A Look at Cryptocurrency Trading, iGaming & Regulation in South Korea
February 24, 2021
South Korea is among the countries at the forefront of cryptocurrency adoption. What is the current state of cryptocurrency in South Korea?
Not all license jurisdictions are created equally. Some offer loose standards, while others set top qualifications.
One such area is in Malta. This Mediterranean island is the first EU state to champion a premier regulatory network for online gaming. The island’s regulatory body, Malta Gaming Authority, follows tight and high standards in granting licenses to top online betting sites.
Malta focuses on the transparency and reliability of a gaming operation. This bold goal places it as one of the powerhouses in the regulatory industry. In fact, Malta holds an average of a hundred applications per year.
The Gaming Act of 2018 holds all betting activities in Malta. This grants the region the power to issue licenses for both online and offline betting hubs. This law fused and gave an overhaul to its licensing offers. As a result, you can choose to run your business under any of these licenses:
This license is issued to operators running a B2C business. Meaning, all gaming areas that are related to the end user will be covered. That being said, this seal includes the offering, providing, or running of games to rake in bettors. You must also take note that this license is further split according to the games offered:
Each of these license types offers different fees. If you are running a B2B Type 4 betting site, you need to pay a license fee of €10,000 per year. Keep in mind that this fee is fixed and non-refundable.
This license focuses on servicing business providers. As part of its B2B nature, this seal caters to operators that host and manage other online or offline casinos. These include platform providers, game developers, back-end office solutions providers, and more. Note that licensees from this umbrella are exempted from gaming tax.
These improved set of licenses covers two of the broad areas in betting. As a result, the licensing body widened its scope, but it still leaves enough room for innovation.
Having the seal of trust of the most trusted regulating body in the world is a big deal. It reflects a betting site’s quality of service. This means meeting or even surpassing sets of lofty standards. If you are planning to get a license from this regulator, you must satisfy the following requirements:
After you clear and submit these requirements, the licensor will assess and audit your application within 60 days. If your application is successful, you will get a Malta Gambling License, which is valid for 10 years.
Despite being a small island, Malta houses the biggest names in the industry. Its top-notch service and premier standards had earned big names like Casumo and William Hill’s trust. If you wish to flaunt MGA’s seal on your casino, simply visit its official website and send your application.