Singapore has decided not to allow cryptocurrencies in its casino gambling sector, as announced by Ms. Sun Xueling, Minister of State for the Ministry of Home Affairs and Ministry of Social and Family Development, during a parliamentary session on September 10, 2024. This statement was part of the discussion on the Casino Control (Amendment) Bill, introduced to modernize and “future-proof” the country’s casino regulations.
Minister Sun Xueling clarified that while the Gambling Regulatory Authority (GRA) will have expanded powers to regulate casino wagering methods, cryptocurrencies will remain excluded from these new provisions due to concerns about their use in money laundering schemes.
The Casino Control (Amendment) Bill was introduced on July 4, 2024, with the Minister’s address taking place on September 10, 2024. The new regulations aim to enhance casino operations, but the exclusion of cryptocurrencies was reaffirmed at this time.
In Singapore, where this new regulation will affect all casinos operating within the country. The decision reflects the broader regulatory stance Singapore has taken regarding digital currencies, maintaining strict oversight to minimize financial crimes.
The exclusion of cryptocurrencies is primarily due to their perceived risk in facilitating money laundering. Reports from the UN Office on Drugs and Crime, released in early 2024, highlighted how criminal networks are increasingly using digital currencies and casinos to launder illicit funds. Singapore’s regulatory authorities have chosen to avoid these risks by not allowing cryptocurrency as a legal method for gambling in casinos.
Under the amended Casino Control Act, the GRA will oversee new gambling technologies, including cashless systems, but cryptocurrencies will be excluded from approved wagering instruments. The move aligns Singapore with global trends, such as recent cryptocurrency bans for gambling in Australia and Brazil, which aim to promote transparency and reduce financial crime risks.
Despite these regulatory moves, the global crypto gambling market continues to grow, reaching over $70 billion in the first half of 2024 and projected to hit $150 billion by 2030, reflecting the continued popularity of digital currency in online gambling.
