Tuesday, November 29, 2022

Malta is spearheading cryptocurrencies for gaming

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In the past, Malta has played a pivotal role for obtaining a gaming license and spearheading regulations for gaming within the EU. Now this license is likely extended to cryptocurrencies and the Malta Gaming Authority (MGA) has just published a report on this topic.

Malta’s exceptional position within the EU

Malta holds a unique position within the European Union: The Mediterranean nation holds a gaming license which – due to the free rendering of services – can be applied to companies all over the EU and is one of the most regulated and detailed proposals companies can apply for.

Malta’s gaming license has a significant impact on the economic growth of its country. That is why Malta’s authorities are now highly interested in extending the gaming license to include cryptocurrencies as well. To facilitate the process, the Maltesian authorities asked 30 stakeholders for their support and advice, one of them is the Viennese Startup HERO.

Viennese startup HERO is advising Malta

HERO launched the first ICO in Austria last September and has been pioneering legal changes in Austria.

“We were asked to advise because we were one of the first companies in Europe that launched an ICO within a clear legal framework”, says Christina Roth, Head of Communications at HERO. “Malta was looking for stakeholders who were knowledgeable about complex regulations regarding blockchain and crypto projects.”

Hero’s situation is unique: their new coin offering HEROcoin ($PLAY) was born out of the need to take their already successful esports prediction platform (herosphere.gg) to the next level. Before issuing HEROcoin ($PLAY), herosphere.gg already had more than 250k registered users.

The problem with traditional betting is that you are losing money by paying a middle man, “the house”. From the start, herosphere.gg cut out the middleman, making sure that the community – not the house – always wins by allowing peer-to-peer betting.

Malta Gaming Authority (MGA) wants to attract companies at the intersection of blockchain and gaming

Just a few weeks ago, the Malta Gaming Authority (MGA) released a report on examining distributed ledger technology and virtual currencies through a sandbox environment. According to the report, the examination period will start in Q2 of 2018 and will last for six months. During this testing phase, it will be possible to implement Blockchain-hosted games into the sandbox environment.

The advantages of introducing the blockchain to the game are clear: with the Blockchain-technology it is now possible to go against the paradigms of the traditional online betting industry that are intransparency, risk of manipulation, and third party dependency.

This innovative approach and Malta’s commitment to enforce consumer protection is stated in the report. It reads:

“The Malta Gaming Authority’s (MGA) strategy to be at the forefront of remote gaming regulation while embracing innovation, is balanced with the recognition that a prudent approach in this area is sensible and needed.”

In 2004, Malta became the first EU Member State to enact comprehensive legislation on remote gaming. With the extension of its license, Malta could become an attractive place for technological advances in the gaming sector and is therefore our number one choice for HERO.

Working at HERO and in Communications, I believe it is our role not just to push our own product and service, but to take a proactive role in sharing and offering our experiences in the current “wild west” situation. By engaging in discussions about new regulations, we can help to foster what has always been important to us: transparency, fairness, and consumer protection.

Author: Christina Roth, Head of Communications at HERO

Christina Roth is Head of Communications at HERO. She is responsible for all internal communication matters as well as for communication for HEROcoin & herosphere.gg including PR, Social Media & Events.

Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.

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