Issue link: https://maltatoday.uberflip.com/i/709569
maltatoday, SUNDAY, 31 JULY 2016 Gaming V Silicon Valley of gaming industry. The regulatory landscape in Europe is fast changing although monopolis- tic structures as well as unregulated online gaming offerings are still com- mon. "Various interests are at stake and regulated operators are often treated as criminals in other jurisdic- tions potentially at the whims of the incumbents enjoying dominance and monopolies within those territories. Governments should treat this indus- try for what it is – that being a service industry which provides entertainment and it is only through a well regulated framework that one can control such offerings and protect players effec- tively, whilst ensuring responsible play that is crime–free," said Cushcieri. "Cyber space is limitless and we should desist from creating frontiers and barriers… we are now seeing a patch work of divergent gaming regu- lations across the EU from the very prohibitive to the democratic system and this is not only highly inefficient for the internal market but also risky for players who don't have a clear and predictable legal framework and a single best practice approach to refer to….. when the objectives and aims of every state are one and the same " Cuschieri explained. From a local perspective Cuschieri said the MGA was noticing a shift in land-based gambling towards regu- lated environments including gam- ing parlours hosting various gaming devices including sports-betting within the various localities around Malta . Cuschieri said he is eagerly awaiting the launch of the consultation process on the new legislation in September before presenting the final bill in parlia- ment. He said he hopes that the new legislation will be introduced by the end of March 2017 and the MGA shall be preparing for its roll out with the necessary transitory periods in place to ensure a smooth transition. Within the context of the upcoming Gaming Academy Cuschieri stated "I think we need to raise awareness of the industry and the careers it can of- fer young students," he said. "But, on our part, we also need to build an in- stitution that enhances those skills, by creating courses and training environ- ment for people to learn the different facets of the industry." Such training would cover the IT spectrum of the industry, but also the regulatory, legal and financial aspects. On the growing popularity of crypto- currencies like Bitcoin, Cuschieri said these currencies were gaining ground because certain financial institutions were being risk averse and adopting a very conservative approach in Malta as well as in other jurisdictions mainly due to lack of oversight in the gaming supply chain and effective audit trails in place. "Crypto-currencies are an attempt to create a virtual currency, backed up by a technology block-chain that manages its transactions," he said. "I still see it as a risk, and the author- ity's position is that we still do not accept crypto-currencies," he said. "The authority has received very few requests to accept crypto-currencies, and we have always refused- we are looking to adopting a national ap- proach and given it's a financial instru- ment we shall be collaborating with the Central Bank, the FIAU and the MFSA." Cuschieri insisted the MGA was being pro-active on the matter, and would work with other entities fol- lowing the conclusion of the national study currently under way . And what of the future of the gaming industry? Where does Cuschieri see the industry in ten years' time? "I think the industry will be much larger in ten years' time," he said. "And I see Malta retaining its position as the Primary Jurisdiction of choice …… We shall be fostering further responsible gaming concepts and adopting an evidence based approach, revisiting standards proving futile along the way. Industry Leaders know that the sus- tainability of their operations depends on doing more to promote responsible play, despite any short term impact on profitability" he said. "We shall be experiencing growing convergence between land based and online products and the intersection between gambling product lines such as social gaming … this together with technological advancements will create potential for treatment providers to develop different forms of intervention particularly in the light of challenges being faced by researchers due to commercially sensitive information and confidentiality issues." "In ten year's time, I want to see Malta established as a hub for all the ancillary industries that complement and support the gaming industry," he said. "My vision is for Malta to become the Silicon Valley of the industry, and I think we are getting there. We shall be drawing upon the experience we gained these past few years and through horizon scanning with what has been adopted around us ." Cuschieri said that to reach that goal, the country needed incentives, the right regulatory framework and above all the continued support of the indus- try who continuously partners with the MGA to reach its goals . Cuschieri hopes the new legislation will be introduced by the end of March 2017