Singapore Casinos Go Cashless, Say ‘No’ to Crypto Over Security Concerns

Singapore is stepping forward in modernizing its casino industry by approving cashless gaming transactions. Unfortunately, the amendment does not cover cryptocurrency transactions.

This decision, announced Tuesday in a closing speech by Sun Xueling, the Minister of State for Social and Family Development and Minister of State for Home Affairs, marked the second reading of the Casino Control (Amendment) Bill.

The shift to cashless transactions is part of Singapore’s broader strategy to enhance its casino operations. Following the new rules, players can now place wagers using virtual credits through cashless gaming accounts or e-wallets, thus, eliminating the need for physical cash altogether. It does not cover cryptocurrency payments as of yet.

E-wallets are convenient to use, and Singaporean authorities believe adopting these will help make the gambling experience quick and secure, particularly for its two main casinos: Marina Bay Sands (MBS) and Resorts World Sentosa.

Singapore Amends Casino Control Bill to Strengthen Oversight

Xueling noted the Casino Control Bill was amended to safeguard Singapore’s regulatory regime. It was also made to clarify “that the GRA’s (Gambling Regulatory Authority) approval is required for any gambling activities offered in casinos in Singapore, including betting and lotteries.” With this amendment, a casino operator is required to get GRA’s approval before offering any new gambling activity.

The GRA hasn’t yet received any requests from casino operators to offer betting products, noted Xueling. In case they do, the GRA will evaluate these carefully. The Minister noted that the government still remains vigilant about the potential risks involved.

She stressed that people can’t use cryptocurrencies for making payments because of safety concerns, like money laundering and fraud. She further revealed that the GRA isn’t considering allowing cryptocurrencies to be used as chips for the same reason.

Crypto gambling is legal in some countries like the U.S., however, the legality varies by state. In the UK and Canada, crypto gambling is legal with some restrictions in place.

Recently, a leading cryptocurrency exchange called OKX announced that it obtained a full license to operate in Singapore. Using this license, the exchange can help facilitate trading and cross-border crypto transactions.

With regards to its crypto stance, Singapore has made its name as an emerging leader in the global crypto space. The regulatory authorities in country include the Monetary Authority of Singapore, the Securities and Future Commission (SFC), the Singapore Police Force (SPF), and the Payments Services Act (PSA).

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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