The Malta Gaming Authority (MGA) has just published a paper proposing major changes to Malta's Gaming Legal Framework: namely, repealing all existing legislation and replacing them with the all-inclusive Gaming Act. MGA is the sole regulator of the gaming sector and the proposed change would allow the authority to be "more agile in its decision-making" while "decreasing unecessary regulatory burdens" they said in a press release. The authority's aim is to be able to respond to high-risk scenarios more swiftly.
The proposed reform would address an enhancement of consumer protection standards and responsible gaming measures. It would also expand the MGA's powers to enforce the law.
Some of the proposed changes include:
- Streamline the current multi-licence system into two different licences: B2C and B2B
- Broaden the MGA's scope of regulatory oversight in order to crack down on money laundering and funding of terrorism, for example
- Establishing a more effective process for criminal and administrative offences
- Introduce an administration to assist in the closure of an operation to protect jobs and player funds
- Add new obligations to monitor sports betting and report suspicious activity, in line with the National Anti-Corruption Task Force
- Make taxation more efficient and exempt B2B licensees from gaming tax, which will make Malta a more attractive and competitive location for these companies