GRA Prohibits Usage of Cryptocurrencies in Land-Based Casinos Across Singapore

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The newly formed Gambling Regulatory Authority (GRA) has officially banned the use of cryptocurrencies in land-based casinos, as reported by Inside Asian Gaming

Gambling Regulator Aims to Stop Cryptocurrency Usage in Singapore’s Casinos

Albert Yeo, General Counsel of the GRA, declared that casinos do not want to deal with the unpredictable nature of cryptocurrencies. The GRA is looking to prevent digital currencies from entering the casinos in the first place, as it would be tough to stop once it has started. Yeo further mentioned that the agency is researching legislative frameworks to stop their utilisation in casinos.

Yeo revealed that the GRA is speaking to game developers to comprehend the implications of blockchain-based games such as Axie Infinity, where gamers can exchange NFTs and acquire Rare Antiquities Tokens. The regulator is considering whether this currency constitutes money, money equivalent, or something of value. If players acquire cryptocurrency in the game, they can quickly take it out and place it on exchanges.

Singapore’s reluctancy to regulate the trading or usage of cryptocurrencies goes beyond a ban on crypto exchange advertising. The Monetary Authority of Singapore, in a statement issued last November, accentuated the risks of dealing in cryptocurrencies, claiming that crypto exchanges can and do fail and cryptocurrencies themselves are highly unstable, with many losing all value.

GRA Adopts Holistic and Agile Approach to Regulate Gambling Landscape in Singapore

The Gambling Regulatory Authority (GRA), established in August 2022 to oversee the gambling landscape in Singapore, is prepared to stay up to date with technological and gambling trends. Its primary focus is on the use of crypto in online gaming, as monitoring blockchain transactions poses a major challenge for regulators.

The GRA has taken the place of the Casino Regulatory Authority (CRA) and is managing all forms of gambling in the country, including new products that use technology to blur the line between gaming and gambling. 

The GRA was founded through the Gambling Regulatory Authority of Singapore Act and the Gambling Control Act, both of which were passed in March 2022 and took effect on August 1 of the same year. 

The Ministry of Home Affairs reviewed and updated the Casino Control Act to reflect the changes in the industry, and the GRA renewed the licensing framework to issue more permits for higher and lower-risk gambling activities. The new regulator is taking a holistic and agile approach to keep up with the rapid development of the gambling industry.

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