According to Minister Sun Xueling, the Gambling Regulatory Authority will not permit the use of cryptocurrencies as casino chips because of the possibility of money laundering.
Following an amendment to the Casino Control Act, Singapore has authorized cashless gaming in both of its casinos. It will, however, forbid using cryptocurrencies for gaming.
The Gambling Regulatory Authority “has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks,” according to Sun Xueling, the minister of state for social and family development, in a speech on Tuesday.
She clarified that by utilizing virtual credits from cashless gaming accounts or e-wallets, players will now be able to make bets at gaming tables or machines directly.
The most recent modification to Singapore’s casino laws is this one. In order to stop terrorist and criminal organizations from abusing casino cash deposits, the city-state previously lowered the bar for monitoring such deposits.
Singapore Casinos Set to Go Cashless
The goal of the shift to cashless transactions is to bring the gaming experience up to date. It is anticipated to increase efficiency and streamline processes by lowering the need to handle actual cash and enhancing security. This change may therefore draw in younger audiences who are more used to making digital payments.
In order to implement cashless systems, Singapore’s two casinos, Marina Bay Sands (MBS) and Resorts World Sentosa, will need to make significant technological improvements. On the other hand, this modification opens up new revenue streams through joint ventures with digital payment providers.
However, prohibiting cryptocurrencies might let down high rollers or tech-savvy bettors who have a preference for virtual money.
Crypto Gambling Is Legal In Some Countries
The use of cryptocurrencies in casinos is legal in a number of nations.
States in the US have different laws regarding online gambling, and many of them permit cryptocurrency transactions as long as the casino is located outside of the country.
Cryptocurrency gambling is allowed in the UK, although casinos must abide by UK Gambling Commission regulations. In a similar vein, Canadians can lawfully play at offshore cryptocurrency casinos in Canada.
Curacao and other Caribbean nations actively license cryptocurrency casinos and provide a very accommodative regulatory environment.