Singapore Prepares Loot Box Regulator
Singapore has set up a new regulatory body to govern gambling in the country, including the sale of loot boxes, reports The Straits Times.
The Gambling Regulatory Authority (GRA) will take over from the pre-existing Casino Regulatory Authority, which oversaw Singapore’s two integrated stations, and will have a broader mandate to regulate gambling. Casinos, lotteries, sports betting and loot boxes all come under the jurisdiction of the new body.
Josephine Teo, Singapore‘s second Home Minister, said the expanded reach of the GRA was vital as gaming and gambling continue to converge.
“There are more and more variations of games, gambling and games of chance, such as those involving cryptocurrencies or using crypto technology,” she said at the inauguration ceremony. of the GRA.
One of the first actions of the GRA will be to institute a price cap of $100 on loot boxes adopted next year.
“The cap will prevent the incentive effect of high-value items and the normalization of youth gambling,” a GRA spokesperson said.
Games are increasingly avoiding loot boxes as regulators around the world review the practice. Anti-loot box laws in Belgium and the Netherlands convinced Blizzard to skip a version of Diablo Immortal in both countries. It also halted loot box sales in the country, as did Nintendo and Konami, and confirmed that Diablo 4 will launch without loot boxes.