Bitcoin’s bull run has been one of the highlights of the cryptosphere this week. Now, according to reports, Malta’s Financial Services Authority [MFSA] has announced its approval for 14 Virtual Financial Asset [VFA] agents. The MFSA added that the 14 applications for VFA agents were submitted back in November 2018. Dr. Christopher Buttigieg, Head of […]

Bitcoin’s bull run has been one of the highlights of the cryptosphere this week. Now, according to reports, Malta’s Financial Services Authority [MFSA] has announced its approval for 14 Virtual Financial Asset [VFA] agents. The MFSA added that the 14 applications for VFA agents were submitted back in November 2018.

Dr. Christopher Buttigieg, Head of Securities and Markets Supervision at MFSA, stated,

“The issuance of these in-principle approvals is an important milestone in the MFSA’s effort at becoming a regulator of excellence in the field of the regulation of crypto assets.”

The approval is a significant way forward in Malta’s cryptocurrency and blockchain regulatory framework.

The country’s Virtual Financial Assets Bill came into effect in June 2018.  Any company that appointed a VFA agent had to confirm and ensure, through a joint signing, that the company didn’t violate any financial services or crypto regulations. The approved agents are obliged to evaluate their customers’ business plans to ensure they get appropriately prepared before submitting applications to MFSA.

Additionally, they have to undertake due diligence with clients to check whether they comply with Anti-Money Laundering [AML] as well as counter-terrorism financing guidelines.

The announcement is indicative of the MFSA’s intention to protect public interest of users and investors investing in cryptocurrencies.

Dr. Buttigieg continued,

“We have worked actively since November 2017, when we started our regulatory journey in the field of crypto assets, we have worked actively since November 2017, when we started our regulatory journey in the field of crypto assets.”

According to sources however, banks in Malta have declined such businesses as they believe them to be above their “risk appetite.”
 

Silvio Schembri, the Parliamentary Secretary of Finance Services, went on to mention that banks were waiting for operators to obtain MFSA license before they opened their doors.

Malta is also home to two of the world’s top 5 exchanges, Binance and OKEx, accounting for around $19 billion and $17 billion of the total monthly trade volume. The cumulative share volume made Malta the country with the highest virtual exchange trading volumes.

The loss of data – whether a result of human error, technological failure, or a cyberattack – is one of the greatest threats to organizations and individuals today. In our increasingly digitized world, we rely on our data to be stored securely and safely, from our collection of family photos and videos to customer databases and […]

The loss of data – whether a result of human error, technological failure, or a cyberattack – is one of the greatest threats to organizations and individuals today. In our increasingly digitized world, we rely on our data to be stored securely and safely, from our collection of family photos and videos to customer databases and business information. For businesses, the consequences can be economically dire. In fact, for a company that cannot recover lost or corrupted data, especially of the business-critical kind, it can be a matter of survival.

Even though data loss can cause both reputational harm and financial damage, many businesses are unaware of the most common ways in which data are lost. Today, March 31^st, is World Backup Day, here to remind you just how easy it is to lose data, and similarly, how a few simple basic steps can help ensure your organization is protected.

Just days ago, MySpace announced it had lost almost 12 years’ worth of data, including almost 50 million songs from 14 million contributors. This case, caused by technical error during a server migration, follows a host of other cases when organizations lost important data due to their own system failures. Data loss due to technical, server, or human error is alarmingly common, and companies of all sizes are often not adequately protected. Needless to say, many high-profile organizations have, in recent years, been the target of sinister data breaches and attacks that impacted their data as well.

Meanwhile, Computer Weekly reported in late 2018 that almost half (46%) of all businesses say they have suffered data losses in the past 12 months because their data center provider has let them down. Other common data loss causes include human error, network glitches, and inadequate system maintenance – in fact, human error is the leading cause of data loss for businesses. Given this information, it is imperative that, in the digital age, businesses make data backup and protection — as well as preparations for any imaginable adverse turn of events — their priorities.

Educating employees on the potential consequences of data loss is vital, as is providing them with basic IT and cybersecurity training. Ensuring that employees know how to safely edit, move, or delete files on or between servers can save businesses from a much larger hassle later down the track. The same goes for ensuring that they only have access to files and folders relevant to them, reducing the odds of accidental deletions of data.

