MGA Approved BetConstruct to Offer Cryptocurrency Deposit Methods
Published January 14, 2023 by Elana K
The Malta Gaming Authority (MGA) recently approved BetConstruct, a betting and gambling software provider, to accept cryptocurrency deposits. The approval will allow the provider to expand their potential pool of players by allowing both fiat and cryptocurrency banking methods.
The Malta Gaming Authority (MGA) recently approved BetConstruct, a betting, and gambling software provider, to accept cryptocurrency deposits. The approval will allow the provider to expand their potential pool of players by allowing both fiat and cryptocurrency banking methods.
In addition to MGA licensing, BetConstruct is licensed by many other regulatory authorities, including the UK Gambling Commission, the government of Curacao, the Romanian National Gambling Office, the National Gambling Board, South Africa, and more.
MGA’s Sandbox Framework
The MGA’s allowance of cryptocurrency integration is part of the government’s Sandbox Framework, which was established in 2019 as a way to examine the use of cryptocurrency, virtual financial assets (VFAs), and distributed ledger technology (DLT) in online casinos. The initiative was supposed to end in December 2022, but the MGA recently announced an extension until February 2023.
Following the conclusion of the Framework, the MGA’s policy is supposed to come into effect, which will be based on data and feedback it received over the past three years. The policy will include rules and regulations that operators must follow in order to obtain MGA licensing.
The Use of Cryptocurrency at Online Casinos
The cryptocurrency was invented in 2008 and, in its infancy, was only recognized and deemed important by a small group of early adopters. In 2010, the first crypto transaction took place: a man from Florida paid 10,000 BTC for two Papa John's pizzas valued at about $25.
Since then, the crypto field has taken off, even though it’s still surrounded by controversy. Today, tens of thousands of cryptocurrencies are out there, and the crypto market has made both millionaires and misers overnight.
Cryptocurrency is the Ideal Vehicle for Online Casinos
Over its short lifespan, cryptocurrency has emerged as an ideal deposit method for online gambling. The reason for this is due to the nature of the beast:
- Security: When players gamble online, the main issue they worry about is security. While all reputable online casinos take measures to keep their players’ financial information safe, cryptocurrency has its own built-in safeguards. With crypto, every transaction is recorded on the blockchain, which decreases the risk of fraud.
- Privacy: Players don't need to enter any personal financial information into online gambling sites when they use a cryptocurrency payment method, which helps maintain their privacy.
- Immediate transactions: When using fiat currency, it can take several days before players see their withdrawals in their accounts. With cryptocurrency, withdrawals occur immediately.
For all these reasons, cryptocurrency casinos have become increasingly popular each year. This is why software providers like BetConstruct and others seek licensing in this area. Providers that succeed in offering both cryptocurrency and fiat deposit methods have the best chances of widening their player pools.
