As a seasoned investor based in Singapore who has witnessed the evolution of cryptocurrencies and their integration into various sectors, I find the government’s stance on cryptocurrency use for gambling to be a prudent move. Having seen the rise of crypto-related money laundering activities globally, it is reassuring to see that our regulators are taking decisive action to protect our citizens and financial system.
Singaporean authorities are not currently considering permitting the use of cryptocurrencies in gambling activities, as they perceive the potential for money laundering as too high.
In her parliamentary address on September 10th, Minister Sun Xueling, who holds positions in both the Ministry of Home Affairs and the Ministry of Social and Family Development, explained Singapore’s position regarding the use of cryptocurrencies in casino games. These remarks were made during the concluding speech for the second reading of the Casino Control (Amendment) Bill.
Presented on July 4, 2024, this bill is designed to ensure long-term resilience of the regulations overseeing casino gaming in Singapore. It empowers the Gambling Regulatory Authority with the ability to define any gambling tool used in casinos as casino chips.
However, the minister has stressed that cryptocurrencies will not be part of this expanded scope.
The proposed changes to Singapore’s Casino Control Act aim at securing the system for future use, including the setup of cashless gaming, but the Minister of State has clarified that cryptocurrencies will not be included due to worries about money laundering activities.
The Gaming Regulators Association does not plan on approving the use of cryptocurrencies in casino games due to concerns about potential money laundering issues.
Ms Sun Xueling, Minister of State for the Ministry of Home Affairs
As a crypto investor, I find it reassuring that Singapore is taking a proactive stance against potential money laundering activities associated with cryptocurrencies by excluding them from their casino operations. This move signifies an increasing awareness and understanding of the risks these digital assets may carry in the financial realm.
The United Nations Office on Drugs and Crime reported in January 2024 that illegal funds are being increasingly hidden through the use of cryptocurrencies and online casinos. Criminal groups are taking advantage of the anonymity and minimal regulation surrounding digital currencies to mask the source of their ill-gotten gains, while using internet casinos as a means for this laundering activity.
Criminal organizations tend to focus their activities on areas they perceive as weak spots, and it turns out that casinos and cryptocurrencies offer them the easiest targets for exploitation.
Jeremy Douglas, UNODC Regional Representative for Southeast Asia and the Pacific
A growing trend
Refraining from using cryptocurrencies for gambling is aligning with a larger movement, like the one happening in Australia, as the government has prohibited the use of cryptocurrencies in online gambling, encompassing digital wallets and credit-linked cards. This action aims to empower individuals by giving them more control over their gambling activities.
In a similar vein, Brazil prohibited the utilization of cryptocurrencies for gambling transactions back in April 2024. The aim was to boost transparency and minimize the risk of money laundering by targeting digital assets such as Bitcoin.
On the contrary, the worldwide cryptocurrency gambling sector paints an entirely distinct picture. As reported earlier by crypto.news, the cryptocurrency gambling market nearly doubled to over $70 billion in the first half of 2024 and is projected to reach a breathtaking $150 billion by 2030.
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2024-09-11 10:44