Singapore Gambling Authority Bars Crypto Use in Casinos to Prevent Money Laundering

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CryptoNews2024/09/11 07:00

By:Shalini Nagarajan

Minister Sun Xueling stated that the Gambling Regulatory Authority will not allow cryptocurrency as casino chips due to money laundering risks.

Last updated:

September 11, 2024 00:33 EDT

Singapore Gambling Authority Bars Crypto Use in Casinos to Prevent Money Laundering image 0

Singapore has approved cashless gaming transactions in its two casinos after amending the Casino Control Act. However, it will not permit the use of cryptocurrencies for gaming.

Sun Xueling, Minister of State for Social and Family Development, said in a speech Tuesday that the Gambling Regulatory Authority “has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks.”

She explained that cashless betting will now allow players to place wagers directly at gaming tables or machines by using virtual credits from cashless gaming accounts or e-wallets.

This change is the latest in Singapore’s casino regulations. Earlier, the city-state lowered the threshold for monitoring cash deposits at casinos to prevent misuse by terrorist and criminal groups.

Singapore Casinos Set to Go Cashless

The move to cashless transactions aims to modernize the gambling experience. It is expected to improve security and reduce the need for handling physical cash, streamlining operations and increasing efficiency. As a result, this shift may attract younger audiences who are more accustomed to digital payments.

Singapore’s two casinos — Marina Bay Sands (MBS) and Resorts World Sentosa — will require significant technological upgrades to adopt cashless systems. This change, however, creates opportunities for new revenue through partnerships with digital payment providers.

On the other hand, banning cryptocurrencies could disappoint high-rollers or tech-savvy gamblers who prefer digital currencies.

Crypto Gambling Is Legal In Some Countries

Several countries do permit the use of cryptocurrency in casinos .

In the US, the legality varies by state, with many allowing online gambling, including crypto transactions, provided the casino operates offshore.

In the UK, crypto gambling is legal, with casinos required to follow UK Gambling Commission rules. Similarly, in Canada, offshore crypto casinos legally serve Canadian players.

In the Caribbean, countries like Curacao actively license crypto casinos, offering a highly accommodating regulatory environment.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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