Organizations in particular can benefit from automated backups. Requiring employees to physically back up data is time consuming and unreliable. With an automated system in place, businesses can ensure that their data is consistently being backed up, which can reduce the likelihood of a data disaster induced by human error. Of course, the backup and recovery systems need to be tested, too.

Also, in order to further tighten the security of your data, operating systems and software need to be kept updated to address security vulnerabilities. In enterprise settings, this is usually more complicated than it sounds. That said, keeping systems and applications current, especially with the latest security patches, will reduce the number of openings through which attackers can get in and cause havoc to your data. Organizations also need to educate their employees about cyberattacks that employ social engineering tactics, as many incursions continue to prey on human error.

Meanwhile, the importance of backups and patching for a solid cybersecurity posture defenses was also noted in our recent white paper on ransomware. The paper also makes it clear that ransomware, or malicious software cybercriminals use to hold your computer or files for ransom, remains a constant threat for organizations of all sizes. That, of course, is not the only reason why a mature IT security program is incomplete without dedicated security software that deploys multiple layers of defense against various kinds of cyberthreats.

Small or large, all organizations benefit from increased data protection. This World Backup Day; take a few moments to ensure that your data is secure and backed up. If you were to lose all your data today, could you recover it tomorrow? If not, it’s time to back it up.

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British and Irish iGaming companies have promised it is business as usual despite the vulnerability encompassing Brexit. The proceeded with vulnerability encompassing whether the UK will leave the EU leaves places, for example, the Isle of Man and Gibraltar in a condition of limbo. The fringe among Ireland and Northern Ireland – which is likewise vigorously […]

British and Irish iGaming companies have promised it is business as usual despite the vulnerability encompassing Brexit.

The proceeded with vulnerability encompassing whether the UK will leave the EU leaves places, for example, the Isle of Man and Gibraltar in a condition of limbo. The fringe among Ireland and Northern Ireland – which is likewise vigorously influenced by Brexit – implies neither Irish nation will probably settle until after Brexit is resolved either.

The expectation is that the iGaming business is sufficiently enormous and in this way sufficiently flexible to withstand any aftermath from an EU withdrawal. In any case, despite the fact that the UK and Irish betting industry is blasting, it is suspected that if Brexit occurs, changes to UK gaming charge laws may transform the UK into an issue zone for investors.

According to expectations of the industry, gambling operators and their operations in the region would be one of the most affected companies, as the UK withdrawal could create bureaucratic chaos in terms of operating licences, regulation, applicable gambling legislation, etc. It is also expected to bring certain changes to the tax regime regarding the gambling sectors of the UK and Ireland.

Several iGaming companies operating in the UK have committed their immediate future to the UK by setting up headquarters in Europe – places like Gibraltar, Isle of Man and Malta. However, if Britain is to leave the EU, then there is a chance that iGaming companies would need to either move their headquarters directly into the UK or cease from operating in the country entirely if the laws become stricter. Although iGaming companies will surely be preparing for the worst, they are not going to allow Brexit to affect the industry before a final decision on whether the UK leaves the EU or not has been made.

iGaming companies which operate almost exclusively in the UK and Ireland – the likes of PlayFrank, Paddy Power and Betfair – have moved their HQs to Malta, a country which has been dubbed as the iGaming capital of Europe. Bet365 also recently announced that they would move there operations from Gibraltar to Malta due in part to the uncertainty surrounding Brexit.

“Due to regulatory developments in various jurisdictions and the evolving global regulatory environment for online betting and gaming, we have decided to increase our existing presence in Malta, which provides a mature and robust regulatory environment for the industry,” stated a Bet365 spokesperson.

These companies, although they are not based in the UK, operate heavily in the UK gaming sector and have employed lots of UK and Irish workers. Whether or not a no deal Brexit will have any implication on overseas employment remains to be seen, however, it gives more anxiety to an already anxious industry.

It is thought that Malta iGaming area employs over 10,000 individuals alone. While any semblance of the Isle of Man and Gibraltar particularly, utilize comparative numbers. Brexit limbo, in any case, puts these positions in danger.

