Crypto casinos still banned in Singapore after legislation update
Singapore has confirmed it will not be lifting its ban on cryptocurrency casinos being able to operate in the country despite providing an update on its gambling laws. The Asian nation has long had a firm stance on crypto casinos, although in Marina Bay Sands Casino and Resorts World Sentosa Casino it is home to two of the top resorts in the world.
Singapore announced it will now be allowing both casinos to take virtual credits from cashless gaming accounts or e-wallets after changing its legislation. Minister of state for home affairs and social and family development Sun Xueling revealed the new rules as part of Singapore’s latest attempts to keep a firm grip on the gambling industry.
Although there had been some speculation that crypto casinos could be given the green light to operate in Singapore, this was not the case. Indeed, it seems likely that crypto casinos will remain banned in Singapore for the foreseeable future due to the government’s stance.
“The Gambling Regulatory Authority has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks,” said the minister.
Sun was speaking at the wrap-up of the Second Reading of the Casino Control (Amendment) Bill, which gives the Gambling Regulatory Authority more powers, although the government has assumed control over being able to approve the main shareholders of casino operators.
The minister explained this decision was made as the government chose to develop casino resorts for economic benefits like job creation and to boost Singapore’s tourism industry.
While some nations have welcomed crypto casinos, with African neighbours Ghana and Nigeria being among the latest to indicate a willingness to allow cryptocurrencies to be used for gambling, other countries are following in the footsteps of Singapore and clamping down.
Brazil announced the outlawing of cheque, cash and cryptocurrency payouts at casino sites earlier in the year, with certain betting bonuses also banned in the update to legislation.
Australia also banned cryptocurrencies for online betting, with digital wallets and credit-linked cards included in the restrictions, as it seeks to get a firmer grip over problem gambling.
Crypto casinos are on the rise all over the world, however. The global crypto gambling market has grown at a rapid rate, expanding to more than $70 billion in 2024. The sector is also being projected to reach the $150 billion landmark by 2030 as more people join crypto casinos.
