Singapore gives go ahead for cashless gambling – but not cryptocurrencies – at its casinos

Cashless betting will allow players at gaming tables and machines to use virtual credits, but not cryptocurrencies, from e-wallets

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Visitors try out slot machines at an expo in Singapore. The revision is the latest change to casino rules in the city state. Photo: AFP

Published: 10:29am, 11 Sep 2024Updated: 12:23pm, 11 Sep 2024

Cashless gambling will be soon be permitted at Singapore’s two casinos under amendments to the city state’s Casino Control Act, though the use of cryptocurrencies will remain prohibited.

The changes aim to future-proof the regulatory framework, allowing for new gaming methods, Minister of State for Home Affairs and for Social and Family Development Sun Xueling told parliament on Tuesday.

Cashless betting will include options such as placing wagers at gaming tables or machines by drawing virtual credits directly from cashless gaming accounts or e-wallets, Sun said.

But Sun emphasised that the Gambling Regulatory Authority has “no intention of allowing cryptocurrency to be used as chips for casino gambling, as this presents a money laundering risk”.

The revision is the latest change to casino rules in the city state, which earlier lowered the threshold for checks on cash deposits received by casinos to prevent exploitation by terrorist and criminal organisations.

Officials emphasised that Singapore authorities have “no intention” of allowing cryptocurrency to be used as chips for casino gambling. Photo: Shutterstock

Additionally, the authority to approve the main shareholders of casino operators has been transferred from the Gambling Regulatory Authority to Minister for Home Affairs K Shanmugam, Sun said.