Review of everything, the iGaming business that works in the UK and Ireland has never been more grounded. In spite of the fact that the Brexit vote caused and keeps on causing some stressed faces around the enormous young men of the betting business, they will, similar to the various enterprises and organizations which have been gotten and dropped into vulnerability by the 2016 United Kingdom European Union Membership Referendum, continue in any case and plan to get past solid.

Updating the market, the Malta Gaming Authority (MGA) has published it’s ‘Preliminary Market Consultation – PMC’ document requesting information and guidance on the planned development and launch of its ‘Unified Self-Exclusion System’. A key project initiative for the MGA and its government stakeholders, the gaming authority seeks to deliver the most comprehensive self-exclusion system to be utilised by […]

Updating the market, the Malta Gaming Authority (MGA) has published it’s ‘Preliminary Market Consultation – PMC’ document requesting information and guidance on the planned development and launch of its ‘Unified Self-Exclusion System’.

A key project initiative for the MGA and its government stakeholders, the gaming authority seeks to deliver the most comprehensive self-exclusion system to be utilised by all licensed incumbents.

First announced in May 2018, the MGA seeks to revamp its licensee self-exclusion protocols and frameworks, introducing a unified system which will aim to register and block all self-excluded players from engaging with MGA licensed operators.

“The MGA envisages that a Unified Self-Exclusion System would be a significant step forward in the MGA’s agenda to implement further control for the prevention of gambling-related harm, extending the criteria of its Player Protection Directive, and The Gaming Premises Regulations,” the MGA details in its update.

In 2019 the MGA states that it will strengthen its consumer safeguards and all-around gambling protections, adding new enforcements to its online gambling licensing frameworks.

This January, the MGA launched its new Alternative Dispute Resolution (ADR) function – an enforced scheme that will monitor and arbitrate disputes/challenges between consumers and licensed operators, with regards to transactions and promotional offerings.

In its update, the MGA seeks stakeholder advice/opinion on current self-exclusion protocols (benefits/flaws), as well as guidance on technology matters attached to consumer protections, databasing, record keeping and developing further comprehensive ‘compliant systems’ benefitting igaming/betting consumers.

CGS 2019 will take place on 20th & 21st May 2019 at Hilton Cyprus, Nicosia with the theme “Capitalizing Gaming and Sports Betting Opportunities” with a Masterclass on “Getting into the gaming industry – your career starts here”. The Cyprus Gaming Show (CGS) took place in Limassol last year for the first time. CGS is […]

CGS 2019 will take place on 20th & 21st May 2019 at Hilton Cyprus, Nicosia with the theme “Capitalizing Gaming and Sports Betting Opportunities” with a Masterclass on “Getting into the gaming industry – your career starts here”.

The Cyprus Gaming Show (CGS) took place in Limassol last year for the first time.

CGS is a gaming event which brought the online and offline gaming sectors together for a two-day conference and exhibition focused on Cyprus as a prospective regional gaming center.

Gaming operators, third parties, suppliers, regulators, investors, software providers, the media, and other industry leaders came together in Limassol to network and gain valuable insights, identify practical strategies on how to grow and monetize their businesses, discover new audiences, and capitalize on the opportunities (current and future) Cyprus has to offer.

The Republic of Ireland Government has set out plans to form a new gambling regulatory authority with oversight of the country’s online and land-based market. An Inter-Departmental Working Group has published a new report on the issue, in which it focuses on the future licensing and regulation of gambling in Ireland. In the report, Minister […]

The Republic of Ireland Government has set out plans to form a new gambling regulatory authority with oversight of the country’s online and land-based market.

An Inter-Departmental Working Group has published a new report on the issue, in which it focuses on the future licensing and regulation of gambling in Ireland.

In the report, Minister of State David Stanton says Ireland is currently applying a “mid-20th century approach” to gambling activities and not taking into account the advances in digital technologies in recent years.

Stanton said comprehensive reform of the industry is required in order to bring the market up to date, but this will not be possible without establishing a new independent regulatory authority.

