Regulatory chief says cyber currency remains too risky to approve at present
Despite indications that the UK Gambling Commission has approved the use of cyber-currencies like Bitcoin by its licensees, the Malta regulator is taking a more cautious approach and for now will monitor the industry whilst considering possibilities in collaboration with banking and financial authorities.
The chief of the Malta Gaming Authority regulatory body, Joseph Cushieri explained his approach during an interview with the local newspaper Malta Today recently, revealing that in fact the Authority has had relatively few requests for Bitcoin authorisation from operators licensed in the Malta jurisdiction.
The MGA has declined all applications for such authorisation due to the Authority's view that there are still risks attached to such usage, which has persuaded the MGA to continue with its non-recognition policy.
That does not necessarily mean that there would be no change at some future point, the executive said, noting that in the interest of a national approach the MGA was monitoring and examining developments in collaboration with government bodies like the Central Bank of Malta, the Malta Financial Services Authority and the local Financial Intelligence Analysis Unit.
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