Compliance Updates
Malta Gaming Authority Publishes Amendments to its Sandbox Regulatory Framework
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The Malta Gaming Authority (MGA) has published the amendments to its Sandbox Regulatory Framework. The amendments are:
- The authorised person and/or prospective authorised person shall be required to submit a legal opinion signed by a registered VFA agent, regarding the licensability or otherwise of the services in terms of the Virtual Financial Assets Act (Cap. 590 of the Laws of Malta), that shall be undertaken by the authorised person and/or any service provider engaged by the authorised person within the sandbox environment;
- Authorised persons and/or outsourcing service providers that are carrying out a licensable activity in terms of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) require a licence from the MFSA;
- The requirements relating to the verification of control that a player exercises over his/her wallet have been brought in line with applicable AML/CFT obligations; and
- The requirements applicable to the audit of innovative technology arrangements by auditors registered with the MDIA have been clarified.
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