CandleFocus Singapore drops cryptocurrency use for gambling citing money laundering concerns
2024-09-11
Author: Content Editor
Singaporean regulators have announced that they have no plans to allow the use of cryptocurrencies for gambling due to concerns over money laundering. The Minister of State for the Ministry of Home Affairs and Ministry of Social and Family Development clarified the country's regulatory stance during a parliamentary address. The recent amendments to Singapore's Casino Control Act aimed to future-proof the framework for casino gambling and establish a framework for cashless gambling, but cryptocurrencies will not be included in these changes. This decision aligns with a broader trend of countries, such as Australia and Brazil, banning the use of cryptocurrencies for gambling payments. However, despite these restrictions, the global crypto gambling market is growing rapidly, with predictions pointing towards a market worth $150 billion by 2030.
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