Asia
Singapore Gambling Regulatory Authority to Crack Down on Use of Crypto Assets
Singapore’s new gambling regulator, the Gambling Regulatory Authority (GRA), announced it has no plans to legalise the use of cryptocurrency within its land-based gaming industry as it continues to explore the use of crypto across video game and social gaming platforms.
In what appears to be a continuation of Singapore’s general opposition to the introduction of cryptocurrency across broader society, GRA General Counsel Albert Yeo told a regulatory gathering in Sydney last week that crypto was one of the key issues the regulator is currently examining – particularly as it applies to new technologies.
However, there are no plans to allow the use of cryptocurrencies within Singapore’s two integrated resorts – Marina Bay Sands and Resorts World Sentosa.
“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.”
Established last year to replace the former Casino Regulatory Authority (CRA), the new GRA – with a remit to oversee the entire gambling landscape in Singapore – is specifically designed with technology in mind. When it took charge on 1 August 2022, Singapore’s Ministry of Home Affairs said the GRA “allows the Government to more effectively stay ahead of technological and gambling trends, respond more adequately to emerging gambling products, and take a more holistic and coherent approach to gambling policies.”
According to Yeo, cryptocurrency “is one of the main things we are currently looking at” given the challenges regulators face in tracking blockchain transactions, although much of its attention is now focused on the online space – specifically the use of crypto in video or social gaming.
“We know it is a new space and we are engaging the developers themselves, trying to understand what the products mean,” Yeo said.
Pointing to one popular online product called “Axie Infinity” – a blockchain-based game in which players can trade NFTs and earn RAT (Rare Antiquities Token) currency – Yeo explained, “The thing we are grappling with is whether that is money, money equivalent or anything of value.
“Typically if it is in-game we won’t worry about it, but the trouble [with players earning cryptocurrency] is that it is very easy for them to just take it out and put it on exchanges.
“So we are engaging the developers – Singapore is trying to encourage game developers in Singapore but we are also looking at what is the future of cryptocurrency and where all these games are going. Do we have a good handle yet on where this is going?”
Singapore’s broader reluctance to regulate the trading in or use of cryptocurrencies currently extends to a ban on advertising by crypto exchanges, with the Monetary Authority of Singapore issuing a statement last November following the high-profile collapse of global exchange FTX in which it said, “The most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous.
“Crypto exchanges can and do fail. Even if a crypto exchange is licensed in Singapore, it would be currently only regulated to address money-laundering risks, not to protect investors. This is similar to the approach currently taken in most jurisdictions.
“Further, even if a crypto exchange is well-managed, cryptocurrencies themselves are highly volatile and many of them have lost all value. The ongoing turmoil in the crypto industry serves as a reminder of the huge risks of dealing in cryptocurrencies.”
The Asian Poker Tour has announced the cancellation of APT Manila 2025, which was scheduled to take place from May 30 to June 8, 2025, at the City of Dreams Manila.
The next scheduled APT tour stop following the upcoming APT Taipei 2025—running April 25 to May 4 with a TWD 70M (~USD 2.1M) guaranteed Main Event—will be the APT Incheon 2025; boasting a KRW 2.5M buy-in Main Event with a KRW 1.5B (~USD 1M) guarantee running August 1-10 at the Paradise Hotel & Resort.
This will be followed by the APT Jeju 2025, which boasts a KRW 2.6M buy-in Main Event with a KRW 2.2B (~USD 1.5M) prize pool guarantee and runs from September 26 to October 5 at Jeju Shinhwa World.
The 2025 APT poker schedule will conclude with the thrilling end of year APT Championship (APTC), which runs from November 14-30, 2025 at the Red Point Center’s brand new “Red Space” venue located in central Taipei.
The APTC Main Event boasts a massive TWD 165 million (~USD 5 million) prize pool guarantee – the largest the tour has ever offered.
Players can win their seat to this exciting TWD 350,000 (~USD 10,700) freezeout by competing in the tour’s three signature events—the APT Main Event, the APT High Roller and the APT Super High Roller—at each of the three remaining APT tour stops preceding the APTC.
The post Asian Poker Tour Announces Cancellation of APT Manila 2025 appeared first on European Gaming Industry News.
GOD55, a premier online gaming platform and leading operator in Southeast Asia, is proud to announce its partnership with Birmingham City Football Club as the club’s Official Asian Betting Partner.
Established in 2016, GOD55 has become one of the biggest and most trusted brands in the online gaming industry, offering a wide range of betting and entertainment options, including casino games, sports betting, and live dealer experiences. Leveraging cutting-edge technology, the platform provides users with seamless mobile and desktop access, real-time data integration, and high-quality streaming for live events.
As part of this exciting partnership, GOD55 has launched an exciting announcement film, filmed on location at Birmingham City’s St. Andrew’s @ Knighthead Park and Elite Performance Innovation Centre.
A spokesperson for GOD55 commented: “We are delighted to partner with Birmingham City, a club with a rich history and a dedicated global fanbase. This collaboration reflects our commitment to connecting with football enthusiasts and delivering an enhanced entertainment experience. Together, we aim to engage fans in innovative ways, celebrating the beautiful game while offering a world-class gaming platform for our users in Asia.”
Birmingham City also expressed their excitement about the partnership: “We’re thrilled to welcome GOD55 to the Birmingham City family as our Official Asian Betting Partner. This partnership highlights the club’s growing international appeal and provides an opportunity to further engage with our supporters in Asia. We look forward to working closely with GOD55 to achieve great things together.”
The post Birmingham City Forms Alliance with GOD55 as Their Official Asian Betting Partner appeared first on European Gaming Industry News.
FOMO7, a trusted name in online entertainment, has unveiled a massive update to its gaming platform with 46 exciting new Indian lottery games, giving players even more chances to win guaranteed prizes in addition to their regular winnings.
This new launch brings a diverse mix of India’s most beloved lottery formats, including:
• Kerala Lottery
• Speed Matka Lottery
• Daily Matka Lottery
• Dear Lottery
• Daily Pick3, Pick4 & Pick5 Lotteries
• Wingo Lottery
With minimum bets starting at just ₹6, draws are held as frequently as every minute, and scheduled daily, weekly, and at popular time slots like 8 AM, 9 AM, 5 PM, 8 PM and 10 PM, offering a dynamic and rewarding experience for both casual and seasoned players. Top winnings go up to ₹10 Crores, making this one of the most lucrative opportunities in the online lottery space today.
In addition to its rich selection of lottery games, FOMO7 offers a comprehensive gaming experience with casino games, sports betting, instant sports and classic live sports, catering to all kinds of online gaming enthusiasts.
The post FOMO7 Expands Platform with 46 New Indian Lottery Games appeared first on European Gaming Industry News.
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