Singapore Bans Use Of Crypto In Gambling To Curb Illicit Activity

bitcoinistPublicado a 2024-09-12Actualizado a 2024-09-12

Resumen

The dangers of money laundering and other associated crimes have Singaporean authorities stopping the use of crypto for gambling. Related...

The dangers of money laundering and other associated crimes have Singaporean authorities stopping the use of crypto for gambling.

Related Reading: US Congress Tackles DeFi—What’s The White House’s Position?

Singapore’s parliament has passed amendments to the Casino Control Act, designed to further enhance the effectiveness of the country’s casino regulatory regime and its safeguards for the more vulnerable sections of its population.

In tabling the changes, outlined in detail in a speech made by a government minister, Singapore continues its “fine balance” between reaping economic benefits from Integrated Resorts (IRs) and minimizing gambling-related harms.

Strengthening Regulatory Supervision

The amendments make some key changes to Singapore’s regulatory framework for casinos. More powers will be given to the GRA to regulate more forms of gambling activities within casinos, including betting and lotteries. This will prevent the regulatory regime from becoming obsolete in the light of potential new offerings by casino operators.

Divestments and acquisitions with respect to primary shareholders of casino operators will be sanctioned by the Minister for Home Affairs. The move is supposed to align IRs with the strategic objectives of the government. The Gambling Regulatory Authority, for its part, will take decisions concerning controllers and substantial shareholders with the aim of thwarting undesirable criminal influence in casinos.

The amendments being implemented by the Singaporean parliament cover digital currency. For one, cryptocurrency will not be licensed by GRA for use as casino chips. Officials cited money laundering risks as the primary reason for this ban. 

As of today, the market cap of cryptocurrencies stood at $1.9 trillion. Chart: TradingView.com

The amendments also provide for stiffer penalties for specified infringements. Certain infractions which attracted only monetary fines are now subject to imprisonment, bringing this Casino Control Act in line with the recently passed Gambling Control Act.

Protecting Vulnerable Groups

One of the major focuses of the revisions is to further strengthen the safeguards for vulnerable persons. The NCPG shall have greater leeway in dealing with exclusion orders and visit limits.

It has also enhanced the punishment for minors who try to enter casinos using false proof of age. Fines for the offense have been increased from $1,000 to $10,000, reflecting how seriously these infractions are taken by the authorities.

However the government claims that existing social safeguards such as orders for exclusion and limits on visits despite increased measures have proven their worth. The probable pathological and so-called “problem gambling” rates among Singapore residents remain low and stable at about 1%.

Related Reading: Deepfake Tim Cook Stirs Chaos At Apple Event, Promotes Crypto Fraud

Balancing Economic Growth And Social Responsibility

The Singapore crypto and casino regulation system is always under development because the city-state is trying to find the best balance in maximizing economic returns from its IRs, while simultaneously trying to minimize their associated social harms.

Recently, the government updated the casino tax rates to include a multi-tiered system, one which features higher rates than previously existed. This balances competitiveness with the need for revenue generation.

Featured image from CNN, chart from TradingView

Christian Encila

Christian Encila

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Related Posts

crypto

Crypto Hack: Indonesia’s Indodax Goes Offline After Suspected $22M Breach

6 hours ago
Solana

Solana Shatters Blockchain Record With Most Active Users—How Did It Happen?

12 hours ago
DeFi

US Congress Tackles DeFi—What’s The White House’s Position?

17 hours ago
Alameda Research

Ex-Alameda Research CEO Caroline Ellison’s Sentencing Hearing Scheduled For Sept. 24

23 hours ago
Crypto

55% Of Crypto Investors Remain Bullish About Bitcoin And Ethereum – Report

1 day ago
Deepfake

Deepfake Tim Cook Stirs Chaos At Apple Event, Promotes Crypto Fraud

1 day ago

Lecturas Relacionadas

Who Will Define the Rules of the AI Era? Anthropic Discusses the 2028 US-China AI Landscape

This article, based on Anthropic's analysis, outlines the intensifying systemic competition between the U.S./allies and China for AI leadership by 2028. It argues that access to advanced computing power ("compute") is the critical bottleneck, where the U.S. currently holds a significant advantage through chip export controls and allied innovation. However, China's AI labs remain competitive by exploiting policy loopholes—via chip smuggling, overseas data center access, and "model distillation" attacks to copy U.S. model capabilities—keeping them close to the frontier. The piece presents two contrasting scenarios for 2028. In the first, decisive U.S. action to tighten compute controls and curb distillation locks in a 12-24 month AI capability lead, cementing democratic influence over global AI norms, security, and economic infrastructure. In the second, policy inaction allows China to achieve near-parity through continued access to U.S. technology, enabling Beijing to promote its AI stack globally and integrate advanced AI into its military and governance systems, altering the strategic balance. Anthropic contends that maintaining a decisive U.S. lead is essential for shaping safe AI development and governance. The core recommendation is for U.S. policymakers to urgently close compute and model access loopholes while promoting global adoption of the U.S. AI technology stack to secure a lasting strategic advantage.

marsbitHace 27 min(s)

Who Will Define the Rules of the AI Era? Anthropic Discusses the 2028 US-China AI Landscape

marsbitHace 27 min(s)

“Why Didn’t You Buy 2x Long SK Hynix?”

