After amending the Casino Control Act, Singapore has approved cashless gaming transactions in its two casinos. However, it will not permit the use of cryptocurrencies for gaming.

New Era in Casino Transactions

Sun Xueling, Minister of State for Social and Family Development, said in a speech Tuesday that the Gambling Regulatory Authority 'has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks.'

She explained that cashless betting would allow players to place wagers directly at gaming tables or machines using virtual credits from cashless gaming accounts or e-wallets.

This change is the latest in Singapore's casino regulations. Earlier, the city-state lowered the threshold for monitoring cash deposits at casinos to prevent misuse by terrorist and criminal groups.

Singapore Casinos Set to Go Cashless

The move to cashless transactions aims to modernize the gambling experience. It is expected to improve security, reduce the need to handle physical cash, streamline operations, and increase efficiency.

As a result, this shift may attract younger audiences who are more accustomed to digital payments.

Singapore's two casinos—Marina Bay Sands (MBS) and Resorts World Sentosa—will require significant technological upgrades to adopt cashless systems. This change, however, creates opportunities for new revenue through partnerships with digital payment providers.

On the other hand, banning cryptocurrencies could disappoint high-rollers or tech-savvy gamblers who prefer digital currencies.

Global Perspectives

In the US, the legality varies by state, with many allowing online gambling, including crypto transactions, provided the casino operates offshore. In the UK, crypto gambling is legal, with casinos required to follow UK Gambling Commission rules.

Similarly, offshore crypto casinos legally serve Canadian players in Canada. Countries like Curacao actively license crypto casinos in the Caribbean, offering a highly accommodating regulatory environment.