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

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.