Some five months after ratifying new regulatory legislation and the government of Singapore has reportedly inaugurated its new Gambling Regulatory Authority watchdog as a direct replacement for its former Casino Regulatory Authority body.
According to a report from GGRAsia, the official appearance of the new watchdog follows the previous British enclave’s March 11 approval of its fresh Gambling Control Act, which came into effect from the start of this month to establish a single body responsible for the regulation of all forms of gambling. The source detailed that this legislation also introduced stiffer penalties for those found guilty of conducting or facilitating unlawful gambling activities and made it illegal to participate in ‘proxy gambling’.
Singapore is home to over 5.4 million people and has reportedly operated a casino duopoly for over a decade embracing Genting Malaysia Berhad’s 1,800-room Resorts World Sentosa development as well as the even larger Marina Bay Sands facility from Las Vegas Sands Corporation. The Gambling Regulatory Authority is to now purportedly oversee this state of affairs under the guidance of Teo Chun Ching, who previously served as the boss of the preceding Casino Regulatory Authority, while furthermore holding a raft of new streamlined powers related to the licensing of different forms of legal gambling.
GGRAsia reported that Josephine Teo, Singapore’s Second Minister for Home Affairs, attended a special event earlier today to mark the launch of the Gambling Regulatory Authority and disclosed that the move would allow the Asian city-state to strengthen its regulation of gambling practices. The politician moreover purportedly revealed that the government of Prime Minister Lee Hsien Loong will now look to amend the Casino Control Act even further so as to counter a range of new challenges including those linked to the rise in online gambling.
Reportedly read a statement from Teo…
“There are more and more variants of gaming, gambling and games of chance such as those involving cryptocurrencies or using crypto technology.”
The Gambling Regulatory Authority reportedly now has the power to issue licenses to enterprises wishing to legally offer a range of services including sportsbetting and lotteries. The watchdog has purportedly also been given control over the certification of slot parlors and private gambling establishments such as members clubs in addition to the precepts of the jurisdiction’s ‘fit and proper’ operator tests.
In divulging its decision to make the Gambling Regulatory Authority the sole supervisor for all gambling activities in Singapore and the tiny nation’s Ministry of Home Affairs reportedly pronounced in July that such a move would allow the government ‘to more effectively stay ahead of technological and gambling trends.’ The department purportedly went on to assert that the designation is to additionally give officials the tools they need to ‘respond more adequately to emerging gambling products and take a more holistic and coherent approach to gambling policies.’