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Singapore Gambling Regulatory Authority to Crack Down on Use of Crypto Assets

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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.

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“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.

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“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.

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“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.”

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ASCI Signs MoU with FIFS, AIGF and EGF

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The Advertising Standards Council of India (ASCI) has signed a Memorandum of Understanding (MoU) with the Federation of Indian Fantasy Sports (FIFS), the All India Gaming Federation (AIGF) and the E-Gaming Federation (EGF).

The MoU between ASCI and the online gaming industry federations establishes a framework to address these challenges through a special monitoring cell that will focus on screening and reporting offshore betting and gambling advertisements to the concerned ministries. The cell will also screen and process real-money gaming advertisements that are found to be in potential violation of the ASCI Code. The partnership aims to surface illegal ads and also strengthen compliance of the RMG industry.

Since the kickoff of the MoU in January 2025, ASCI has flagged 413 ads of offshore betting to the Ministry of Information and Broadcasting and processed 12 advertisements for potential violation of ASCI’s RMG guidelines. Previously, ASCI flagged off 1336 ads in the period April 2023–March 24, to the Ministry of I&B. Based on this, the Ministry has taken action to block such ads and platforms. During the same period, 492 cases pertaining to Real Money Gaming were also taken up by ASCI.

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Indian state laws prohibit gambling and offshore betting activities; making advertisements for these activities, illegal in these states. However, online real-money games (RMG) that require a predominance of skill, are permitted by most state laws, and their advertising is therefore allowed. Some offshore betting and gambling operators attempt to portray themselves as legally permitted gaming companies, necessitating the need to identify such advertisements and escalate the same to regulators. For the real-money gaming sector, ASCI’s guidelines for “Advertising of Online Gaming for Real Money Winnings” needs advertisements to ensure that the content of such ads remains responsible and does not depict minors or represents winnings as a means of livelihood. In addition, these ads are required to carry disclaimers to inform consumers of the risks associated with such games.

Manisha Kapoor, CEO and Secretary General of ASCI, said: “Indian consumers are exposed to numerous ads of offshore betting and gambling companies that have no accountability in India. Several Indian celebrities too have been a part of such advertisements. Since gambling ads are prohibited in most parts of the country, their large-scale presence is a breach of the law. ASCI would like to surface such advertising to the regulators for necessary action. It is also key that the gaming industry, whose advertising is permissible in India, remains compliant with the ASCI Code. We welcome the proactive initiative of the gaming associations of working with the self-regulator to create a special monitoring cell for the industry.”

Neil Castelino, CEO of Federation of Indian Fantasy Sports, said: “Members of FIFS have demonstrated their commitment and compliance to responsible advertising through implementation of the ASCI guidelines and FIFS Charter. We are further committed to adopting the global best standards in responsible advertising, and through this collaboration, we hope that Indian consumers are not exposed to illegal platforms in the guise of online gaming while promoting responsible advertising practices amongst the Indian RMG industry.”

Anuraag Saxena, CEO of E-Gaming Federation, said: “Indian citizens have been duped and scammed by unscrupulous operators for years. The nation suffers, so do consumers, so does the domestic industry. Which is why we at EGF have been pioneering responsible gaming, and mandatory audits of our gaming companies. The monitoring cell of ASCI will only turbo-boost our efforts. Together, we will uphold high ethical standards and create a safer, more trusted gaming landscape for all.”

Roland Landers, CEO of All India Gaming Federations, said: “As the oldest and largest industry federation, AIGF has been at the forefront of advocating for responsible gaming practices and addressing the menace of offshore and illegal betting and gambling. We remain steadfast in our mission to ensure a robust, transparent, and responsible gaming environment in India. By collaborating with ASCI and fellow industry federations, we aim to tackle the growing challenge of offshore gambling ads and non-compliant advertising practices. This MoU marks a pivotal step towards protecting consumers, fostering ethical advertising, and elevating the credibility of India’s online gaming sector. Together, we are dedicated to shaping a fair and sustainable ecosystem for all stakeholders.”

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Esports World Cup Foundation Announces Strategic Partnership with Tencent

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Partnership to drive EWC’s expansion in China, leveraging Tencent E-sports’ networks and expertise to connect Chinese esports with EWC’s  global ecosystem

The Esports World Cup Foundation (EWCF) announced a partnership with Tencent, making Tencent E-sports the EWCF’s strategic partner in China to drive the expansion of the Esports World Cup’s presence in the region. This partnership marks a significant milestone in the EWCF’s purpose to unite global esports fans under one competitive umbrella and underscores its commitment to integrating the world’s most important and rapidly growing esports market into the Esports World Cup platform. The agreement was formalized at the Empower Esports Worldwide Series – The Esports Operation and Technology Session in Shenzhen, China.

The collaboration will establish a dedicated Development Team to enhance EWC’s visibility, engagement, and industry collaboration in China, while leveraging EWC’s and Tencent E-sports’ networks and expertise to connect Chinese esports with EWC’s global ecosystem. Tencent E-sports will provide marketing expertise, strategic consulting, and operational support to deliver diverse content and experiences.

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“The Esports World Cup has created a global stage for competitive gaming, demonstrating its influence not only in China but across the world,” said Mars Hou, Vice President of Tencent Games and General Manager of Tencent E-sports. “Through this partnership, we are committed to elevating EWC’s presence in China and integrating our esports industry with the world’s largest competitive gaming event. We look forward to deepening our collaboration with EWCF to push esports forward on a global scale.”

“The Esports World Cup’s purpose is to create a global platform for esports and gaming fans worldwide, and investing in key growth markets for esports is a core pillar of our mission,” said Thamer Al Shuaibi, Chief of Staff at the Esports World Cup Foundation. “China plays a critical role in this vision, and Tencent’s leadership in gaming and esports positions it as an essential partner. By combining our expertise, we will continue to strengthen esports as an industry, providing new opportunities for Chinese players and Clubs, and bringing the best of the Esports World Cup to Chinese fans.”

Esports World Cup 2025 will once again unite gaming and esports communities in Riyadh, Saudi Arabia, for a global competition that will crown the next Esports World Cup Champion. The tournament’s unique cross-game format will reward Clubs and players competing for a life-changing prize pool in a mix of platforms and genres, bringing together esports’ best players, Clubs and games under one banner in the largest-ever celebration of esports.

The post Esports World Cup Foundation Announces Strategic Partnership with Tencent appeared first on European Gaming Industry News.

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Angel Group Completes Implementation of Smart Table Systems at Sands China Properties in Macao

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Angel Group has successfully completed the implementation of its Smart Table System on all baccarat tables, over 1100 tables, in the mass market areas operated by Sands China Limited, one of the leading Integrated Resort (IR) companies in Macao.

With this latest deployment, approximately 2000 baccarat tables in Macao, Singapore, the Philippines and Australia are now operating with Angel’s Smart Table System.

The operation of Angel Smart Table “Hybrid” Solution utilises both Artificial Intelligence (AI) and Radio Frequency Identification (RFID) technology to capture each and every chip information including quantity, type and exact location on the table. This smart table technology revolutionises casino operations on their marketing strategies, game protection, operational efficiency as well as customer experience based on the real-time data analysis, supporting optimal game management.

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