Singapore passed the Casino Control Amendment Act on September 10, opening two local casinos to "cashless betting." However, in order to avoid the risk of money laundering, the use of cryptocurrency as casino chips is prohibited.
According to a report by Singapore media Channel News Asia, Singapore's Minister of State for Home Affairs and Ministry of Social and Family Development Sun Xueling stated in Parliament on Tuesday that cashless betting methods will include withdrawing "virtual chips" directly from cashless gaming accounts and digital wallets, and then Place bets at a gaming table or machine.
Sun Xueling explained that this measure aims to promote the modernization of the casino industry, not only to introduce new game models, but also to reduce the risk of handling cash. Cashless betting helps to improve security, reduce operating costs, and provide casino customers with More convenience.
Sun Xueling further stated that the just-passed amendment bill does not allow the use of cryptocurrency for betting, and the Singapore Gambling Regulatory Authority (GRA) has "no intention to allow the use of cryptocurrency as chips for casino gambling because this will bring money laundering risks."
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