One of the factors that businessmen consider when investing in a certain country is the time needed to process business permits and licenses. Businessmen do not have the luxury of time to go back and forth submitting necessary documents and other requirements to open a business.
Because of the legendary bureaucratic red tape that they must cut through, many businessmen forego their investment plans in a particular country.
That’s why Malta Gaming Authority is planning to simplify regulatory regimes that will give operators some elbow room to move in order for the country’s gambling industry to flourish.
Joseph Cuschieri of the Malta Gaming Authority told CalvinAyre.com that the regulatory regime needs to be simplified and to be focused on objectives rather than focus on prescriptive and expired kind of processes and regimes.
“It’s about simplifying because the industry has been through major changes in the last 12 years and the cost of compliance have increased significantly, particularly in Europe,” Cuschieri said.” I think that will give regulators more flexibility to focus on outcomes and objectives, and the industry will have an environment which enables it to innovate and grow sustainably.
Cuschieri pointed out that the government is trying its best to provide a conducive environment for the industry to develop, so that the consumers and players will have a better experience. “What the industry needs to thrive is to innovate. There are hundreds of million are being invested every year,” he said.
In terms of providing opportunities for gambling operators, Cuschieri believes that Malta remains to be an attractive jurisdiction. He even believes that gambling operators who are considering of moving out of UK after the country’s historic decision to leave the European Union will find Malta as viable place for them.
“I think if any operator would be considering of moving out of UK, I think Malta can provide an alternative, can be an alternate jurisdiction because of its size and obviously reputation in the industry,” he said.
Cuschieri also revealed that they are already in touch with other regulators in South America and in Asia.
“We have established some very good contacts, nothing has materialized but I believe that Malta can help.”