On 23rd August 2023, the Malta Financial Services Authority (the “MFSA” or the “Authority”) informed the relevant stakeholders of the steps that it is taking to align the Virtual Financial Assets (“VFA”) Framework to the Markets in Cry Read more
As a Maltese law firm, we are proud to note that Malta is one of the leading jurisdictions within the gaming industry. With the enactment of the Gaming Act in 2018, Malta has continued to strengthen its reputation as being the gaming headquarters of Europe.
The Gaming Act and the relevant subsidiary legislation and regulations, covers all types of gaming in Malta, and establishes the Malta Gaming Authority (“MGA”) which is the authority responsible for the issuance of all gaming licenses.
As a law firm, Zerafa Advocates will advise on which license is required for you to carry out your business in Malta, as well as assisting throughout the application process. We shall also assist you after acquiring a license to ensure compliance even after licensing.
Zerafa Advocates can provide you with:
Structuring, legal and regulatory advice
Assisting with the licencing application, and acquisition of a recognition notice
Drafting of official documents
Liaising with the MGA – the Malta Gaming Authority
Revising and Drafting policies for your company
Assisting with compliance with General Data Protection Regulations requirements
Assisting with compliance with Prevention of Money Laundering and Funding of Terrorism Regulations requirements
Assisting with trademark registration
Business to Consumer license (“B2C License”)
B2C operators are those which provide a gaming service. The Gaming Definitions Regulations define a “gaming service” to be when an operator provides or makes a game available for participation by players.
Business to Business license (“B2B License”)
On the other hand, a B2B operator provides a critical gaming supply. In the Gaming Definitions Regulations, this is defined as being any element within a game which is indispensable in determining the outcome of a game forming part of a gaming service or an indispensable component in the processing of essential regulatory data.
Applicants applying for a B2B or a B2C license can offer one or more of the following game types:
– Type 1 – Games of chance played against the house with the outcome determined by a Random Number Generator (“RNG”) such as blackjack, roulette, slots and other casino type games;
– Type 2 – Games of chance played against the house, the outcome of which is not determined by an RNG but through a result of an event which is extraneous to a game of chance and whereby the operator manages his own risk and managing the odds offered to the player.
– Type 3 – Gaming services which are played in a peer-to-peer manner, not against the house and where the operator is not exposed to any risk. The operator here generates revenue through a commission on each bet. These include games such as poker and bingo.
– Type 4 – Controlled skill games are declared as such after a ruling or another binding instrument is issued.
Another way to be able to offer gaming services in Malta, is if a company is in possession of a gaming license from any other EU or EEA Member or a State which is deemed to offer the same safeguards as those offered in Malta. The MGA would allow it to provide its services in Malta through a recognition notice. This would have the same effect as a license issued by the MGA for the provision of a gaming service or gaming supply.