Singapore Bans Use Of Crypto In Gambling To Curb Illicit Activity
Singaporean authorities have banned the use of cryptocurrency as casino chips due to money laundering risks. Amendments to the Casino Control Act enhance regulatory supervision, granting the Gambling Regulatory Authority (GRA) more power over various gambling activities and requiring ministerial approval for divestments by casino operators. The revisions include stricter penalties, with some infractions now punishable by imprisonment instead of fines. Safeguards for vulnerable populations are strengthened, allowing the National Council on Problem Gambling (NCPG) greater authority over exclusion orders and visit limits. Fines for minors using false identification to enter casinos have increased from $1,000 to $10,000. Despite these changes, problem gambling rates among Singapore residents remain low and stable at about 1%. The government continues to adjust casino tax rates to balance economic benefits with social harm mitigation.