Current Irish legislation does not provide for a coherent licensing and regulatory approach to gambling aside from specific legislation governing the country’s National Lottery, the report noted, with oversight for the sector divided between a number of government departments and agencies.

This body would assume responsibility for regulation of the Irish market, which would include awarding licences to operators that want to offer gaming services in the country. The regulator would also have enforcement powers, such as the ability to impose fines on operators and suspend or revoke licences.

The new authority would also be responsible for the management of a social fund and subsequent disbursement of monies to approved addiction treatment centres and organisations, as well as raising awareness of gambling-related issues, carrying out industry research and running educational initiatives.

In addition, the regulatory body would act as the lead Irish agency in European Union and cross-border cooperation in combating betting-related match-fixing and money laundering.

It is intended that the authority would be funded primarily from fees and levies on regulated gambling activities in Ireland.

“As the gambling industry changes, and indeed as the demographics and motivations of its customers change, so must the State’s licensing and regulatory approach,” Stanton said in the report.

“The Working Group is firmly of the view that without a new independent regulatory authority of sufficient scale, the comprehensive reform required will not be possible.

“Effective modern licensing, regulation and monitoring of the gambling industry will come at a cost. The Working Group concludes nevertheless that such an authority can in time be substantially self-financing, through income from licence and other fees charged to gambling operators.”

The Irish Bookmakers Association (IBA), the representative body for betting operators in Ireland, has welcomed the new report. Chairperson Sharon Byrne said the new regulatory authority should be introduced as soon as possible.

Byne added: “We are hopeful that this will be the final step towards completion and enactment of a Gambling Control bill and independent regulator.  Our members have already introduced many of the advertising standards, customer monitoring and customer protection measures recommended by regulators in other countries.

“An independent regulator and gambling control bill, will ensure enforcement and compliance by all gambling operators, not just betting shops, which will lead to better consumer protections and support for those who may be vulnerable to addiction.”

Industry trade group the European Gaming and Betting Association (EGBA) has urged the European Union (EU) to introduce a ‘common rulebook’ of iGaming regulations in order to better protect consumers across the continent. The EGBA, which represents the likes of Bet365, GVC Holdings and Kindred, has highlighted how the majority of current regulation in Europe […]

Industry trade group the European Gaming and Betting Association (EGBA) has urged the European Union (EU) to introduce a ‘common rulebook’ of iGaming regulations in order to better protect consumers across the continent.

The EGBA, which represents the likes of Bet365, GVC Holdings and Kindred, has highlighted how the majority of current regulation in Europe is at national level, with little attention paid to cross-border activity.

Citing recent research, the EGBA has said that online gaming accounts for 21% of all gambling activity in Europe, but there are not enough laws in place to protect players, with around 1% of players having some form of gambling problem.

The EGBA has said the EU must look at implementing a common rulebook, as the quality of national gambling regulations in Europe varies significantly, with little consistency in frameworks in different markets.

“The challenges are obvious: the internet has no national borders, which means Europeans can easily play on gambling websites based in countries other than where they live,” EGBA secretary general Maarten Haijer said. “This means Europeans are subject to very different sets of consumer protection standards when they play online, leaving some players much better protected than others.

“A common rulebook would establish the strong and consistent safeguards needed to protect Europe’s citizens, particularly vulnerable groups, such as minors and problem gamblers,” Haijer explained. “One set of rules would also benefit our members’ companies: one set of rules would be clear and would lessen the costs and risks of meeting 28 different, and sometimes conflicting, sets of rules.”

The call to action comes after the EGBA in December published a new report that suggested Denmark is currently the only EU member fully embracing consumer protection guidelines. 

Commissioned by the EGBA and published by the City University London, the ‘Consumer Protection in EU Online Gambling Regulation’ review claims EU member states are putting the safety of consumers at risk with inadequate levels of protection.

The EGBA identified diverse levels of regulation across the EU, resulting in varying levels of consumer protection. Denmark is the only exception, with evidence of the country having introduced all European Commission measures in full.

Haijer added: “These are major failings in the effort to keep Europe’s citizens and gamblers safe online – and they could easily be avoided. Even some basic safeguards are not available everywhere in the EU.

