The Gambling Regulatory Authority of Singapore (GRA) has just passed the second reading of the Casino Control (Amendment) Bill. During the meeting, it was mentioned that it has no intention to allow cryptocurrencies to be used as chips in casino gambling because this will bring money laundering risks.
Singapore casinos can offer cashless gaming models, but not involving cryptocurrencies
Singapore is amending its Casino Control Ordinance, which now allows the country’s casinos to offer cashless gaming models. Cashless gaming means players can use virtual credits to place bets on machines and gaming tables from their e-wallet or gaming account. Sun Xueling, Singapore’s Minister of State for Home Affairs and Community and Family Development, said:
The GRA has no intention of allowing cryptocurrencies to be used as chips in casino gambling as this would create money laundering risks.
The GRA announced a total ban on the use of cryptocurrencies in land-based casinos in March last year, including sports betting, stating that they had no interest in "unstable" revenue streams, citing concerns about currency volatility and a lack of ability to control the use of cryptocurrencies. decisions based on concerns.
The Gray Area of Cryptocurrency Gambling
Crypto gambling involves using cryptocurrencies to place bets and casino games online. This method provides anonymity that appeals to gamblers who wish to keep their transactions private. Players typically deposit cryptocurrencies into accounts on gambling platforms and then use these funds to play various games. Once a bet is won, players can withdraw their earnings back to their personal crypto wallets. Blockchain technology ensures that transactions are transparent and tamper-proof. In addition, it has the advantages of anonymity, fast transactions and not being restricted by geographical location.
However, the price of cryptocurrency fluctuates greatly. For casinos, if it is not directly converted into legal currency by customers and then exchanged for chips, it may bring uncertainty to their profits. In addition, since supervision in most regions is still in a gray area, it can easily become a tool for money laundering.
On-chain prediction platform Polymarket continues to be controversial
Polymarket, a well-known on-chain prediction platform that can also bet with encrypted wallets and stablecoins, has benefited from the U.S. election and its transaction volume has continued to hit new highs. In August this year, it reached 470 million U.S. dollars. U.S. Democratic lawmakers are taking action on this , asking the U.S. Commodity Futures Trading Commission (CFTC) to ban election gambling.
Polymarket also caused a stir in Taiwan before. Because it provided prediction trading pairs about Taiwan’s presidential election, it triggered a law enforcement investigation by the Taiwanese prosecutors. However, according to Article 88-1 of the Law on the Election and Recall of the President and Vice President, anyone who gambles on the election results in a public place or a place accessible to the public will face imprisonment of not more than six months or a fine.
(Playing Polymarket and betting on Ke Wenzhe to win, the Hsinchu engineer lost money and was detained for 20 days and suspended for 2 years)
This article Singapore Casinos Allow Virtual Points Betting, But Strictly Forbid Cryptocurrencies Involved appeared first on Chain News ABMedia.
