Creating workable regulations and legislation is always the biggest obstacle for introducing a novel concept or component into an established market system. Bitcoin and other cryptocurrencies, typically grouped together under the umbrella term “alt-coins,” have gained significant attention and appeal over the past few years. There is still no clear legal framework controlling the usage and implementation of these innovative means of tender, despite the increase in both knowledge and use of cryptocurrencies. Since the country now aspires to be the first to create a fully formed law managing and regulating all things bitcoin, Malta may very well become a true pioneer in this area.

Building a Solid Base

Malta has been working gradually toward its goal of building a sound regulatory framework, which has been in the spotlight for some time. A UK-based corporation received a special instruction from Malta in September of 2017. Controlled tests, also known as “sandbox” tests, were part of the mandated testing procedure. These trials were conducted to ascertain and evaluate the potential outcomes of widespread cryptocurrency adoption in Malta’s economy. The tests were mandated just a few months after Malta’s prime minister stated his belief that Europe should become the “Bitcoin continent,” which provides some insight into the project’s relative importance in the eyes of the government. Malta isn’t the first country to mandate regulated research into Bitcoin and other cryptocurrencies, but it’s far ahead of the pack when it comes to integrating digital currency into a mature market.

Controlling the Casino Environment

Many internet casinos run their operations under the authority of the Malta Gambling Authority, making Malta the reputed gambling hub of Europe. To cement the country’s position as a global gambling powerhouse, lawmakers are presently debating the details of a new, more comprehensive gambling statute. The public was given the opportunity to weigh in on many cryptocurrency-specific ideas in addition to the main regulation measure. On March 9th, this procedure finished. After consolidating the supplementary suggestions into the main bill, they will be presented to Parliament for deliberation.