Singapore Approves Cashless Gaming in Casinos, Excludes Cryptocurrencies

Singapore’s two casinos will now be permitted to conduct cashless gaming under recent amendments to the Casino Control Act. This change, announced on Tuesday, aims to modernize the gaming experience while maintaining stringent regulatory oversight.

Minister of State for Home Affairs and for Social and Family Development, Sun Xueling, emphasized the government’s cautious approach. “We have no intention of allowing cryptocurrencies to be used for betting,” she stated. This decision stems from concerns over money laundering and the potential misuse of digital currencies.

The amendments also transfer the power to approve the main shareholders of casino operators from the Gambling Regulatory Authority (GRA) to the Minister for Home Affairs. “This shift ensures continued alignment between the integrated resorts and the Singapore government’s strategic objectives,” Sun explained.

Cashless gaming will enable players to use virtual credits from e-wallets at gaming tables and machines. However, the use of cryptocurrencies remains prohibited. “Cashless betting will allow players to use virtual credits, but not cryptocurrencies, from e-wallets,” Sun reiterated.

The GRA will now have the authority to approve gaming software independently of hardware components, such as software deployed on mobile devices within casino premises. “Operators must demonstrate how they would ensure that the gaming software cannot be used outside the casino, for instance, using geofencing technology,” Sun added, according to Channelnews Asia.

These changes are part of Singapore’s broader efforts to future-proof its gaming industry while safeguarding against potential risks.

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