Singapore’s new gambling regulator exploring cryptocurrency use in gaming industry
The Gambling Regulatory Authority (GRA) is examining the use of crypto across video game and social gaming platforms.
The Gambling Regulatory Authority in Singapore has stated that it has no plans to allow cryptocurrency in the land-based gaming industry, as it explores the use of crypto in video game and social gaming platforms.
GRA General Counsel Albert Yeo confirmed that the regulator is examining cryptocurrency as it applies to new technologies, but casinos have no appetite for its use.
The GRA is studying blockchain games to better understand how the technology is adopted in online gambling, while online games of chance are regulated under the Gambling Control Order 2022.
Singapore has resisted broader regulation of cryptocurrency trading or general application.