MGA to Simplify Regulatory Regimes for Gambling-Related Businesses
When investing in a certain country, one of the factors that businessmen consider is the time needed to process business permits and licenses. Joseph Cuschieri of the Malta Gaming Authority (MGA) is working on improving the business environment for Malta-based operators and future investors.
Businessmen do not have the time to go back and forth submitting necessary documents and other requirements needed to open a business. Due to the legendary bureaucratic red tape that they must cut through, many businessmen have no choice but to sometimes forego their investment plans in other countries.
For this reason, the MGA is planning on simplifying regulatory regimes in order to give operators some elbow room to move in order for the country’s gambling industry to keep flourishing.
Joseph Cuschieri said that the regulatory regime needs to be simplified and must focus on objectives rather than prescriptive and expired kind of processes and regimes.
He said: “It’s about simplifying because the industry has been through major changes in the last 12 years and the cost of compliance have increased significantly, particularly in Europe. I think that will give regulators more flexibility to focus on outcomes and objectives, and the industry will have an environment which enables it to innovate and grow sustainably.”
He also pointed out that the government is trying its best to provide a conductive environment for the industry to develop, in order for consumers and players to have a better overall experience.
With regards to providing opportunities for gambling operators, Cuschieri believes that Malta continues to be an attractive jurisdiction. He also believes that gambling operators that are considering to move out of the UK following the country’s historic Brexit vote will find Malta to be a viable location due to its size and reputation within the industry.
He also revealed that the MGA is already in touch with other regulators in South America and Asia, adding that they have established some very good contacts. “Nothing has materialized but I believe that Malta can help,” he said.
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