Singapore is taking a hard stance against using cryptocurrencies for gambling. The government is worried about money laundering and other illegal activities, so they’ve updated their gambling laws to ban crypto from casinos.
Tougher Rules for Casinos
The new rules give more power to the Gambling Regulatory Authority (GRA) to control gambling activities within casinos. This includes things like betting and lotteries. The GRA will also be able to block people from owning large shares in casinos if they think they might be involved in criminal activity.
No Crypto Chips
One of the biggest changes is that cryptocurrencies will not be allowed as casino chips. The government says this is because crypto makes it too easy for people to launder money.
Protecting Vulnerable People
The new laws also focus on protecting people who might be at risk of gambling problems. The National Council on Problem Gambling (NCPG) will have more power to stop people from entering casinos and to set limits on how often they can visit. The penalties for minors trying to enter casinos with fake IDs have also been increased.
Finding the Right Balance
Singapore wants to make sure its casinos are profitable, but they also want to prevent gambling problems. The government is constantly adjusting the rules to find the right balance between these two goals. For example, they recently raised the taxes on casinos to make them more profitable, but they also made sure the new rules were fair.
