First Phase of the MGA Sandbox Framework for the acceptance of VFA and the use of DLT within the Gaming Industry has been implemented
Since the announcement of the Sandbox Framework for the acceptance of Virtual Financial Assets (VFA) and the use of Distributed Ledger Technology (DLT) within the Gaming Industry, the MGA is now accepting applications for the use of DLT assets, directly or through third party service providers, by its respective licensees for a period of 10 (ten) months.
The MGA Licensee Relationship Management System (LRMS) has been updated to allow:
- New operators to apply for approvals for the use of DLT assets as part of a New Licence Application;
- Existing licensees to apply for approvals for the use of DLT assets through the application type – New or Change in Payment Methods / Financial Management Information; and
- Existing licensees participating in the sandbox environment to report VFA player liabilities through the monthly Player Funds Report. Licensees will also need to report any failed return transactions, with respect to any invalid deposits.