Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

Tim Draper Admits ‘Ouch’ Moment After Passing on Coinbase — His Son Saw a Crypto Fortune in the Making

04/08/2026

Bittensor AI innovations put a 2.8 trillion-parameter model on 80 GPUs

04/08/2026

DAXA prepares South Korean crypto exchanges for October fraud refund law implementation

04/08/2026
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    After 107 Liquidations, Andrew Tate Is Back With Big Bitcoin Bet

    04/08/2026

    BTC Bulls Face $72K Breakout Test

    04/08/2026

    Bitcoin price slips toward $65K as Fed jitters test key support

    03/08/2026

    $42B Wiped as Volume Drops 25%

    03/08/2026

    Ethereum Miners Are Selling Less Than Ever — Could Institutional Demand Trigger the Next Major Rally?

    02/08/2026

    Ethereum gains 100+ institutional backers to boost enterprise adoption

    02/08/2026

    Where are the Ethereum founders 11 years after the genesis block?

    02/08/2026

    Ethereum price tumbles below $1,900, will $1,850 hold?

    02/08/2026

    Bittensor AI innovations put a 2.8 trillion-parameter model on 80 GPUs

    04/08/2026

    Fetch.ai Unveils Integration with Skyfire for AI-Driven Transactions

    04/08/2026

    A tiny cluster of Solana bots unlocked a 3x trading advantage by routing through one proprietary protocol

    04/08/2026

    Lite Strategy Funds $5.4M Buyback With Litecoin Sales And Covered Calls

    03/08/2026

    What Happens to Your Attendance NFTs?

    04/08/2026

    StonkBrokers NFT on Robinhood hits $12.6K in 2 weeks: Can momentum hold?

    04/08/2026

    Top NFT Sales of the Week, Ethereum Dominates with $52.2M Sale

    02/08/2026

    Are NFTs Dead in 2026? What Happened to the Market

    29/07/2026

    Tim Draper Admits ‘Ouch’ Moment After Passing on Coinbase — His Son Saw a Crypto Fortune in the Making

    04/08/2026

    Bittensor AI innovations put a 2.8 trillion-parameter model on 80 GPUs

    04/08/2026

    DAXA prepares South Korean crypto exchanges for October fraud refund law implementation

    04/08/2026

    Ads3 Partners with GXT Exchange to Drive AI-Powered Web3 Growth

    04/08/2026
  • Blockchain

    What is a zero-knowledge proof? Privacy and scaling explained

    03/08/2026

    Why 110 corporate blockchains are headed for a massive shakeout – and Coinbase’s secret plan to absorb them

    03/08/2026

    UBS and Euroclear Collaborate with Chainlink to Tackle $58B Issue

    03/08/2026

    Astarter Joins BitBall to Accelerate AI-Driven Sports Intelligence on BNB Chain

    03/08/2026

    Astarter and MelosBoom Accelerate AI and Web3 Innovation for Creators

    03/08/2026
  • DeFi

    ValueQube Taps X-Agent to Build AI-Readable DeFi Asset Infrastructure

    04/08/2026

    Orbs kicks off community vote to shape its DAO framework

    03/08/2026

    Why a DeFi platform ditched its consumer app to become the secret backend for tech giants

    03/08/2026

    NEAR Protocol Highlights Need for Onchain Euro Solutions in MiCA Era

    02/08/2026

    DeFi Kingdoms to Shut Down DFK Chain on Aug. 28, Prioritizing Asset Migration

    02/08/2026
  • Metaverse

    Is Solana Gaming Back? Kintara Activity Fuels Renewed Optimism in Onchain MMOs

    24/06/2026

    The Sandbox launches AI game engine ‘The Sandbox Studio’ for next-generation creators

    10/06/2026

    Meta commits $13M in funding for Oversight Board through 2028

    29/05/2026

    Why Animoca’s Yat Siu says the future is 100 billion AI agents

    07/05/2026

    ‘8,000 Jobs’—Polymarket Sees Tech Layoff Surge As Meta AI Push Bites

    18/04/2026
  • Regulation

    Tim Draper Admits ‘Ouch’ Moment After Passing on Coinbase — His Son Saw a Crypto Fortune in the Making

    04/08/2026

    Tether invests $20 million in Argentine neobank Ualá as it expands Latin America push

    04/08/2026

    5 Crypto Mistakes Costing Indians Lakhs Every Year

    04/08/2026

    Tokenized stocks market cap gains to record $2.3B

    04/08/2026

    South Korea rate hike puts fresh pressure on crypto risk appetite

    03/08/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Ads3 Partners with GXT Exchange to Drive AI-Powered Web3 Growth

    04/08/2026

    Why the BitMEX and BitMart closures won’t mirror the FTX collapse

    04/08/2026

    Kalshi Was Warned of Spotify Manipulation Before Settling $3.3M Market

    04/08/2026

    Bithumb Lists O Token on KRW Market, Expanding Altcoin Offerings for South Korean Traders

    03/08/2026

    ICO market slows sharply with only six completions in 2026

    30/04/2026

    South Korea Poised to Lift Ban on Domestic ICOs After 7 Years

    19/12/2025

    Why 2025’s Token Boom Looks Both Familiar and Dangerous

    31/10/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    YGG Play Shuts Down Services as Yield Guild Pivots to AI Data

