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Ms. Sun Xueling, Minister of State for the Ministry of Home Affairs and Ministry of Social and Family Development, made clear Singapore’s position on the usage of cryptocurrencies in casino gambling on September 10 at a parliamentary session. Her remarks were made during the Second Reading of the Casino Control (Amendment) Bill’s conclusion. The bill was first introduced in July 2024. While enabling the Gambling Regulatory Authority (GRA) to prescribe such wagering instruments like chips, the bill primarily aims to tighten the laws governing casino gambling.
While the new amendments seek to “future-proof” the country’s casino regulatory regime, Ms. Sun made it clear that cryptocurrencies would not be included. The government has expressed concerns regarding potential money laundering risks associated with digital currencies. Despite promoting cashless gambling initiatives, the minister emphasized the importance of maintaining strict regulatory standards.
She reaffirmed this stance by stating, “GRA has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks.”
This exclusion of cryptocurrencies aligns Singapore with other nations that are cautious about allowing digital currencies in gambling operations due to security concerns.
Singapore’s decision to exclude cryptocurrencies from the casino framework reflects a broader recognition of the dangers posed by digital assets in money laundering schemes. By maintaining this firm stance, Singapore continues to prioritize regulatory integrity, ensuring that its casinos adhere to the highest standards of financial oversight. This approach also positions the country as a leader in responsible gambling practices while still pushing forward with cashless innovation.