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Singapore regulator bans crypto-currency at casino
Recently, Singapore has created a new regulatory authority for the gaming market called Gambling Regulatory Authority, often simplified by the acronym GRA. The latter has just made the news.
Indeed, it has recently announced a total ban on the use of crypto-currencies in the 2 land-based casinos of the famous city-state, namely: the Marina Bay Sands on one side and the Resorts World Sentosa on the other.
High volatility of crypto-currencies pointed out by Singapore authorities
The GRA’s General Counsel (Albert Yeo) recently made it known that there is no place for crypto-currencies within Singapore’s land-based casinos. This is because the volatility of these numbered currencies is far too high for that. This is precisely the reason why the regulator has decided to prevent cypto-currencies from entering the city’s gaming establishments.
In any case, it has to be admitted that Singapore is quite reluctant in general to regulate the very trade of crypto-currencies. At the moment, the city-state is considering a ban on any form of advertising for exchanges of these digital currencies.
Last November, the Monetary Authority of Singapore (MAS) had already highlighted a number of risks associated with crypto-currency transactions. It had mentioned then among other things their high volatility by recalling that some of them had lost all their value in a very short time.
>>> Read also: “Towards an all-time record in 2024 for Singapore casinos?”
GRA’s holistic and flexible approach to keeping up with changes in the gaming market
It was during the month of August 2022, that the fledgling GRA was established. Its main objective is to oversee the entire gaming landscape in Singapore. It is thus for example in charge of following the evolution of the technological tendencies in the field of the games.
It is for this very reason that she recently became interested in the crucial issue of cryptocurrencies and blockchain. Indeed, these famous subjects are currently important challenges for the various international gaming regulatory authorities.
The GRA was created by 2 laws: the Gambling Regulatory Authority of Singapore Act and the Gambling Control Act both passed during March 2022. The idea was to replace the former Casino Regulatory Authority (CRA) whose jurisdiction was considered too narrow by the Singapore authorities.
This development was driven by the current Minister for Home Affairs and Justice (Shanmugam Kasiviswanathan) in order to keep up with the changes that are currently impacting the gaming market. The new GRA has adopted a holistic and flexible approach in order to best keep pace with the changes in the gaming industry.
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