The first day of the SiGMA Europe Summit kicked off in tremendous fashion, bringing all the networking opportunities, keynote addresses, and industry-leading panels among everything else the major event promised its delegates.

The topic of focus as the conference got underway was regulation and compliance. 

Highlighted in the agenda was a series of discussions the first of which was titled, “The case for new “.com” jurisdictions” which was intended to ask the question of whether or not these may be breeding grounds for innovation in gambling.

New .com jurisdictions

Present for this panel were Tanja Dimitrijevic, the head of legal at Red Acre Group, Maria Muzarowska, a corporate structuring specialist, Angelo Dalli, Chief Scientist at Umnai and Eran Shay, a Managing Director at Benefit Business Solutions.

They were joined by Joseph F. Borg, partner and head of innovative technology at WH Partners who also moderated the panel.

Regulatory frameworks and infrastructure

When asked about regulatory frameworks for innovative technology Demitrijevic would advocate strongly for a model that is inducive of its adoption.

However, she did stress that a holistic approach is of great importance and that, “attractiveness is not just about operators but also about startups”.

She would go on to make a comparative statement highlighting the jurisdictions where successes had been enjoyed: 

“Embracing innovative technologies shows that you are more forward-thinking than other jurisdictions.”

It was also mentioned that a crucial aspect of adopting a friendly regulatory stance is to bring industry knowledge and know how to make these movements effective.

The inauguration and maintenance of proper infrastructure to support your stance was an aspect Demetrijevic was keen to point towards.

The case of Malta

The focus then shifted to Dalli, who was asked about the difficulties he had encountered when attempting to encourage adoption within Malta’s jurisdictions.

According to Dalli, essentially all that was required was approval from the regulator without much further course of action.

He remarked on how lax perhaps these conditions were and how more oversight was probably necessary at the time, which has occurred in due course.

However, he stressed that a soft touch is important to prevent the destruction of emerging technology, and the hinderance of this progress.

Whether or not to be proactive?

This discussion was followed in quick succession by another incisive panel which shifted the focus onto regulators and technology, “Playing catch-up or being proactive?”.

This brought further industry-leading knowledge with particular insight into the Maltese technological sector, to the stage in the form of Brandon Debattista, Deputy CRO at

Malta Gaming Authority (MGA), Herman Ciappara, Head Fintech Supervision Function at

Malta Financial Services Authority (MFSA) and Annalise Seguna, Managing Legal Counsel at Malta Digital Innovation Authority (MDIA).

The Maltese DLT framework

On the interplay between regulators and the industry, Brandon Debattista described the sandbox DLT framework that enabled the use of crypto and smart contracts which were monitored in a controlled environment

Subsequent to this, a highly positive reception and operator feedback on the uniqueness and importance of the system brought about its inauguration into legislation.

AI

The panel focus was then moved to encouraging AI, which was initially handled within the existing framework that is highly technology-neutral, claiming that AI adoption is not new. 

What regulations are allowing operators to invest in innovative technologies while still protecting the consumers who use services under these technologies

“Malta as a jurisdiction is extremely proactive in regulating innovative technologies”

Seguna was then asked about the EU AI Act and standard regulatory framework.

She then concluded the panel by explaining that ultimately the MDIA’s role will be defined by whether the AI Act establishes an international or national framework.

An international body would function as a notifier whereas a national body would be required to coordinate the implementation of the act.

SiGMA Europe

The ultimate conference, SiGMA Europe 2023, returns from November 13th to 17th in Malta. Experience innovation and connection at the Mediterranean Maritime Hub (MMH) during Malta Week.