The crypto gambling sector began 2023 with a win as the MGA approved a new virtual token provider within days of finalising its Virtual Financial Assets and Virtual Tokens policy review.
One of the challenges facing the crypto gambling niche has been obtaining approval from leading gambling jurisdictions. The Malta Gaming Authority (MGA) is one of the licensing authorities which has been actively reviewing its stance on the matter.
In December 2022, it released an extension notification for its review of the gambling guide, noting that it was consolidating and reviewing the feedback it had received on its proposed policy on the “Use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens”.
A Journey of a Thousand Miles
The MGA took its first steps towards making cryptocurrency gambling a core part of its product step in 2023 by approving the BetConstruct parent company Vivaro Limited as a crypto provider.
The BetConstruct approval announcement says:
Quote“Vivaro Limited has been approved by the Malta Gaming Authority to start accepting player deposits using cryptocurrencies (Virtual Financial Assets as referred to under the Maltese legislation).”
The first crypto approval of the year means that sites like Vbet Casino, which are part of the BetConstruct white-label program, will be allowed to accept player deposits using an assortment of digital tokens.
The online casinos will also be able to process player winnings using the same crypto banking system. Players then enjoy the low-cost, high-speed benefits inherent to blockchain banking.
Perfect Timing for FTN
The approval by the MGA comes at the perfect time for BetConstruct and its parent company, as they have seen incredible success with launching their Fasttoken (FTN) cryptocurrency.
At the time, BetConstruct CEO Vigen Badalyan said:
Quote"As a result of more than 15 years of experience in the iGaming industry and our work, we have gained hundreds of loyal partners, many of whom are already preparing to recognise Fasttoken as their cryptocurrency."
Given the company’s history of excellence and established position within the igaming community, the FTN token has been well received by hundreds of casino game developers, including Wazdan, Fugaso and Endorphina.
The accredited ERC-20 token has been in development since 2018 and went into its final testing phase in 2021. November 2022 saw the token debut at the Blockchain Summit. Since then, more than 150 BetConstruct partners have added FTN to their banking options. The MGA approval will now allow these operators to legally offer these enhanced banking options to a far broader player base.
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