Singaporean regulators haven’t any plans to permit cryptocurrency use for playing because of the dangers of cash laundering.
Throughout a Sept. 10 parliamentary handle, Ms Solar Xueling, Minister of State for the Ministry of Dwelling Affairs and Ministry of Social and Household Improvement, clarified Singapore’s regulatory stance on utilizing cryptocurrencies in on line casino playing. The minister’s remarks had been made through the wrap-up speech for the Second Studying of the On line casino Management (Modification) Invoice.
Launched on July 4, 2024, the invoice goals to future-proof the framework governing on line casino playing actions in Singapore, whereas giving the Playing Regulatory Authority the facility to prescribe any wagering instrument as chips for on line casino playing.
Nevertheless, the minister has careworn that cryptocurrencies is not going to be a part of this expanded scope.
Whereas the amendments to Singapore’s On line casino Management Act had been promoted as a step towards “future-proofing the regime” and establishing a framework for “cashless gambling,” the Minister of State firmly dominated out using cryptocurrencies citing cash laundering considerations.
“GRA has no intention of permitting cryptocurrency for use as chips for on line casino playing as this presents cash laundering dangers.“
Ms Solar Xueling, Minister of State for the Ministry of Dwelling Affairs
Singapore’s exclusion of cryptocurrencies from its on line casino operations aligns with a rising recognition of the dangers they pose within the realm of cash laundering.
In accordance with a January 2024 report by the UN Workplace on Medication and Crime, cryptocurrencies and casinos have more and more develop into instruments for laundering illicit funds, with prison networks exploiting the anonymity and lack of regulation related to digital currencies to obscure the origins of illicit funds, utilizing on-line casinos as conduits.
“Organized crime groups have converged where they see vulnerabilities, and casinos and crypto have proven the point of least resistance.”
Jeremy Douglas, UNODC Regional Consultant for Southeast Asia and the Pacific
A rising pattern
Boycotting cryptocurrencies for playing is a part of a broader pattern, as seen in Australia, the place the federal government lately banned cryptocurrencies for on-line betting, together with digital wallets and credit-linked playing cards, to assist people keep management over their playing habits.
Equally, Brazil has additionally banned using cryptocurrencies for playing funds in April 2024, concentrating on digital property like Bitcoin to boost transparency and cut back the potential for cash laundering.
Nonetheless, the worldwide crypto playing market tells a special story altogether. As beforehand reported by crypto.information, the crypto playing market virtually doubled to over $70 billion within the first half of 2024, with projections pointing towards a staggering $150 billion by 2030.
