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

Who Really Owns Nasdaq’s New XRP Stock? Fresh SEC Filing Names Key Ripple Insiders

25/10/2026

81 Billion Shiba Inu (SHIB) Traded in 24 Hours: There’s Hope

25/10/2026

CFTC Exempts Crypto and Prediction Markets Software Providers From Broker Classification

25/10/2026
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

    could losing $80,000 trigger a bigger crash?

    24/10/2026

    Bitcoin Price Clings to $81K as Sellers Circle Critical Support

    24/10/2026

    Bitcoin price prediction for October 31, according to historical returns

    24/10/2026

    Can Trump’s Oval Office Announcement Push BTC Above $82K?

    24/10/2026

    Ethereum’s four-minute settlement plan could lower the cost of moving crypto

    24/10/2026

    Can $61M in whale withdrawals help ETH bulls regain control?

    24/10/2026

    ETH Slips Below $2,400 as ETF Outflows and Market Sell-Off Pressure Bulls

    24/10/2026

    Ethereum Developers Cancel Oct. 26 Glamsterdam Upgrade on Hoodi

    24/10/2026

    81 Billion Shiba Inu (SHIB) Traded in 24 Hours: There’s Hope

    25/10/2026

    Fetch.ai Launches ASI:One, an Innovative App Store for AI

    24/10/2026

    Does CZ Want to Take Down This Altcoin? Rumors Are Swirling

    24/10/2026

    Former Ripple Adviser Says XRPL Is Ready for Banks, Price Gain Isn’t Guaranteed

    24/10/2026

    SquiggleDAO Acquires NFT Through Decentralized Community

    24/10/2026

    Collector Crypt Reports Record $24.3 Million Day

    22/10/2026

    Yuga Labs Launches Mudwater Trading-Card NFTs on Solana

    22/10/2026

    Is It Still the Best NFT Marketplace?

    21/10/2026

    Who Really Owns Nasdaq’s New XRP Stock? Fresh SEC Filing Names Key Ripple Insiders

    25/10/2026

    81 Billion Shiba Inu (SHIB) Traded in 24 Hours: There’s Hope

    25/10/2026

    CFTC Exempts Crypto and Prediction Markets Software Providers From Broker Classification

    25/10/2026

    XRP Inflows to Binance Reach 1,669,000,000 XRP

    25/10/2026
  • Blockchain

    JPMorgan’s JPM Coin Shows Zero Supply on Ethereum (ETH) After Oct. 19 Launch

    25/10/2026

    Base Announces 200ms Block Times Coming Soon

    24/10/2026

    Crypto Enthusiasts Eager for More News on ZK Rollups

    24/10/2026

    GravityChain Integrates Chainlink for Cross-Chain Transfers

    24/10/2026

    Stellar Sees USDT Volume Surge in Just 10 Weeks

    24/10/2026
  • DeFi

    What’s New in VelodromeFi’s AMM? A Look at Smart Fees

    24/10/2026

    xStocksFi Claims First to Surpass $100M in DeFi Deposits

    24/10/2026

    Pendle Expands One-Click Looping to Yield Assets and Tokenized Stocks

    24/10/2026

    Pendle Finance Lists Over 100 RWA Markets as DeFi Gains

    24/10/2026

    D3 Links HYPE Vault to Early Access for New Domain Names

    24/10/2026
  • Metaverse

    Exploring the Future of the Metaverse

    19/10/2026

    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
  • Regulation

    Who Really Owns Nasdaq’s New XRP Stock? Fresh SEC Filing Names Key Ripple Insiders

    25/10/2026

    Most tokenized stock trading on Solana, BNB Chain occurs outside US market hours

    24/10/2026

    Cipher’s $850M convert follows Barber Lake cost overruns and delays

    24/10/2026

    Wall Street Earnings, Sliding Chip Stocks Keep Bitcoin’s Price at Bay

    24/10/2026

    BNY, Citadel Securities test tokenized U.S. Treasuries to speed up Wall Street financing

    24/10/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    XRP Inflows to Binance Reach 1,669,000,000 XRP

    25/10/2026

    Crypto Trader Machi’s Wild Ride Ends With Full Liquidation

    24/10/2026

    Bitget lists Jio platforms pre-IPO futures with 20x leverage – Details

    24/10/2026

    bStocks tokenized equities top $1B in assets four months after launch

    24/10/2026

    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

    Top 12 NFT games every player should know about in August 2026

    19/08/2026

    GameShame Studios founder details Raijin Protocol’s roadmap in NeoPod’s sixth AMA

    13/08/2026

    How BC.GAME is turning players into stakeholders

    04/08/2026

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

    01/08/2026

    Tether’s MDK Gains Broad Industry Backing to Accelerate the Next Generation of Bitcoin Mining Automation

    24/10/2026

    Heatbit’s $899 Water Heater Element Mines Bitcoin While It Heats Your Tank

    23/10/2026

    TSMC Looks to Replace Chinese Rare-Earth Components in Equipment Used to Make AI Chips

    23/10/2026

    Bitcoin mining offshoot Nscale loses Microsoft AI deal as power delay stretches into 2030s

    19/10/2026

    CFTC Exempts Crypto and Prediction Markets Software Providers From Broker Classification

    25/10/2026

    FCA targets three London sites in renewed P2P cryptocurrency trading crackdown

    24/10/2026

    FCA opens crypto authorisation gateway, UK firms must apply by February 2027

    24/10/2026

    $12.7M in Polymarket Wagers Triggers Criminal Cases in South Korea

    24/10/2026

    Who Really Owns Nasdaq’s New XRP Stock? Fresh SEC Filing Names Key Ripple Insiders

    25/10/2026

    81 Billion Shiba Inu (SHIB) Traded in 24 Hours: There’s Hope

    25/10/2026

    CFTC Exempts Crypto and Prediction Markets Software Providers From Broker Classification

    25/10/2026

    XRP Inflows to Binance Reach 1,669,000,000 XRP

    25/10/2026
  • 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

CFTC Exempts Crypto and Prediction Markets Software Providers From Broker Classification

25/10/2026

FCA targets three London sites in renewed P2P cryptocurrency trading crackdown

24/10/2026

FCA opens crypto authorisation gateway, UK firms must apply by February 2027

24/10/2026

$12.7M in Polymarket Wagers Triggers Criminal Cases in South Korea

24/10/2026
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

Who Really Owns Nasdaq’s New XRP Stock? Fresh SEC Filing Names Key Ripple Insiders

25/10/2026

81 Billion Shiba Inu (SHIB) Traded in 24 Hours: There’s Hope

25/10/2026

CFTC Exempts Crypto and Prediction Markets Software Providers From Broker Classification

25/10/2026
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.