Singapore continually opposes the introduction of cryptocurrency into the country. The general counsel of GRA, Albert Yeo, chatted at a government gathering in Sydney. He told them that crypto was among the critical issues the regulator investigated because it was part of new technology.
Regardless, there were no plans to allow cryptocurrencies in Singapore’s two integrated resorts, Resort World Sentosa and Marina Bay Sands. The industry of online casinos needed a natural appetite for crypto.
The invasion of cryptocurrencies
Their goal was to get the currency out of business, according to Mr Yeo. It would be difficult to stop the currency once it’s entertained.
He determined whether a legislative framework would allow them to practice it. His team examined where the currency could enter so it could not invade Singapore casinos.
Following Yeo’s words, cryptocurrency was one of the critical issues his team examined. Crypto brings about challenges in tracking blockchain transactions. However, the regulator focused on the online capacity, especially crypto usage in social or video gaming.
Mr Yeo said, “We know it is an emerging space and we are engaging the developers themselves, trying to understand what the products mean.”
The value and conversion of cryptocurrencies
Using Axie Infinity, a blockchain-based game where players trade NFTs and get RAT currency, Yeo demonstrated they disagreed on whether that was valuable money.
He added that they would pay players if cryptocurrencies were in the game. However, the issue is, it is easy to convert and exchange them.
In Yeos’s words, they encouraged and engaged game developers in the country and examined cryptocurrency and the future of games.
Singapore’s decision to refuse cryptocurrencies was connected to a ban on crypto exchange advertisements.
The Financial Authority of Singapore issued a statement last November after the collapse of the global exchange FTX. It said that the most valuable lesson they learned from FTX was that cryptocurrency trading or use is hazardous to any business platform.
Further, even with proper crypto management, currencies are very volatile, and many lose value over time. Recent experience in the crypto business was a timely reminder of the risks involved when dealing with cryptocurrencies.