TechFlow news, according to Bitcoinist, Singapore's Parliament passed amendments to the Casino Control Act on September 10, further enhancing the effectiveness of the country's casino regulatory regime and strengthening protections for vulnerable groups. The revisions include a ban on the use of cryptocurrencies in casinos, primarily due to concerns over money laundering and other related criminal activities.
Under the revised bill, the Gambling Regulatory Authority (GRA) of Singapore will gain broader powers to regulate more forms of gambling activities within casinos, including betting and lotteries. While the new legislation allows Singapore’s two casinos to conduct cashless gambling operations, it explicitly prohibits the use of cryptocurrencies. Officials stated that this decision is mainly based on the money laundering risks posed by digital currencies.
