After much talk and uncertainty, the new gambling regulator of Singapore (GRA) has announced the complete ban on the use of of cryptocurrency in land-based casinos, advising that they have no appetite for ‘volatile’ revenue streams. The announcement was made based on concerns over the currency’s volatility and also the lack of ability to control of the use of crypto. Singapore has balked at broader regulation of cryptocurrency trading or general application, with the Monetary Authority of Singapore even suggesting that dealing in any form of cryptocurrency, on any platform, is hazardous.
The newly established Casino Regulatory Authority of Singapore (GRA) General Council Albert Yeo suggesting, “The thing we are grappling with is whether that is money, money equivalent or anything of value. The GRA was set up to replace the Casino Regulatory Authority (CRA) and is now overseeing all forms of gambling in Singapore. This includes the use of new technologies and new products.
Up until recently all 10 Associations of Southeast Asian nations countries had allowed the trading in cryptocurrencies, with only Singapore previously imposing a tax for those people who traded in it. And although Singapore had earlier embraced the technology, the newly established authority has now confirmed its ban. In general the use and legality of cryptocurrency throughout Southeast Asia remains uncertain and varies country by country. Thailand has implemented tough regulations, whilst others such as Malaysia had been considering allowing cryptocurrency to be used as legal tender.
The GRA General Counsel Albert Yeo recently spoke at a regulatory gathering in Sydney Australia, advising that they had been looking deeply into new technologies. In his address, Albert Yeo stated, “I think for the casinos there is no real appetite,” Yeo said during the Regulating the Game conference. “It is a very volatile in terms of its revenue stream. “Internally the idea is to just not allow it to begin with or to even allow it into the door. The moment you start even entertaining [the idea] you know it will be difficult to stop. “I’m not sure if there is any legislative framework that would allow us to do it anyway but we are looking into it and seeing where it is creeping in and making sure it doesn’t invade the casinos in Singapore.”
The authority is still assessing the use of cryptocurrency in video game and other social gaming platforms. Singapore is trying to encourage game developers into Singapore and appreciates that there needs to be clarity and certainty, to that end the authority is looking at the chat is the future of cryptocurrency and where all the games are moving towards in terms of technology.
So at this point in time there are no plans to allow the use of cryptocurrencies within Singapore’s two integrated resorts of Marina Bay ands and Resorts World Sentosa.
