SINGAPORE: A new regulator will be established by 2021 to oversee the entire landscape in Singapore, in a move that will consolidate and optimise resources under one single agency, the Ministry of Home Affairs (MHA) said in a news release on Friday (Apr 3).
Within the same period, MHA will also review and amend legislation pertaining to , it said.
regulation in Singapore is currently overseen by various government agencies, including the Casino Regulatory Authority, MHA’s Regulatory Unit, the Singapore Totalisator Board, the Singapore Police Force and the Ministry of Social and Family Development.
While the situation in Singapore is under control, there are emerging trends that might impact the landscape, MHA said.
“Overall, our regulatory framework has delivered good outcomes. -related crimes remains low in number, and problem is under control.
“However, there are emerging trends that can have a significant impact on the landscape,” the ministry said.
Technology, for example, has changed the way people gamble and made it more accessible. Business models have also evolved to introduce elements in products that are traditionally not seen as .
In light of this, the Regulatory Authority (GRA) will be established by 2021 and will “consolidate and optimise regulatory resources within a single agency”.
“This will allow GRA to stay even more effectively abreast of technological and global trends, respond faster to emerging products in particular those that cut across different domains, and take a more holistic approach to policies and issues,” MHA said.
The new authority will work with partners such as the Ministry of Social and Family Development and National Council on Problem . The police will continue to enforce the laws against illegal activities.
By 2021, MHA will also review and amend all legislation by 2021 to ensure “regulatory mechanisms can effectively address evolving products and business models”.
It cited mystery boxes, a game of chance where users purchase a box of items of unknown value, as an example.
“We will also review the penalties for offences to ensure consistency across remote and terrestrial .
“Even as we update our laws, MHA will retain a generally prohibitive stance towards , and continue to maintain a risk-based regulatory approach towards existing operators.”
As part of the changes, MHA will engage key stakeholders such as operators, religious organisations, social service agencies, and members of the public.