Malta’s media is reporting that a new gambling bill has been introduced to parliament, with the objective being to streamline the existing laws pertaining to gambling on the books. The new bill suggests repealing all the current gambling rules and creating one single act. The bill is now on its first reading, according to the Malta Independent, and seeks to make regulations more efficient and protect consumers.
The Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri was quoted as saying that the Maltese government “wants to ensure that the gaming industry continues to run responsibly, fairly and free from criminal activity, so that the Maltese jurisdiction provides a safe and well regulated environment where the industry can also develop and innovate.”
Highlights of the new Maltese Gambling Bill
- The Malta Gaming Authority will have greater authority over the industry and will have better tools to deal with issues such as money laundering.
- “Regulatory burdens” currently faced by the authority will be reduced.
- Higher customer protection and responsible gambling standards will be set.
- The current license system will be replaced by two different types – a B2B license and a B2C (business to consumer) license.
- In a bid to make Malta an attractive B2B hub, the authority will exempt B2B licensees from paying gaming tax.
The new bill was welcomed by the Malta Gaming Authority.
