Singapore: Crypto use in the casino is restricted

With around 6 million inhabitants, Singapore is the most populous dwarf state in the world. The country is considered the most important financial centre in Asia and has an ‘AAA’ credit rating. Singapore is now restricting the use of cryptocurrencies in casinos in order to promote responsible gambling practices. The city state in Southeast Asia is considered progressive and modern.

At the end of June this year, we at GambleJoe discovered that it is not possible to deposit or withdraw cryptocurrencies in German online casinos. The State Treaty on Gambling (GlüStV) prohibits the use of such pseudonymous payment methods. The situation was different for a long time in far-flung Singapore. Here, cryptocurrencies such as Bitcoin or Ethereum were accepted as a means of payment in the casino. However, their use is now being restricted. The Singapore parliament has passed a corresponding amendment to the Casino Control Act.

Singapore: cryptocurrencies banned as a means of payment in casinos

In order to combat money laundering and other criminal activities more effectively, the use of cryptocurrencies as a means of payment in casinos will be prohibited in Singapore in future. Accordingly, the Gambling Regulatory Authority (GRA) will not issue any corresponding licences. In the past, cryptocurrencies have often been used as a means of payment in gaming facilities in order to conceal criminal offences such as money laundering. Just a few months ago, we reported that a collapse following a jackpot win at a casino in Singapore went viral.

Players at risk of gambling addiction should be optimally protected

The top priority in future will be to protect vulnerable groups from the dangers of gambling. For this reason, the National Gambling Prevention Authority (NCPG) in particular is to be given additional powers in order to reduce the number of problem gamblers again. Back in April last year, we at GambleJoe asked ourselves whether more problem gambling could result from licensed online casinos.

In order to increase the “motivation” of the public and casino operators to comply with the new regulations, the penalties have also been increased. In future, breaking the rules can no longer only be punished with a fine, but also with a prison sentence.

Conclusion

The government in Singapore felt it necessary to amend the laws in order to better protect the population from the dangers of gambling and to prevent illegal activities in the context of the gambling sector. For this reason, crypto use in casinos has now been restricted or banned, among other things.

This measure shows that even in a progressive country like Singapore, technological progress has its limits when it comes to the creativity of criminals. With the new regulations, Singapore aims to strike a balance between the economic benefits of the gaming sector and social responsibility. Whether this will actually succeed in the end remains to be seen.

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