Singapore’s New Gambling Regulatory Authority Is Cracking Down On Lootboxes
Another country is taking a stand against lootboxes in games with Singapore’s newly-created Gambling Regulatory Authority looking to enact stricter regulations to combat what it believes to be a “blurring of the lines between gambling and gaming.”
The GRA will be taking over the regulation of casinos and gambling services, including lootboxes, from the Casino Regulatory Authority which was established in 2008. Once jurisdiction is transferred, the new government body plans to enact new regulations for all forms of gambling. For lootboxes, this includes a prize cap of $100 SGD, or roughly $70 USD, which could take effect as early as next year.
According to Josephine Teo, Singapore’s Second Minister for Home Affairs, the GRA was formed to control the growing access to online gambling, which includes lootboxes and even cryptocurrency. One counselor notes that there are cases where people have spent tens of thousands of dollars on the chance of getting prized items and rewards from lootboxes. The formation of the new regulatory authority has largely been met with praise from both parents and the country’s financial experts.