Singapore bans the use of cryptocurrencies in gambling to mitigate money laundering risks

ChainCatcher news, the Singapore Parliament has passed the amendment to the Casino Control Act, aimed at further enhancing the effectiveness of the country's casino regulatory system and its protection for vulnerable groups. The government will empower the Gambling Regulatory Authority (GRA) with more authority to oversee more forms of gambling activities within casinos, including betting and lotteries.
The amendment covers digital currencies, with cryptocurrencies not being permitted by the GRA to be used as casino chips, primarily due to the risk of money laundering.