Regulation Key To iGaming Success, Malta's FM Says
by Jason Gorringe, Lowtax.net, London
06 February, 2014
Malta's finance minister, Edward Scicluna, has said that the country's online gaming industry is a success primarily thanks to Malta's over-all regulatory model which combines rigorousness and transparency with flexibility and adaptability.
Scicluna was speaking during the inauguration of the new Betsson Group Experience Center, located in the Ta' Xbiex Waterfront, on Thursday January 30, 2014.
The finance minister welcomed the opportunity to inaugurate the premises of Betsson, one of Malta's first igaming operators.
He stated: "We should not become complacent in the face of our success, but keep working to develop more rigorous regulatory standards and more forceful supervisory practices to guarantee the stability of individual financial institutions and the system as a whole. Our reputation as an international financial center ultimately depends on the robustness of our approach to regulation and supervision."
Scicluna added that the Government is also looking towards innovation and research to ensure that Malta remains at the forefront of the gambling industry. "A lot of importance is being given to updating the current framework and trying to create new gaming niche industries. Research is being carried out to enhance the entire digital gaming strategy of Malta. From an educational perspective, courses in digital gaming and related areas have also been set up and enhanced in order to improve the skills and knowledge of the Maltese in these areas."
He also stated that Malta's successes in the igaming sector give rise to competitors trying to erode our competitiveness through restrictive legislation in the European Union. "The Government will not allow Malta's competitors to stifle our competitiveness through practices which go against the spirit of the Single Market," he said
Mr Scicluna further added that the Government is committed to eliminating needless bureaucracy and red tape, adding that for this reason, courses are being launched to educate the public service as to the importance of private industry in our economy. He noted that that same morning, he launched a course titled "Principles of Taxation" at the Center for Development Research and Training (CDRT) which goes wider than the administration of a given tax.
See all of today's news