Singapore to allow cashless bets in casinos, except crypto: CNA

Bloomberg

10 September 2024 at 8:06 pm·1-min read

By: Sing Yee Ong

(Bloomberg) — Singapore will allow its two casinos to conduct cashless gaming under changes made to the Casino Control Act, but will not permit the use of cryptocurrencies, CNA reported, citing Minister of State for Home Affairs and for Social and Family Development Sun Xueling.

The Gambling Regulatory Authority has no intention of allowing cryptocurrency to be used as chips for casino gambling as it presents money laundering risk, Sun was quoted as saying in parliament on Tuesday.

The tweak is the latest change to casino rules in the city-state, which earlier lowered the threshold for checks on cash deposits received by casinos to prevent exploitation by terrorist and criminal organisations.

Singapore has also transferred the power to approve the main shareholders of casino operators to Minister for Home Affairs K Shanmugam, from the GRA, Sun said. Shanmugam will continue to align the integrated resorts – Marina Bay Sands and Resorts World Sentosa – with the government’s objectives, she added.

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