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

Key Events This Week Could Shake Bitcoin and Crypto Markets

08/06/2026

UK crypto rules risk creating ‘digital isolation,’ policy report warns

08/06/2026

MSX Launches X Card, a Visa-Backed Crypto Payment Card Bridging Digital Assets and Real-World Spending

08/06/2026
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

    Bitcoin price crashes as ETF outflows rise, Coinbase Premium Index slips

    08/06/2026

    $650M ETF outflows and macro FUD shake Bitcoin – Is BTC near capitulation?

    08/06/2026

    500 Bitcoin Linked to Irish Drug Dealer Moved After Decade of Dormancy

    08/06/2026

    Bitcoin Price Stabilizes Above $76K, Traders Await Next Major Move

    08/06/2026

    “Today Could Be the Day Ethereum Starts Outperforming Bitcoin”

    07/06/2026

    Ethereum Price Gets Crushed To $1,840 Amid Relentless Selling Pressure

    07/06/2026

    Digital Asset Company Bitmine Continues to Buy Ethereum Despite Market Sellouts! Here’s the Latest Purchase Amount

    07/06/2026

    ShapeShift-Linked Whale Accumulates 6,688 ETH Worth $12.8 Million in Eight Hours

    07/06/2026

    Here’s why Ondo price rallied 13% today

    08/06/2026

    Gulf Nations Question US Loyalty and Analysts Examine What That Means for XRP

    08/06/2026

    The Second-Largest XRP Holder is an Unknown Whale That Has Been Sitting Very Quietly

    08/06/2026

    Cardano adds Scorechain support, will ADA price react next?

    08/06/2026

    Yuga Labs recovers high-value NFTs in preemptive security operation after protocol flaw discovered

    08/06/2026

    NFT Market Cap Slides Near Record Lows as Ethereum Drop Erases Blue-Chip Gains

    07/06/2026

    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

    Key Events This Week Could Shake Bitcoin and Crypto Markets

    08/06/2026

    UK crypto rules risk creating ‘digital isolation,’ policy report warns

    08/06/2026

    MSX Launches X Card, a Visa-Backed Crypto Payment Card Bridging Digital Assets and Real-World Spending

    08/06/2026

    RWA Sector Grows Quietly as Holders Rise Across Plume and Solana

    08/06/2026
  • Blockchain

    RWA Sector Grows Quietly as Holders Rise Across Plume and Solana

    08/06/2026

    Alchemy Joins Kaia Governance Council to Bolster Blockchain Infrastructure

    08/06/2026

    DGrid AI, AIVM, and ChainGPT Unite to Bolster Independent AI Framework for Verifiable Web3

    08/06/2026

    What Is Aster Chain and How the Protocol Plans to Expand Beyond BNB Chain

    08/06/2026

    Hong Kong Monetary Authority Forms Task Force to Advance Bond Tokenization

    08/06/2026
  • DeFi

    Aave to Launch V4 Protocol on Circle’s Arc Blockchain, Signaling DeFi Infrastructure Shift

    07/06/2026

    Nvidia adds Suzanne Nora Johnson to board of directors

    07/06/2026

    $4M XRP Liquidity Rollover Marks Major Achievement for Flare

    06/06/2026

    Uniswap records largest UNI burn as Hayden Adams backs DeFi

    06/06/2026

    XRP Finance Achieves Seamless $4.88M Pool Rollover on Flare

    06/06/2026
  • 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

    Key Events This Week Could Shake Bitcoin and Crypto Markets

    08/06/2026

    IREN Nvidia deal signals $3.4B AI pivot

    08/06/2026

    Boom in tokenized gold trading: an alternative to crypto?

    08/06/2026

    Ripple Joins Elite Unicorn Ranks With OpenAI, SpaceX and Stripe in Prime Unicorn Index

    08/06/2026

    Bloomberg Analyst Mike McGlone Shares His Latest Take

    08/06/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    MSX Launches X Card, a Visa-Backed Crypto Payment Card Bridging Digital Assets and Real-World Spending

    08/06/2026

    Schwab’s Thinkorswim Launches 24/7 XRP Futures Trading

    08/06/2026

    Moomoo expands into prediction markets through Kalshi partnership

    08/06/2026

    Bybit becomes first major crypto exchange to list Western Union’s USDPT

    08/06/2026

    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

    Expert Flags Bitcoin’s First Hashrate Bear Market as Network Sheds 145 EH/s

    08/06/2026

    Hut 8 Prices $4.25B Notes to Build 352MW Texas AI Data Center

    07/06/2026

    Why Bitcoin miners are quietly becoming AI data centers

    07/06/2026

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

    05/06/2026

    UK crypto rules risk creating ‘digital isolation,’ policy report warns

    08/06/2026

    United Texas Bank Receives Federal Charter to Expand Crypto Services and Direct Fed Access

    08/06/2026

    Anonymous Plaintiff Sues to Claim 3.8 Million BTC

    08/06/2026

    Trump’s CFTC support unlikely to shift prediction market legal fight, TD Cowen says

    08/06/2026

    Key Events This Week Could Shake Bitcoin and Crypto Markets

    08/06/2026

    UK crypto rules risk creating ‘digital isolation,’ policy report warns

    08/06/2026

    MSX Launches X Card, a Visa-Backed Crypto Payment Card Bridging Digital Assets and Real-World Spending

    08/06/2026

    RWA Sector Grows Quietly as Holders Rise Across Plume and Solana

    08/06/2026
  • 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

UK crypto rules risk creating ‘digital isolation,’ policy report warns

08/06/2026

United Texas Bank Receives Federal Charter to Expand Crypto Services and Direct Fed Access

08/06/2026

Anonymous Plaintiff Sues to Claim 3.8 Million BTC

08/06/2026

Trump’s CFTC support unlikely to shift prediction market legal fight, TD Cowen says

08/06/2026
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

Key Events This Week Could Shake Bitcoin and Crypto Markets

08/06/2026

UK crypto rules risk creating ‘digital isolation,’ policy report warns

08/06/2026

MSX Launches X Card, a Visa-Backed Crypto Payment Card Bridging Digital Assets and Real-World Spending

08/06/2026
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.