Singapore has approved amendments to its Casino Control Act, allowing cashless gambling in its two casinos while banning the use of cryptocurrencies due to concerns over money laundering. The changes were announced by Minister of State Sun Xueling and are part of the government’s effort to modernize the gambling industry.
The new regulations will enable gamblers at Marina Bay Sands and Resorts World Sentosa to place bets using virtual credits from cashless gaming accounts or e-wallets. The move is designed to streamline casino operations and enhance security by reducing the reliance on physical cash.
However, cryptocurrencies such as Bitcoin will not be accepted for gambling. “The Gambling Regulatory Authority has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks,” Sun said.
In addition to cashless gaming, the amendments grant the Minister for Home Affairs the authority to approve key shareholders of casino operators, a role previously managed by the Gambling Regulatory Authority. This change aims to ensure casino operations align with government objectives.
Minister of State Sun Xueling
While Singapore prohibits cryptocurrency use for gambling, other countries such as the UK and Canada permit it under specific regulations. The global crypto gambling market has expanded rapidly, reaching over $70 billion in 2024 and is projected to hit $150 billion by 2030.
The United Nations Office on Drugs and Crime (UNODC) has warned of the growing use of cryptocurrencies and casinos by criminal networks to launder money. Jeremy Douglas, a representative of the UNODC, noted: “Organized crime groups have converged where they see vulnerabilities, and casinos and crypto have proven the point of least resistance.”
The ban on cryptocurrency follows similar measures taken by Australia and Brazil, which have also prohibited digital currencies for gambling to mitigate financial crimes and protect consumers.
The adoption of cashless gaming in Singapore is expected to attract younger, tech-savvy players while enhancing transparency in casino transactions. Local casinos will need to upgrade their technology systems to accommodate the shift to cashless gaming.
Original article: https://www.yogonet.com/international/noticias/2024/09/12/78378-singapore-allows-cashless-casino-betting-bans-crypto-use
