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

Japanese Telecom-Backed Fintech Group KDDI Acquires Coincheck Group Stake for $65M

05/06/2026

Clarity Act Will Decide Whether US Leads Next-Gen Finance or Falls Behind

05/06/2026

Franklin Templeton says Wall Street fears blockchain because it threatens its profits

05/06/2026
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

    Does This Mean a Price Collapse? Two Analysis Companies Explain and Share Their Expectations for the Future!

    05/06/2026

    Bitcoin extends recovery as optimism grows around US-Iran deal

    05/06/2026

    Bitcoin Bulls Need $78,600 Breakout as EMA Cross Nears

    05/06/2026

    DDC Enterprise Expands Bitcoin Treasury With 200 BTC Purchase, Total Holdings Reach 2,583

    05/06/2026

    Ethereum’s Largest Wallets Now Control Over 22% of Supply Amid Fresh Accumulation Wave

    04/06/2026

    Ethereum’s ‘deeper problem’ – It’s not just macro risk weighing ETH down

    04/06/2026

    Ethereum Price Falls, But Whales Push Holdings To 10-Week High

    04/06/2026

    Ethereum OG Offloads $136 Million in ETH and wstETH as Sellers Test $2,000

    04/06/2026

    Will They Buy Back XRP? Has the Company Moved Away from XRP?

    05/06/2026

    A Giant Whale Has Started a Massive Short Position in This Altcoin

    05/06/2026

    Switzerland’s Amina becomes first regulated bank to custody Canton Coin

    05/06/2026

    Jito Foundation partners with Solana Company to further Institutional Solana staking in Asia

    05/06/2026

    Drip.Trade NFT Exchange on Hyperliquid to Shut Down June 15

    04/06/2026

    Binance to end NFT support on exchange, shift service to wallet

    03/06/2026

    Cripco Joins Minicoin, Fueling Speculation IPX Is Exiting NFT Business

    28/05/2026

    Tokenized Pokémon Card Sales Surge to Record $7.4 Million in First Week of May

    27/05/2026

    Japanese Telecom-Backed Fintech Group KDDI Acquires Coincheck Group Stake for $65M

    05/06/2026

    Clarity Act Will Decide Whether US Leads Next-Gen Finance or Falls Behind

    05/06/2026

    Franklin Templeton says Wall Street fears blockchain because it threatens its profits

    05/06/2026

    Does This Mean a Price Collapse? Two Analysis Companies Explain and Share Their Expectations for the Future!

    05/06/2026
  • Blockchain

    Franklin Templeton says Wall Street fears blockchain because it threatens its profits

    05/06/2026

    TronZap Launches Energy and Bandwidth Bundles

    05/06/2026

    Two Interoperability Approaches for Institutional Use

    05/06/2026

    Brickken Expands Into Taiko, Boosting RWA Network Scalability, Interoperability With Ethereum L2 Scaling Solution

    05/06/2026

    XRP Ledger Emerges as Bank-Grade Powerhouse as Major European Bank Brings Euro Stablecoin On-Chain

    05/06/2026
  • DeFi

    DeFi exploit losses plunged 74% in 2025 from 2022 peak, Immunefi report finds

    05/06/2026

    Deel Launches Stablecoin Wallet On Morpho, Enabling DeFi Lending And Borrowing For Global Users

    05/06/2026

    3 DeFi Tokens to Watch as One Jumps 50% and Two Bleed in June

    05/06/2026

    XPower Finance Collaborates With C4E To Power Scalable, Sustainable DeFi Yield Offerings With DePIN

    05/06/2026

    DeFi won’t win over big banks until it fixes its hacking problem, executives say

    04/06/2026
  • Metaverse

    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

    Planet Hares Partners With Magne.AI To Bridge Web3 Metaverse With Smartphone Mobile-Ready Applications For Mass Adoption

    08/04/2026

    Mark Zuckerberg’s Meta launches new AI initiative after metaverse retreat

    25/03/2026
  • Regulation

    Japanese Telecom-Backed Fintech Group KDDI Acquires Coincheck Group Stake for $65M

    05/06/2026

    FED Member Neel Kashkari Makes Remarks on Inflation and the Economy

    05/06/2026

    Rate-cut expectations fade as strong PPI data signals persistent inflation pressure

    05/06/2026

    $1,000 invested in Bitcoin when Trump won the election is now worth this much

    05/06/2026

    Ledger IPO plans shelved over market conditions

    05/06/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    DraftKings Moves Deeper Into Prediction Markets With DKeX CFTC Filings

    05/06/2026

    PayPal expands China payment access through WeChat Pay merchants

    05/06/2026

    Kraken Enters Funded Trading With New Prop Program After Breakout Acquisition

    05/06/2026

    Stablecoin payments stay behind checkout: BridgerPay

    05/06/2026

    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

    Pi Network Expands Gaming Ecosystem as CiDi Games Launches Developer Center

    03/06/2026

    GMATRIXS Taps GamePad to Boost Web3 Gaming and DeFi Infrastructure

    02/06/2026

    GamePad Joins Mouse to Simplify On-Chain Transactions for Millions of Gamers

    31/05/2026

    Could Grand Theft VI be the first ‘crypto native’ video game in history? The internet weighs in

    27/05/2026

    Solo Bitcoin Miners Keep Pocketing Full Block Rewards in 2026: Here’s How

    05/06/2026

    Bitcoin Has a Built-In Price Floor Driven by Energy Costs

    05/06/2026

    Bitdeer Breaks Ground on 100 MW Alberta Site With on-Site Gas Power

    04/06/2026

    Bitcoin Miners Hit $1.08B in May Revenue, Then Prices Pull the Floor Away

    04/06/2026

    Clarity Act Will Decide Whether US Leads Next-Gen Finance or Falls Behind

    05/06/2026

    Japan LDP Proposes Yen Stablecoin and Crypto ETF Framework

    05/06/2026

    Wise shares tumble as Belgian prosecutors investigate money laundering concerns

    05/06/2026

    CFTC taps financial regulation veteran Patrick Schorno as chief economist

    05/06/2026

    Japanese Telecom-Backed Fintech Group KDDI Acquires Coincheck Group Stake for $65M

    05/06/2026

    Clarity Act Will Decide Whether US Leads Next-Gen Finance or Falls Behind

    05/06/2026

    Franklin Templeton says Wall Street fears blockchain because it threatens its profits

    05/06/2026

    Does This Mean a Price Collapse? Two Analysis Companies Explain and Share Their Expectations for the Future!

    05/06/2026
  • 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

Clarity Act Will Decide Whether US Leads Next-Gen Finance or Falls Behind

05/06/2026

Japan LDP Proposes Yen Stablecoin and Crypto ETF Framework

05/06/2026

Wise shares tumble as Belgian prosecutors investigate money laundering concerns

05/06/2026

CFTC taps financial regulation veteran Patrick Schorno as chief economist

05/06/2026
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

Japanese Telecom-Backed Fintech Group KDDI Acquires Coincheck Group Stake for $65M

05/06/2026

Clarity Act Will Decide Whether US Leads Next-Gen Finance or Falls Behind

05/06/2026

Franklin Templeton says Wall Street fears blockchain because it threatens its profits

05/06/2026
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.