The country's unified Gambling Regulatory Authority (GRA) has taken over just a few weeks after Singapore ratified its new gambling regime. With a ceremony yesterday, the old Casino Regulatory Authority officially handed management of the agency over to it.
The ceremony shows Singapore's approach to regulating gaming as online choices proliferate. In addition to overseeing land-based gambling, the GRA will also be in charge of the online gaming market.
More modifications to Singapore's gaming laws are being made in order to achieve this. The GRA and lawmakers will collaborate to develop the new framework, the specifics of which will be disclosed later.
Changes to Crypto Drive, New Options
The need to enact gambling legislation to regulate the online environment was minimal because there were no opportunities for online gaming. Singapore is aware that things will change and that it cannot ignore the expansion of online casinos.
Josephine Teo, Singapore's second minister for home affairs, was present for the GRA's official opening on Tuesday. She made it quite apparent that the nation knows the possible role that internet activities will play in gambling, according to The Straits Times.
Teo emphasised the internet market and the difficulties it poses for gaming regulation, pointing out the wider range of choices offered to customers in the digital sphere. For instance, land-based casinos are unable to constantly replace their gaming equipment. Online casinos, on the other hand, frequently update the choices that are provided at their discretion and introduce fresh options that stem from gaming innovation.
Additionally, the growth of online gaming rules is influenced by the popularity of cryptocurrencies. Some trustworthy platforms now accept cryptocurrency. However, there are also a lot of unlicensed gambling sites that accept payments only through digital currencies.
Singapore, however, intends to handle every potential problem that exists both now and that might develop in the future. It will undergo a significant revision of its Casino Control Act and then publish its recommendations. Teo did not say when that might take place.
Ready to Take Over, GRA
Tan Tee How, the first chairman of the GRA, is prepared to begin. At the ceremony yesterday, he declared that measures had been taken to provide the agency's officials with the resources and power they require to effectively discharge their duties. Covering "new skills and abilities, such data analytics and artificial intelligence," is also included in this.
The GRA will have more internal resources to complete its job because it would monitor both land-based and online gaming. In addition, it intends to boost productivity and create a "digitally empowered workplace."
There will be additional formally recognised gaming categories in the future. The GRA does, however, intend to streamline the operator licence procedure. This will enable it to achieve its objective of improving efficiency while bringing more structure to the legal gambling sector.
By fLEXI tEAM