“It is 2019: If the EU is really serious about making the digital single market work for its consumers, there is no reason why online gamblers living in one member country should be less protected than those living in another. It is time to act.”

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The Malta Financial Services Authority has appointed an American company to help it check crypto currency assets. The authority is currently going through procedures for the approval of cryptocurrency agents – known as virtual financial agents – at least 29 of which have already applied for licences. Once these have been approved, expected by the […]

The Malta Financial Services Authority has appointed an American company to help it check crypto currency assets.

The authority is currently going through procedures for the approval of cryptocurrency agents – known as virtual financial agents – at least 29 of which have already applied for licences. Once these have been approved, expected by the end of this month, the VFA agents are expected to submit applications for operators like exchanges, wallets and initial coin offerings.

While the VFA agents are expected to do the due diligence on the individuals and entities behind these operators, the MFSA will still require tracking of the assets that flow through them – which is where CipherTrace will come in.

CipherTrace was founded in 2015 by Silicon Valley entrepreneurs and was initially funded by the US Department of Homeland Security Science and Technology and government agency Defense Advanced Research Projects Agency. Its solution was described as being able to gauge and potential risk exposure of businesses including cryptocurrency exchanges, collective investment schemes and initial coin offerings.

Online casino advertising has no place on German airwaves, according to a missive issued by the country’s broadcasting regulators. On Wednesday, German media reported that state telecom regulatory bodies had sent letters to hundreds of private TV and radio stations reminding them that running promotional spots for online casino operators “is not allowed under current legislation.” The […]

Online casino advertising has no place on German airwaves, according to a missive issued by the country’s broadcasting regulators.

On Wednesday, German media reported that state telecom regulatory bodies had sent letters to hundreds of private TV and radio stations reminding them that running promotional spots for online casino operators “is not allowed under current legislation.” The broadcasters were strongly urged to reconsider “future placement of advertising in your programs.”

The letter, which was dated February 25th, appears to have largely achieved its goal. Wolfgang Bauchrowitz, deputy director and legal advisor at the Media Authority of Hamburg Schleswig-Holstein (MA HSH), said the number of online casino ads had “significantly decreased” in recent weeks. Bauchrowitz also warned that broadcasters who continued to run such ads would likely comply after “administrative means” were applied.

The letters were issued following the recent expiration of the online casino licenses issued by the state of Schleswig-Holstein (SH) in 2012. SH was the only one of Germany’s 16 länder (states) to formally authorize online casino activity after initially refusing to sign on to the 2012 federal gambling treaty that would have permitted only online sports betting.

Meanwhile, that 2012 federal treaty, which was ultimately deemed illegal by both local and international courts, is set to expire on June 30, 2019. Germany’s states have attempted to garner consensus on a mutually acceptable follow-up but these efforts have so far proved fruitless, in part because SH continues to press for a more expansive regulatory scheme than that desired by most of the other states.

On Feb. 26, the government of the Lower Saxony said a temporary stop-gap measure that would extend the current ‘toleration’ of online sports betting is scheduled to be signed on March 21. German media outlet Welt am Sonntagreported that new German betting licenses would take effect January 1, 2020. These licenses would be valid until June 30, 2021, by which time the expectation is that consensus on a permanent regulatory scheme can be achieved.

The 2012 gambling treaty limited the number of betting licenses to 20, an artificial cap that was successfully challenged in the courts by the other 15 companies who’d made it to the second round of the application vetting process. The new regime will reportedly be open to all qualified entities. However, the SH government reportedly expects a carve-out that will allow the state to go on licensing online casino operators.

Some of the online casino operators that were lucky enough to receive an original SH license continued to advertise their products – not just in SH but across Germany – after these licenses expired. It was these companies’ use of the SH coat of arms in their promos that reportedly contributed to the telecom watchdogs issuing their warning letter to broadcasters.

Should SH win its online casino carve-out, some of these boundary-pushing licensees may find the new licensing application process a wee bit tougher than last time.

