replace it with a completely fresh Gaming Act with the MGA as the single regulator.
The proposals include the removal of business-to-business licenses from the catchment area of gaming tax to increase the island’s competitiveness as an online gaming hub.
In a statement the authority said: “The proposed regulatory framework empowers the MGA to be more agile in its decision-making and decreases unnecessary regulatory burdens that are not conducive to the regulatory objectives but strengthen supervision.”
It said that the plan would enhance the best-in-class consumer protection standards, responsible gaming measures and offer a risk-based approach towards regulation.
The industry and the public, it said, had been fully briefed and feedback taking into consideration and technical studies had been undertaken to assess economic and financial impact.
The white paper’s proposals include replacing the present multi-licence system with two-types of permit, B2C and B2B; more supervisory powers for the MGA in compliance and enforcement to fight money-laundering and illegal gaming; approval for key personnel within a gaming operation; strengthening player protection by formalising the MGA’s Player Support Unit; more effective criminal justice procedures to include the right of appeal; moves to protect an operation in distress and help wind down an ailing business; enshrining automated reporting; fresh powers to monitor sports betting; streamlining taxation and exempting B2B licensees from gaming tax to increase the country’s competitiveness as a jurisdiction.