Official Inauguration of the Singapore Gaming Regulatory Authority – European Gaming Industry News

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Singapore officially launched its new gambling regulator – the Gambling Regulatory Authority (GRA) – on August 16.

GRA aims to stay ahead of new global trends in the game industry and aims to respond more effectively to emerging game culture and products, especially the lines between game and game are blurring.

“The gambling landscape over the next five years will be very different from what it is today and we must prepare for that future,” said the Minister of Communications and Information and Second Minister of the Interior, Josephine Teo, in her opening speech. the GRA’s inauguration ceremony.

The GRA will regulate a wide range of gaming activities, including online or offline casinos and lotteries, as well as sports betting and several operations offered through an online or interactive gaming segment.

In his opening remarks, the GRA President, Mr. Tan Tee How, expressed his gratitude and encouraged its leaders to continue to support the transformation efforts through the GRA processes to maintain efficiency and credibility of the GRA as a gambling regulator.

The Minister of Communications and Information and Second Minister of the Interior, Joséphine Teo, hailed the positive achievements of the ARC over the years, noting that “casino-related crime remains very low, well below 1% of global crime”.

The formation of the GRA is an important next step for gambling regulation in Singapore, Ms Teo pointed out that the need for such a regulatory agency is time consuming with a major paradigm shift due to progress technologies.

“One, technology has dramatically changed the landscape of gaming, it’s changed the way people play. Now it’s easier to play anytime, anywhere, with people around the world, anywhere. “The demand for remote gambling has increased. Technology will continue to further expand the scale and reach of online gambling,” Communications Minister Josephine Teo said.

The Minister highlighted the fact that changing consumer preferences have given rise to new gaming products. It is becoming increasingly difficult to keep up with all the innovations as the lines between gaming and gaming have blurred.

There are more and more variations of games, gambling and games of chance, such as those involving cryptocurrencies or using crypto technology.