Issue link: https://maltatoday.uberflip.com/i/1002137
G7 GAMING maltatoday | SUNDAY • 8 JULY 2018 e rst revision of Malta's gaming law in 14 years will see the nation reach new peaks The Gaming sector contributes €1.4 billion to Malta's economy, which is 13% of the GDP. New laws which have been postponed by one month will see Malta reach new peaks, says iGaming IDOL, Charity Ambassador Patrick J O Brien MALTA has postponed the im- plementation of its new gam- bling law to August 1, 2018. The gambling regulator, MGA, further pointed out that a recently issued De- tailed Opinion by the Euro- pean Commission (EC) as well as comments by the EC and by another EU Member State, have necessitated the delay in the finalisation of the new regulatory framework's implementation process. It is understood that the Detailed Opinion has extended the standstill period during which the new law cannot take effect to July 16, 2018. The MGA's statement fur- ther reads that the Maltese government and the regulator itself will need time to review and address the comments and recommendations made by the EC and the Member State to ensure the smooth implementation of the na- tion's new Gaming Act. Malta's new gaming regula- tory framework was tabled in the country's Parliament ear- lier this year and was sent for review by the EC on March 14. It was previously expected that the new regime would take effect on July 1, provid- ed that it survives the three- month standstill period. Generally speaking, the new Gaming Act aims to replace Malta's current legislation and is particularly focused on the licensing and provi- sion of gambling services. Once it takes effect, the new law would simplify the cur- rent gambling licensing sys- tem by introducing just two categories of licences – a B2B one and a B2C one. Gambling companies are currently re- quired to obtain different li- censes for the different types of services and products they are providing. Malta's new Gaming Act represents the first revision of the nation's gaming law in fourteen years. The amend- ments were initiated by for- mer MGA Executive Chair- man Joseph Cuschieri, who assumed the post of CEO of the Malta Financial Authority earlier this year. Cuschieri's vacated spot at the gambling regulator was later on as- sumed by MGA Chief Opera- tions Officer, Heathcliff Far- rugia. Aside from the new licensing system, the new gambling law also aims to extend MGA's powers over the regulation of the nation's rapidly growing online gambling sector. The regulatory body will thus be able to roll out stricter regula- tions and tools for combating money laundering, terrorism financing, and other financial crimes often associated with the gaming and sports betting industry. The newly-set August 1 date for the implementation of Malta's new Gaming Act will affect remote gambling operations. It was previously announced that the portion of the new law that concerns land-based businesses would take effect on January 1, 2019. It is yet to be seen whether that date would remain un- changed. Another important provi- sion in the new regulatory regime would exempt B2B gambling service providers from taxes. That particular language aims to further ce- ment Malta's already estab- lished reputation of a major tech hub and a nation that is open to new technologies and innovation.