Singapore has taken steps to prevent the use of cryptocurrency in gambling, citing concerns over money laundering and other crimes.
Changes to casino regulations, cryptocurrencies are affected
The Singaporean parliament passed amendments to the Casino Control Act to improve the regulation of casinos and better protect the public.
The new rules expand the powers of the Gambling Regulatory Authority, allowing it to oversee a wider range of gambling activities like betting and lotteries.
The government also introduced new measures to control who can own shares in casino companies.
Major acquisitions and divestments involving key shareholders will need approval from the Minister for Home Affairs, because their goal is to ensure casino ownership aligns with national strategies and keeps criminal elements out of the industry.
The GRA will have more authority to make decisions on who can hold significant shares in these businesses, a move designed to keep illicit influences under control.
One of the biggest changes is the total ban on the use of cryptocurrency as casino chips, primarily due to the risk of money laundering.
The updated laws also introduce harsher penalties for certain violations, including potential prison sentences, aligning the Casino Control Act with the enacted Gambling Control Act.
For our safety
Another key aspect of the legislative changes is the increased protection for vulnerable groups.
The National Council on Problem Gambling now will have more flexibility in enforcing exclusion orders and setting visit limits for people deemed at risk.
Singapore will allow its two casinos to conduct cashless gaming under changes made to the Casino Control Act, but will not permit the use of crypto, CNA reports https://t.co/aXiop0Tcx6
— Bloomberg (@business) September 10, 2024
Authorities are also cracking down harder on minors who attempt to enter casinos with fake IDs, raising the fine from $1,000 to $10,000 to show how seriously they take these offenses. And let me tell you, you don’t want to f*ck around with Singaporean authorities.
The government says its current safeguards, like exclusion orders and visit limits have been effective for the setted goals.
Gambling-related problem rates in Singapore remain low, around 1%, which officials say is proof that the measures in place are working.
No all-in
Singapore wants to find the a balance between boosting economic gains from its Integrated Resorts and limiting the social harms associated with gambling.
The city-state also revised its casino tax system, introducing higher, multi-tiered tax rates.
This new structure is meant to ensure the country remains competitive while still generating the much-needed revenue from the casino industry.
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