TLDR:
Singapore will allow cashless betting in its two casinos
Cryptocurrency will not be permitted for gambling due to money laundering risks
The changes are part of amendments to Singapore’s Casino Control Act
Cashless gaming aims to modernize and streamline casino operations
Other countries have varying policies on crypto gambling
Singapore is updating its casino regulations to allow cashless gambling, but will not permit the use of cryptocurrencies. These changes are part of amendments to the country’s Casino Control Act approved by parliament on September 10, 2024.
Minister of State Sun Xueling explained that cashless betting will now be allowed at gaming tables and machines in Singapore’s two casinos – Marina Bay Sands and Resorts World Sentosa. Players will be able to place bets using virtual credits from cashless gaming accounts or e-wallets.
However, Sun made it clear that cryptocurrency will not be accepted for gambling. She stated, “The Gambling Regulatory Authority has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks.”
The move to cashless transactions aims to modernize casino operations and improve security by reducing the need to handle physical cash. It may also attract younger players who prefer digital payments. The casinos will need to upgrade their technology systems to enable cashless gaming.
These new rules are the latest in a series of changes to Singapore’s casino regulations. Earlier, the country lowered the amount of cash deposits that casinos must monitor, to help prevent criminal groups from exploiting the system.
In addition to the cashless gambling changes, the amendments give Singapore’s Minister for Home Affairs, K Shanmugam, the power to approve who can be the main shareholders of casino operators.
This was previously handled by the Gambling Regulatory Authority. The goal is to make sure the casino resorts stay in line with the government’s objectives for them.
Singapore’s ban on cryptocurrency for gambling follows similar moves by other countries. Australia recently banned cryptocurrencies for online betting, including digital wallets.
Brazil also banned using cryptocurrencies for gambling payments in April 2024. These bans aim to reduce money laundering and help people control their gambling habits.
However, some countries do allow cryptocurrency gambling. In the United States, it depends on the state, with many allowing online gambling using crypto if the casino is based outside the US.
The United Kingdom allows crypto gambling as long as casinos follow rules set by the UK Gambling Commission.
Canada permits offshore crypto casinos to serve Canadian players. Some Caribbean countries, like Curacao, even give out licenses to crypto casinos.
Despite bans in some places, the global crypto gambling market is growing quickly. Reports show it almost doubled to over $70 billion in the first half of 2024. Some experts think it could reach $150 billion by 2030.
The United Nations Office on Drugs and Crime has warned that both cryptocurrencies and casinos are increasingly being used by criminals to hide illegal money. Jeremy Douglas from the UN office said,
“Organized crime groups have converged where they see vulnerabilities, and casinos and crypto have proven the point of least resistance.”
The post Singapore Allows Cashless Casino Gambling But Bans Cryptocurrency Use appeared first on Blockonomi.