    01/08/2026

    why gameplay now beats crypto rewards

    29/07/2026

    From NFT gaming to mining simulators

    29/07/2026

    Top 11 NFT games to play in July 2026

    16/07/2026

    Trump-linked American Bitcoin president Matt Prusak departs for Giga Energy

    04/08/2026

    Solo Bitcoin Miner Hits Jackpot, Scoring $200K BTC Reward

    04/08/2026

    Bitcoin miner gambles on a 4-day bridge loan equal to 97% of its BTC treasury value – the deadline passed without in total silence

    03/08/2026

    Bitcoin Miners Face August Showdown After Revenue Rebound

    03/08/2026

    DAXA prepares South Korean crypto exchanges for October fraud refund law implementation

    04/08/2026

    Telegram founder Pavel Durov internationally wanted, Russia’s FSB says

    04/08/2026

    The systemic-risk debate over perpetual futures is aimed at the wrong target

    04/08/2026

    How Andrew Tate’s legal troubles could push CLARITY Act down Trump’s priority list

    03/08/2026

    Tim Draper Admits ‘Ouch’ Moment After Passing on Coinbase — His Son Saw a Crypto Fortune in the Making

    04/08/2026

    Bittensor AI innovations put a 2.8 trillion-parameter model on 80 GPUs

    04/08/2026

    DAXA prepares South Korean crypto exchanges for October fraud refund law implementation

    04/08/2026

    Ads3 Partners with GXT Exchange to Drive AI-Powered Web3 Growth

    04/08/2026
  • MarketCap
NBTC News
Home»Legal»Singapore drops cryptocurrency use for gambling citing money laundering concerns
Legal

Singapore drops cryptocurrency use for gambling citing money laundering concerns

NBTCBy NBTC14/09/2024No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


Singaporean regulators have no plans to allow cryptocurrency use for gambling due to the risks of money laundering.

During a Sept. 10 parliamentary address, Ms Sun Xueling, Minister of State for the Ministry of Home Affairs and Ministry of Social and Family Development, clarified Singapore’s regulatory stance on using cryptocurrencies in casino gambling. The minister’s remarks were made during the wrap-up speech for the Second Reading of the Casino Control (Amendment) Bill.

Introduced on July 4, 2024, the bill aims to future-proof the framework governing casino gambling activities in Singapore, while giving the Gambling Regulatory Authority the power to prescribe any wagering instrument as chips for casino gambling.

However, the minister has stressed that cryptocurrencies will not be part of this expanded scope.

While the amendments to Singapore’s Casino Control Act were promoted as a step toward “future-proofing the regime” and establishing a framework for “cashless gambling,” the Minister of State firmly ruled out the use of cryptocurrencies citing money laundering concerns.

“GRA has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks.“

Ms Sun Xueling, Minister of State for the Ministry of Home Affairs

Singapore’s exclusion of cryptocurrencies from its casino operations aligns with a growing recognition of the risks they pose in the realm of money laundering.

You might also like: OKX hires ex-MAS official as Singapore branch CEO

According to a January 2024 report by the UN Office on Drugs and Crime, cryptocurrencies and casinos have increasingly become tools for laundering illicit funds, with criminal networks exploiting the anonymity and lack of regulation associated with digital currencies to obscure the origins of illicit funds, using online casinos as conduits.

“Organized crime groups have converged where they see vulnerabilities, and casinos and crypto have proven the point of least resistance.”

Jeremy Douglas, UNODC Regional Representative for Southeast Asia and the Pacific

A growing trend

Boycotting cryptocurrencies for gambling is part of a broader trend, as seen in Australia, where the government recently banned cryptocurrencies for online betting, including digital wallets and credit-linked cards, to help individuals maintain control over their gambling habits.

Similarly, Brazil has also banned the use of cryptocurrencies for gambling payments in April 2024, targeting digital assets like Bitcoin to enhance transparency and reduce the potential for money laundering.

Nevertheless, the global crypto gambling market tells a different story altogether. As previously reported by crypto.news, the crypto gambling market almost doubled to over $70 billion in the first half of 2024, with projections pointing toward a staggering $150 billion by 2030.

Read more: BitGo secures major payment license from Singapore’s MAS

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.

Related Posts

DAXA prepares South Korean crypto exchanges for October fraud refund law implementation

04/08/2026

Telegram founder Pavel Durov internationally wanted, Russia’s FSB says

04/08/2026

The systemic-risk debate over perpetual futures is aimed at the wrong target

04/08/2026

How Andrew Tate’s legal troubles could push CLARITY Act down Trump’s priority list

03/08/2026
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

Tim Draper Admits ‘Ouch’ Moment After Passing on Coinbase — His Son Saw a Crypto Fortune in the Making

04/08/2026

Bittensor AI innovations put a 2.8 trillion-parameter model on 80 GPUs

04/08/2026

DAXA prepares South Korean crypto exchanges for October fraud refund law implementation

04/08/2026
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Type above and press Enter to search. Press Esc to cancel.