Singapore has recently approved cashless gaming transactions in its two casinos after amending the Casino Control Act. However, the use of cryptocurrencies for gaming will not be permitted in the country. Sun Xueling, the Minister of State for Social and Family Development, stated that the Gambling Regulatory Authority has no intention of allowing cryptocurrency to be used as chips for casino gambling due to money laundering risks. The new regulation allows players to place wagers directly at gaming tables or machines using virtual credits from cashless gaming accounts or e-wallets, marking the latest change in Singapore’s casino regulations.
The move towards cashless transactions in Singapore aims to modernize the gambling experience, improve security, and reduce the need for physical cash handling. This shift is expected to streamline operations, increase efficiency, and potentially attract younger audiences who are more accustomed to digital payments. The two casinos in Singapore, Marina Bay Sands (MBS) and Resorts World Sentosa, will need to undergo significant technological upgrades to adopt cashless systems. However, this change also presents opportunities for new revenue through partnerships with digital payment providers, despite the disappointment it may bring to high-rollers or tech-savvy gamblers who prefer digital currencies.
While Singapore has banned the use of cryptocurrencies for gambling, several other countries permit such transactions. In the United States, the legality of crypto gambling varies by state, with many allowing online gambling, including crypto transactions, as long as the casino operates offshore. In the UK, crypto gambling is legal, and casinos must comply with the rules set by the UK Gambling Commission. Similarly, in Canada, offshore crypto casinos are legally allowed to serve Canadian players. In the Caribbean, countries like Curacao actively license crypto casinos, providing a regulatory environment that is highly accommodating to such transactions.
The decision to approve cashless gaming transactions in Singapore comes as part of the country’s efforts to lower the threshold for monitoring cash deposits at casinos to prevent misuse by terrorist and criminal groups. By implementing cashless systems, Singapore hopes to enhance security measures and prevent potential risks associated with physical cash handling. The adoption of cashless payments is seen as a step towards greater efficiency in the gambling industry and a way to attract a new generation of players who prefer digital transactions.
The technological upgrades required for the implementation of cashless systems in Singapore’s casinos will pave the way for a more modern and streamlined gambling experience. While the ban on cryptocurrencies for gaming may disappoint some high-rollers and tech-savvy gamblers, the move towards cashless transactions is expected to bring benefits in terms of security, efficiency, and appeal to younger audiences. By partnering with digital payment providers, Singapore’s casinos can tap into new revenue streams and stay competitive in an increasingly digital gaming landscape.Overall, the shift towards cashless transactions in Singapore’s casinos represents a significant step towards modernizing the gambling industry and enhancing security measures in the country.
