Singapore is set to introduce significant changes to its gambling regulations, allowing cashless betting in its casinos while strictly prohibiting the use of crypto assets.
This move is reportedly a part of an amendment to the Casino Control Act, as announced by the Minister of State for Home Affairs and Social and Family Development, Sun Xueling, in a parliamentary address.
Under the new framework, casino patrons will be able to place bets at gaming tables or machines by utilizing virtual credits drawn from cashless gaming accounts or e-wallets.
The decision to exclude crypto from these reforms stems from concerns over money laundering risks.
According to Xueling, the Gambling Regulatory Authority (GRA) has ruled out the use of crypto as a form of casino chips, citing vulnerabilities linked to illicit activities.
This regulatory update aims to balance the integration of modern financial technology while ensuring strict oversight to prevent criminal exploitation within the gambling industry.
The restriction on crypto usage is consistent with Singapore’s broader focus on preventing financial crimes within its gambling sector.
In her address, Xueling highlighted that Singapore’s casinos are viewed as potential targets for money laundering and terrorist financing operations.
The prohibition of crypto use in casinos is a preemptive measure to mitigate these risks.
Crypto assets are often seen as a conduit for anonymous transactions, making them an attractive tool for money launderers.
By excluding crypto from the cashless system, the government aims to fortify its casinos against such threats.
In addition to banning crypto, Singapore’s authorities have also lowered the threshold for mandatory checks on cash deposits in casinos.
This move is designed to monitor substantial financial transactions closely and ensure compliance with anti-money laundering (AML) regulations.
The regulatory tightening extends further with the transfer of decision-making power over casino operator shareholder approvals from the GRA to Singapore’s Minister for Home Affairs, K Shanmugam.
