Thu Sep 12 00:30:11 UTC 2024: ## Singapore Cracks Down on Crypto Gambling, Prioritizes Casino Control and Social Safeguards

**SINGAPORE** – In a bid to strengthen its casino regulatory regime and mitigate potential risks, Singapore has passed amendments to the Casino Control Act. The move comes as authorities seek to balance the economic benefits of integrated resorts (IRs) with the need to minimize gambling-related harms, particularly among vulnerable individuals.

A key highlight of the amendments is the prohibition of cryptocurrency use for gambling within casinos. The Gambling Regulatory Authority (GRA) cited money laundering risks as the primary reason for this ban. While allowing cashless gaming, the government maintains a strict stance against crypto due to its inherent association with illicit activities.

The amendments also empower the GRA with greater authority to regulate various gambling activities within casinos, including betting and lotteries. This move aims to ensure the regulatory framework remains relevant and adaptable to evolving casino offerings.

To further protect vulnerable individuals, the National Council on Problem Gambling (NCPG) has been granted more leeway in implementing exclusion orders and visit limits for individuals at risk of gambling addiction. The penalties for minors attempting to enter casinos with false proof of age have also been significantly increased from S$1,000 to S$10,000.

The government claims that existing social safeguards have been effective in curbing problem gambling, maintaining a stable rate of about 1% among Singapore residents.

These latest amendments showcase Singapore’s ongoing commitment to strike a balance between economic gains from its IRs and the social responsibility of minimizing gambling-related harms.

The government is also exploring ways to optimize revenue generation from casinos, recently implementing a multi-tiered tax system with higher rates compared to previous years. This approach reflects a commitment to maintain competitiveness while ensuring adequate revenue collection.

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