NFT to be considered a regulated form of gambling

In passing judgment against three Telelink agents on April 14, 2023, the appellate court awarded a sum of RM1.2 million to NFT operator Superole Sdn Bhd in what appears to be a landmark case, said a Superole spokesman in a press release held at the beginning of this week. 

The spokesperson said the appeals court also maintained that NFT is governed by the Racing (Totalisator Board) Act 1961.

“Telelink has been operating in Sarawak since November 15, 2002 and this court decision has confirmed its legality and legitimacy.

“The bone of contention was that the three Telelink agents had refused to hand over sales money collected from 1+3D (commonly known as Da Ma Cai) at Telelink outlets.

“The three agents had refused to hand over the money on the grounds that a certain former minister of housing and local government had mentioned in several newspapers that Telelink was illegal and that the operator had failed to obtain a premises licence to operate Telelink outlets in Sarawak,” said the spokesperson.

He added that on September 15, 2011, a Consent Order was entered by Superole with the local authorities to settle their disputes over the licensing of the Telelink outlets.

“With this latest court decision, the issue of law is now settled. Agents who have suffered financially since 2008 when the issue of illegality was first highlighted by the media must feel relieved.

“This decision is a significant victory for NFT operators across the country, as it confirms that NFT is a legal form of gambling and should be regulated under the Racing (Totalisator Board) Act 1961,” he stated.

He added the decision will ‘undoubtedly inspire’ more people to enter the NFT industry, and will pave the way for greater innovation and growth in the industry.

He also said Superole is committed to providing safe and fair NFT gaming experiences to its customers and is excited about the future of the industry.

Superole was represented by lawyers Datuk Azrin Ahmat and Lai Kwong Hui of Suhaili and Bong Advocates, while the three agents were represented by lawyer Colin Lai. ― Borneo Post