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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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Million Games Launches Million Mine – A Strategic Grid Game Inspired by a Classic

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Million Games is pleased to announce the release of Million Mine, a strategic, grid-based casino game inspired by the beloved mechanics of minesweeper. Offering a modern update to the classic format, Million Mine lets players select their difficulty, uncover hidden diamonds, and cash out before disaster strikes.

The game features:

  • Customisable grid sizes from 3×3 to 7×7

  • Mines selection from 3 to 24 for adjustable volatility

  • Instant cashout after any successful pick

  • A 96.3% RTP and a high multiplier ceiling

Each tile revealed adds tension and reward, making Million Mine a fast-paced, strategic game of choice and nerve.

“Million Mine is deceptively simple—but a great player experience,” said Thomas Nimstad, CEO of Million Games. “It’s familiar, clean, and highly customisable. We see it becoming a favourite for both casual players and high-stakes explorers.”

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Million Mine is now available across all Million Games partner platforms.

The post Million Games Launches Million Mine – A Strategic Grid Game Inspired by a Classic appeared first on European Gaming Industry News.

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ReferOn Shortlisted for Acquisition & Retention Partner of the Year at SBC Lisbon 2025

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ReferOn, a next-gen affiliate management platform, has officially been nominated for the “Acquisition & Retention Partner (Supplier)” category at SBC Lisbon 2025, cementing its position as a key partner for operators and affiliate teams.

This shortlisting highlights the platform’s rapid growth in 2025 due to its developments that address real problems affiliate managers face, a passionate product-minded team, and ambitious plans to empower users in the affiliate marketing industry.

ReferOn challenges legacy platforms by creating a simple and accessible system built for modern needs and placing affiliate marketing at the forefront of growth strategy. Key features such as full-cycle automation, customisable dashboards and reports in pivot-style format, instant postbacks, and real-time data visibility reduce chaos and bring clarity to operations, ultimately boosting performance. Additionally, powerful tools like the Sub-Affiliate System, No Bundling Model, and dynamic variables provide managers with increased control.

Vlad Bondarenko, ReferOn’s Head of Product, commented on the nomination, “Acquisition and retention aren’t just buzzwords to keep affiliates happy. They’re real benchmarks that help our users drive growth and scale. The ReferOn team has proudly built a platform that gives affiliate managers real control, clarity, and speed over their operations to help achieve their

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goals. This nomination reflects our efforts and how far we’ve come regarding pushing the industry forward and challenging the status quo.”

The nomination for the “Acquisition & Retention Partner (Supplier)” category bolsters ReferOn’s roadmap and growth trajectory. Going forward, the team will continue to invest in impactful product developments and customer-facing services to become the leading platform for affiliate managers.

Key ReferOn members will be in attendance at the SBC Lisbon Awards 2025 ceremony on September 18 for a night celebrating excellence and innovation.

The post ReferOn Shortlisted for Acquisition & Retention Partner of the Year at SBC Lisbon 2025 appeared first on European Gaming Industry News.

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SHINE ON DRAGON’S DIAMONDS

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This text contains puns. Reader discretion is advised.

“Dragon’s Diamonds” is now live, a fang-tastic 6×5 new scatter-pays slot from the Berlin-based developer Hölle Games with wins of up to 12,000x.

Unlike the miserly reputation they’re known for (a tall tail), the Hölle Dragon is a generous beast (with a fiery personality). With every matching cluster that lands, the Dragon will breathe flames onto the reels – removing winning symbols and allowing more to fall into place. There is no limit to the number of potential cascades that can occur here, so lucky players can quickly scale-up their hoard of wins.

Plus, hitting 4 or more scatters to enter the Free Spins will unlock the Feature Multiplier, which cumulates all Multiplier wins across the entirety of the Free Spins. Re-triggers can be clawed out too, with only 3 scatters needed.

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For any players who find the base game is dragon-on, there is the Stake Boost feature, which increases the chances of hitting the Feature for a slightly higher stake, or also the option of directly entering Free Spins via the Feature Buy. That’s no fire-drill!

The game is now available for MGA with other territories winging it this way soon.

The post SHINE ON DRAGON’S DIAMONDS appeared first on European Gaming Industry News.

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