Singapore Tightens Casino Regulations, Including Crypto Ban

On September 12th, Singapore's Parliament passed amendments to the Casino Control Act, aiming to enhance the effectiveness of the country's casino regulatory framework and strengthen its protection of vulnerable groups. The amendments currently being implemented by Parliament extend to the realm of cryptocurrency.

Firstly, cryptocurrencies will not be permitted as gambling chips under the GRA. Officials cited money laundering risks as the primary reason behind this prohibition.

The amendments also impose stricter penalties for certain illegal activities. Previously, some offenses only resulted in fines, but now carry the possibility of imprisonment, aligning the Casino Control Act with the recently enacted Gambling Control Act.