Singapore bans cryptocurrencies in casinos to curb illegal money laundering

BlockBeats news, on September 12, the Singapore Parliament recently passed an amendment to the Casino Management Act, aimed at further improving the effectiveness of the country's casino regulatory system and its protection for vulnerable groups.

The amendment being implemented by the Singapore Parliament covers cryptocurrencies. First, cryptocurrencies will not be licensed by the GRA for use as casino chips. Officials cited money laundering risks as the main reason for the ban.

The amendment also provides for harsher penalties for specific violations. Certain violations that were only subject to fines in the past are now subject to imprisonment, bringing the Casino Control Act into line with the recently passed Gambling Control Act.