🚫Singapore's new rules: To curb money laundering, cryptocurrencies are banned from gambling!
Singapore recently introduced new rules to ban the use of cryptocurrencies in gambling, in an effort to combat money laundering and other illegal activities. The decision was made after the Singapore Parliament passed an amendment to the Casino Management Act, which aims to strengthen the regulation of casinos and protect vulnerable groups.
The amendment also gives the Gambling Regulatory Authority (GRA) more power to regulate various gambling activities in casinos, including betting and lotteries. This way, no matter what new products the casino launches, the supervision can keep up.
At the same time, major shareholders in casino operators now need the approval of the Minister of Home Affairs if they want to divest or acquire. This is to ensure that the operation of the casino is aligned with the government's strategic goals and prevent bad criminal influences from entering the casino.
It is worth mentioning that the amendment clearly states that cryptocurrencies will not be licensed by the GRA for use as casino chips. This is because officials in the country are concerned that cryptocurrencies may be used for money laundering.
In addition, the amendment also increases the penalties for certain violations. Actions that may have only been fined before may now be sentenced to imprisonment.
Meanwhile, the government has also increased penalties for minors trying to enter casinos with fake proof of age, with fines increasing from $1,000 to $10,000.
In short, Singapore is trying to be socially responsible while promoting economic growth. The government recently increased casino tax rates to balance competitiveness and revenue needs.
💭 Finally, what do you think of Singapore's decision to ban the use of cryptocurrencies in gambling? Do you think this is an effective way to curb illegal activities? Share your views in the comments!