The Malta Gaming Authority (MGA) and the Spelinspektionen (the Swedish Gambling Authority) have entered into a Memorandum of Understanding (MoU) for the purposes of enhanced cooperation between the two authorities in furtherance of the authorities’ public policy objectives and mutually common values. The aim of this MoU is to facilitate on-going close communications between the two authorities, and to support effective […]

The Malta Gaming Authority (MGA) and the Spelinspektionen (the Swedish Gambling Authority) have entered into a Memorandum of Understanding (MoU) for the purposes of enhanced cooperation between the two authorities in furtherance of the authorities’ public policy objectives and mutually common values.

The aim of this MoU is to facilitate on-going close communications between the two authorities, and to support effective sharing of information on matters of mutual interest and policy areas. Both authorities have also agreed to provide the best possible operational assistance to one another, on a continuous basis, in accordance with both their respective procedures and regulatory policies.

The Director General of the Swedish Gambling Authority, Camilla Rosenberg said that: “Many of the companies that have received a Swedish license also have technical equipment and a license in Malta. By opening the communication channels between the authorities we become stronger in our supervisory activities. This is the beginning of a broad and long-term cooperation, and our plan is to initiate corresponding collaborations with more gambling authorities in Europe.”

The MGA’s Chief Executive Officer, Heathcliff Farrugia, also expressed his satisfaction on this agreement whereby he stated that: “The MGA is always actively seeking to foster relationships with fellow authorities and other international regulatory bodies as we firmly believe that such relationships are key to reaching our objectives, especially in the area of remote gaming which is fundamentally cross-border in nature. 

This MoU, signed with the Swedish Gambling Authority, is an important step towards achieving both our respective regulatory goals in vital areas of mutual interest, especially since the MGA and the Swedish Gambling Authority share a significant number of operators licensed by both regulators. We are eager to start this mutually beneficial journey with our Swedish counterpart.”

The MoU came into force as of the 4th of March 2019.

Dutch gambling regulator Kansspelautoriteit (KSA) has moved to increase its fines for unlicensed online gambling activities in the country, after saying the previous penalties were not “terrifying” enough. Operators that breach national regulations could now face a starting fine of €200,000 (£171,200/$227,600), up from the previous penalty of €150,000. KSA said this amount will be […]

Dutch gambling regulator Kansspelautoriteit (KSA) has moved to increase its fines for unlicensed online gambling activities in the country, after saying the previous penalties were not “terrifying” enough.

Operators that breach national regulations could now face a starting fine of €200,000 (£171,200/$227,600), up from the previous penalty of €150,000.

KSA said this amount will be increased or decreased depending on the specific violation, taking into account factors such as the number of sites that are being run by the operator, the amount of games offered, as well as the level of prizes and bonuses available to consumers.

In addition, KSA has set out increases of at least €75,000 for three breaches in particular: offering live betting, calculating costs for temporary inactive players and making misleading statements about permits and supervision.

The regulator said that it has been forced into making the changes due to regular rule breaches by gambling operators.

KSA chairman, René Jansen, said the increase in financial penalties will support the long-awaited regulation of online gambling in the country. Last month, the Dutch Senate passed the Remote Gaming Act, paving the way for the roll-out of igaming regulation.

“The fines we used were not terrifying enough,” Jansen said. “The Senate recently adopted the bill on remote games of chance, which makes it possible to apply for a licence in time for offering gambling via the internet.

“The intention of the law is to create an attractive legal online gaming offer, which makes it possible for consumers to play safely on a fair market.

“There is no room for illegal providers. That is why we intend to thoroughly review our penalties policy for the future. The updating of the fines policy is now only a first step.”

The Netherlands is expected to begin awarding online gaming licences from the middle of 2020, with operators required to develop comprehensive responsible gaming strategies to offer a high level of player protection. Licensees face a tax rate of 29.1% of gross revenue.

It is hoped regulation could help tackle illegal gambling problems in the country. In January, a report commissioned by Holland Casino suggested that the number of people gambling online illegally in the Netherlands had increased by 20% over the last two years.

In addition, KSA said it issued a record €1.7m in fines to operators that breached current regulations over the course of 2018. The regulator handed out a total of 23 sanctions over the course of the last year, including seven administrative penalties, 12 penalties and four charges under administrative coercion.