Malta’s position as an attractive place in Europe for foreign investors is at risk according to EY if the island does not address transparency and skills shortages. iGaming takes the top honour as the industry that will drive economic growth in the next five years.
Leaders of Malta’s iGaming industry praise the long-awaited regulatory reform package that the Malta Gaming Authority unveiled last month. However, they also say that operators and service providers now need to determine how new taxation and licence fees might affect their bottom line.
The need to train iGaming staff on anti-money laundering (AML) procedures was high on the agenda during a KPMG seminar at the Hilton. Speakers outlined the good, the bad and the ugly of current iGaming, while providing a tax update on the new country-by-country reporting standards of the EU and the OECD.
Sweden is moving towards a licensing regime for gambling after finalising a public investigation initiated by Minister of Public Administration, Ardalan Shekarabi. The proposal includes licences for betting, online gaming, casinos and slot machines, card game tournaments, as well as a gambling tax of 18%.
The Malta Stock Exchange (MSE) is hoping to attract iGaming companies to go public in Malta instead of Stockholm, London or Frankfurt and has invited the iGaming community to explore the regulatory, tax and financing aspects of listing and raising capital in Malta.
Malta’s Prime Minister Joseph Muscat recently urged European regulators to embrace bitcoin and regulate cryptocurrencies. Muscat’s idea to turn Europe into the bitcoin continent is an interesting one, thinks bitcoin expert T. Jack Williams. For MaltaProfile, he delves further into the evolution of the payments sector and bitcoin’s future potential.
Malta’s iGaming regulatory framework is going to look a lot different at the end of 2017. An ambitious agenda for regulatory reform was set up two years ago and has been the road map for this journey. The pace of this transformation has been slower than many had hoped, but the MGA stresses it is going for long-term solutions, rather than quick fixes in designing a completely new regulatory framework. The build-up has so far been dominated by change behind the scenes, and while the draft regulations are still awaiting approval, here are some defining features and developments that will most likely come into play in 2017.