Singapore’s new gambling regulator, the Gambling Regulatory Authority (GRA), has decided not to authorize use of cryptocurrency in its land-based casino industry.
This is the latest ruling by the regulator as it seeks to better understand digital currencies.
The watchdog has not yet decided how to treat crypto and blockchain assets when it comes to video and social gaming platforms, such as web3 solutions.
GRA general counsel Albert Yeo spoke about the matter during a regulatory gathering in Sydney last week.
Yeo said there were no immediate plans to introduce crypto payments for land-based properties such as Resorts World Sentosa and Marina Bay Sands, Singapore’s flagship casino resorts.
He expressed doubt that the regulator would be able to introduce a meaningful regulatory framework that makes such payments possible.
The GRA replaced two other regulators last year to consolidate the gambling industry and give a centralized body tighter control.
However, Yeo confirmed that the regulator is very much interested in cryptocurrencies and is determined to continue examining them in detail.
The GRA is tracking blockchain transactions and its attention is now focused on the online space, and the use of crypto in video and social gaming.
“We know it is a new space and we are engaging the developers themselves, trying to understand what the products mean”, Yeo noted, signaling the regulator’s preparedness in the matter.
Yeo noted that the regulator was not worried about cryptocurrencies that are minted as part of gaming experiences, such as Axie Infinity. The concern arises after that when players are allowed to take the crypto assets and put them on exchanges, for example.
As Singapore explores broader crypto regulation, Yeo and the GRA will continue to watch the sector and its evolution.
These worries come as young Singaporeans are very keen to invest in crypto assets of their own.