The article discusses the immense popularity of the "2x Long SK Hynix ETF" (07709.HK) in Hong Kong, which became the world's largest single-stock leveraged ETF by May 2026. Launched in October 2025, the ETF's net value soared over 1000% in seven months, significantly outperforming the 324% gain of SK Hynix's underlying stock, driven by the AI boom and a critical shift in industry demand from computing power to memory. It highlights the mechanics and risks of daily-rebalanced leveraged ETFs. In a smooth bullish market, they generate amplified returns, but during volatile periods—exemplified by market swings during geopolitical tensions in the Strait of Hormuz in March-April 2026—they suffer severe "volatility decay," where choppy price action can cause losses far exceeding twice the drop of the underlying asset. The piece frames SK Hynix, as NVIDIA's primary HBM supplier, within the classic cycle of the memory chip industry—a commoditized sector prone to boom-and-bust cycles of shortage, price hikes, overcapacity, and crashes. While current AI-driven demand and high margins (Q1 2026毛利率~79%) create a "super cycle," the article questions its sustainability. It warns that extreme profits will inevitably tempt competitors like Samsung and Micron to ramp up HBM production, potentially eroding scarcity. Furthermore, the entire narrative remains tethered to the massive AI capital expenditure of tech giants. In conclusion, the ETF's trajectory symbolizes the accelerated, all-in nature of the current AI revolution, where timeframes are compressed and market moves are extreme. However, it also underscores that while industry trends define ultimate returns, macro-geopolitical risks dictate the volatile and uncertain path to get there.

marsbitHace 29 min(s)

“Why Didn’t You Buy 2x Long SK Hynix?”

marsbitHace 29 min(s)

Cardano (ADA) Could Launch New Bull Phase With Investor Confidence On The Rise

Cardano (ADA) has broken above $0.25, showing signs of a potential new bullish phase. Analyst Ali Martinez highlights a buy signal from the SuperTrend Indicator on the daily chart, suggesting the end of a corrective period. He predicts a surge toward $0.33, with a secondary target of $0.42, provided ADA holds the $0.25 support level. On-chain data reveals key stakeholders, or "sharks and whales," have been accumulating ADA since December 2023, with addresses holding over 1 million ADA now controlling 67.47% of the supply. This accumulation during a period of discounted prices is seen as a boost for investor confidence and could support a sustained upward price movement.

bitcoinistHace 33 min(s)

Cardano (ADA) Could Launch New Bull Phase With Investor Confidence On The Rise

bitcoinistHace 33 min(s)

a16z Crypto: A Guide to the CLARITY Act for Crypto Entrepreneurs

The CLARITY Act, a landmark bipartisan crypto market structure legislation, has advanced through the Senate Banking Committee, bringing unprecedented regulatory clarity for blockchain networks and digital assets closer to law. For over a decade, the lack of clear U.S. rules has stifled innovation, pushed development overseas, and exposed consumers to risk. The CLARITY Act aims to end this by establishing a tailored framework that distinguishes decentralized networks from traditional corporate structures. It provides a path for launching networks safely, clarifies jurisdictional roles between the SEC and CFTC, and enhances consumer protections. This legislative progress builds upon earlier bills like FIT21 and the House's CLARITY Act, which gained strong bipartisan support. The author argues that existing corporate law is ill-suited for decentralized networks, which operate on shared rules rather than centralized control. By aligning U.S. law with the nature of blockchain technology, CLARITY would enable builders to innovate transparently within the U.S., similar to the wave of innovation unleashed by the stablecoin-focused GENIUS Act. The next steps involve merging committee drafts for a full Senate vote, followed by House approval and a presidential signature.

marsbitHace 36 min(s)

a16z Crypto: A Guide to the CLARITY Act for Crypto Entrepreneurs

marsbitHace 36 min(s)

a16z Crypto: A Guide to the CLARITY Act for Crypto Entrepreneurs

The CLARITY Act, a bipartisan crypto market structure bill, has advanced through the Senate Banking Committee, marking a potential historic shift in U.S. digital asset regulation. For years, a lack of clear rules has stifled innovation, pushed development overseas, and exposed consumers to risk. This bill aims to establish a comprehensive framework, providing long-needed regulatory clarity for blockchain networks and digital assets. It builds upon previous legislative efforts like FIT21 and the House version of CLARITY, which gained strong bipartisan support. CLARITY is crucial because it recognizes that blockchain networks are fundamentally different from traditional companies. Networks operate through decentralized, shared rules rather than centralized control. Applying corporate legal frameworks to networks forces them into a centralized model, concentrating power and value. In contrast, decentralized blockchain networks can function as user-owned public infrastructure, distributing value more equitably among participants. The bill seeks to enable the safe launch of networks in the U.S., clarify regulatory jurisdiction between the SEC and CFTC, oversee crypto exchanges, and enhance consumer protections. Its passage would align U.S. law with the nature of decentralized technology, allowing builders to operate transparently and fund projects domestically without structural compromises due to regulatory uncertainty. Similar to the positive impact seen after the stablecoin-focused GENIUS Act, CLARITY could unlock a new wave of innovation, helping the U.S. reclaim leadership in the crypto space while combating fraud and abuse.

链捕手Hace 46 min(s)

a16z Crypto: A Guide to the CLARITY Act for Crypto Entrepreneurs

链捕手Hace 46 min(s)

Trading

Spot
Futuros
活动图片