Swedish and Maltese Gambling Regulators Gain Strength After Sealing Partnership Deal

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March 9th, 2019
Back Swedish and Maltese Gambling Regulators Gain Strength After Sealing Partnership Deal

Malta Gaming Authority (MGA) and Swedish regulator, Spelinspektionen, have signed a Memorandum of Understanding (MOU) that will greatly enhance their cooperation and begin a formal partnership between two parties.

MOU's key objective is to make the communication between regulatory bodies easier and more effective...

...as well as to establish a framework based on which crucial information may be shared in order to further policies.

Sustaining Each Other

This unorthodox partnership also obliges both authorities...

...to provide the “best possible operational assistance” to one another, in order to help regulatory processes grow and adjust.

Stating that numerous Swedish licensees – that just recently obtained the necessary approval when the market was re-launched – had Maltese licenses before and had their hubs there, Camilla Rosenberg, who is Spelinspektionen's director general, says:

“By opening the communication channels between the authorities we become stronger in our supervisory activities This is the beginning of a broad and long-term cooperation, and our plan is to initiate corresponding collaborations with more gambling authorities in Europe.”

Fostering of Relationships

According to Heathcliff Farrugia, MGA's CEO...

...Maltese regulator is actively seeking to “foster relationships with fellow authorities,” because such relationships are the way for reaching goals and objectives – and with remote gaming, essentially cross-border by nature, this is of utmost importance.

“This MoU, signed with the Swedish Gambling Authority, is an important step towards achieving both our respective regulatory goals in vital areas of mutual interest, especially since the MGA and the Swedish Gambling Authority share a significant number of operators licensed by both regulators. We are eager to start this mutually beneficial journey with our Swedish counterpart.”

Promotions' Terms Must Be Clear

In February, the Swedish regulator issued a word of warning to all of their licensees...

...by reminding them of their duties regarding the marketing of bonus offers and promos. Namely, these must be kept clear and simple at all times and “cannot be perceived unclear in any way.”

Also, bonus offers – according to Swedish laws – can be initiated only once, that is, the first time an individual plays at the site.

Cryptocurrency Development

MGA has delivered on last year's promises and began the phase one of cryptocurrency Sandbox Framework in January.

“This Framework is intended as a live document and will therefore be subject to feedback and potential updates during its duration, whilst also keeping in consideration any technological or regulatory developments which may occur,” explained Farrugia.

Source:

“Swedish and Maltese regulators seal cooperation agreement”, igamingbusiness.com, March 5, 2019.

“signed a Memorandum of Understanding (MOU)”

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