Singapore to allow non-cash casino bets, but no cryptocurrencies
Kyiv • UNN
Singapore will allow casinos to conduct non-cash bets but will prohibit the use of cryptocurrencies due to the risk of money laundering. The authority to approve major casino shareholders has been transferred to the Minister of the Interior.
Singapore will allow its two casinos to conduct non-cash betting under the amendments to the Casino Control Act, but will not allow the use of cryptocurrencies. This is reported by CNA with reference to the words of the Minister for Home Affairs and Social Development Sun Hsien Loong, UNN reports.
Details
According to Sun, cashless betting includes the ability to place bets at gaming tables or slot machines using virtual credits from non-cash gaming accounts or e-wallets. However, the Gambling Regulatory Authority does not plan to allow the use of cryptocurrencies as casino gambling chips due to the risk of money laundering.
This is the latest change in casino regulations in Singapore, which previously lowered the threshold for verification of cash deposits received by casinos to prevent their use by terrorist and criminal organizations.
Singapore has also transferred the authority to approve major shareholders of casino operators from the Gambling Regulatory Authority (GRA) to the Minister of Home Affairs K. Shanmugam, Sun added. Shanmugam will continue to align the operations of the integrated resorts Marina Bay Sands and Resorts World Sentosa with government objectives.
