The Malta Gaming Authority (MGA) has revised certain sections of its’ Gaming License Fee Regulations (2018)’ to review the terms and conditions of its MGA legislative framework.
In publishing its 2019 amendments, the MGA focuses on defining start-ups operating within its jurisdiction, where the regulator has expanded the criteria and requirements for incumbents to be classified as start-ups.
Establishing a new’ qualifying benchmark,’ the MGA would consider start-ups as companies that produced less than € 10 million from a particular vertical market within 36 months of their application for MGA.
Under previous benchmarks, the MGA will consider start-up as any company that generates less than € 10 million from activities related to gambling, reported over a financial year period.
“This amendment is aimed at ensuring that undertakings classified as start-ups are truly such, whilst simultaneously not prejudicing corporate groups that were in the business many years back and wish to benefit from such an incentive by starting up again,” it explained.
The MGA states that its amendments will come into force from 1 January 2020 at the conclusion of its revision.