Singapore Bans Crypto in Casinos to Curb Money Laundering

After amending the Casino Control Act, Singapore has authorized cashless wagering transactions in its two casinos. Nevertheless, it will not allow the use of cryptocurrencies for gambling.

The Wagering Regulatory Authority “has no intention of allowing cryptocurrency to be used as chips for casino gambling,” stated Sun Xueling, Minister of State for Social and Family Development, in a speech on Tuesday. He cited the potential for money laundering.

She clarified that cashless wagering would enable players to utilize virtual credits from cashless gaming accounts or e-wallets to place wagers directly at gaming tables or machines.

This modification is the most recent in Singapore’s casino regulations. The city-state previously reduced the threshold for monitoring currency deposits at casinos to prevent the misuse of funds by terrorist and criminal organizations.

Singapore Casinos Set to Go Cashless

To modernize the wagering experience, the transition to cashless transactions is being pursued. It is anticipated that this will enhance security and decrease the necessity of managing physical currency, thereby streamlining operations and increasing efficiency.

Consequently, this transition may appeal to younger demographics more acclimated to digital payments.

Marina Bay Sands (MBS) and Resorts World Sentosa, Singapore’s two casinos, will need substantial technological enhancements to implement cashless systems.

Nevertheless, this alteration generates prospects for additional revenue by forging partnerships with digital payment providers.

Conversely, prohibiting cryptocurrencies may disappoint high-rollers or tech-savvy gamblers who favor digital currencies.

Crypto Gambling Is Legal In Some Countries

The utilization of cryptocurrency in casinos is permissible in numerous countries.

In the United States, the legality of online gambling, including crypto transactions, is subject to state regulation. However, many states permit it, provided that the casino operates offshore.

In the United Kingdom, crypto wagering is permissible, provided that casinos adhere to the regulations of the UK wagering Commission. Similarly, offshore crypto casinos in Canada are legally permitted to accept Canadian participants.

Crypto casinos are licensed in countries such as Curacao in the Caribbean, which provides a highly accommodating regulatory environment.