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

Ethereum whale activity crashes 86% – Can ETH reclaim $1,800?

21/06/2026

AI Stock Valuations Are a Bubble, Says India’s Chief Economic Advisor

21/06/2026

Eric Trump mocks Justin Sun’s lawsuit, and his $6M banana stunt

21/06/2026
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 aSOPR Stays Above 1 as Profit Taking Returns

    21/06/2026

    Bitcoin Retail Demand Turns Positive After Six-Week Recovery

    21/06/2026

    Bhutan Dumps More Bitcoin as Its $252M BTC Reserve Shrinks

    21/06/2026

    Expert Analyst Drops Bombshell on Bitcoin! “It’s Too Early to Say the Bull Market Has Arrived! Here’s Why…”

    21/06/2026

    Ethereum whale activity crashes 86% – Can ETH reclaim $1,800?

    21/06/2026

    Ethereum EIP-8304 Proposal Targets Trustless Log And Transaction Indexing

    21/06/2026

    Ethereum Glamsterdam Upgrade Moves Toward 200M Gas Limit Roadmap

    21/06/2026

    Ethereum Q1 2026: Insights From Etherealize Report

    21/06/2026

    Eric Trump mocks Justin Sun’s lawsuit, and his $6M banana stunt

    21/06/2026

    XRP Is Up 24,000% Despite Years of Ripple Selling — So Why Are People Still Calling It a Dump?

    21/06/2026

    Here’s why CHIP crypto soared over 85% today

    21/06/2026

    Singapore Emerges As The Core Of Ripple Ecosystem Growth

    21/06/2026

    Pudgy Penguins expands retail footprint with Target trading card rollout

    20/06/2026

    Collectible NFTs in focus during nations 250th anniversary

    12/06/2026

    NFTfi Shuts Down After $737M in Loans as NFT Market Contraction Makes Operations Unsustainable

    11/06/2026

    Dogecoin Notes Shibes Have Been ‘Quiet Lately’ And Then The Internet Showed Off What Everyone Has Been Silently Building

    09/06/2026

    Ethereum whale activity crashes 86% – Can ETH reclaim $1,800?

    21/06/2026

    AI Stock Valuations Are a Bubble, Says India’s Chief Economic Advisor

    21/06/2026

    Eric Trump mocks Justin Sun’s lawsuit, and his $6M banana stunt

    21/06/2026

    CLARITY Act Brings Certainty, Protection, and Integrity to Crypto Markets

    21/06/2026
  • Blockchain

    Moody’s rolls out credit ratings on Solana in tokenized asset push

    21/06/2026

    Thiel-backed Plasma debuts stablecoin neobank with Visa card and XPL rewards

    21/06/2026

    FIFA wanted Avalanche’s blockchain to help curb World Cup ticket scalping. Here’s how it’s going

    21/06/2026

    Private-market documents get on-chain verification as Inveniam and Docugami target AI’s data trust gap

    21/06/2026

    What is Blockchain? A Complete Guide to How It Works (2026)

    21/06/2026
  • DeFi

    Aave V4 targets Wall Street’s $12 trillion repo market

    21/06/2026

    Liquify DAO Joins AstroX to Explore New Opportunities

    21/06/2026

    DeFi’s next institutional wave may come from users who never see “behind the scenes” – CEO of Katana

    20/06/2026

    Ledn adds Tether Gold as loan collateral, expanding Bitcoin-backed lending model

    20/06/2026

    Curve Launches LlamaLend V2 — Is This a Game Changer for Lending?

    20/06/2026
  • Metaverse

    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

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

    08/04/2026
  • Regulation

    AI Stock Valuations Are a Bubble, Says India’s Chief Economic Advisor

    21/06/2026

    Andreessen Horowitz opens Seoul office as crypto VCs flock to South Korea

    21/06/2026

    Singapore Launches Gold-Clearing System With Major Banks by 2026

    21/06/2026

    Tokenized stock markets are closing the liquidity gap with crypto: report

    21/06/2026

    Tempo Integrates Maple’s syrupUSDC

    21/06/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Ready USDC card halts non-EEA service after issuer change, users report

    21/06/2026

    France Quietly Overtakes Spain as Two World Cup Prediction Markets Near $3B in Combined Volume

    21/06/2026

    Kalshi teams up with StarCompliance to track employee prediction market trades

    21/06/2026

    Bitgo Europe Gives Crypto Firms a MiCAR-Compliant Alternative Before July Deadline

    21/06/2026

    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

    Nexus Acquires Homegrown App Marketplace One Store, Expanding into Global Web3 Game Hub

    21/06/2026

    GMATRIXS and Plum Protocol Partner to Blend GameFi with Meme Assets, Driving Multi-Chain Web3 User Experience

    16/06/2026

    Crypto game studio Uncharted to shutdown along with Fishing Frenzy

    15/06/2026

    Pudgy Penguins Halts Web3 Mobile Game Pudgy Party to Focus on Pudgy World

    14/06/2026

    Ford capitalizes on AI boom with new energy storage division

    21/06/2026

    Bitdeer Sells All 218 BTC Mined This Week, Returns to Zero Bitcoin Balance

    20/06/2026

    rare event or miner strategy?

    20/06/2026

    Texas Power Grid Reform Could Boost Bitcoin Miners Turned Data Center Operators

    19/06/2026

    CLARITY Act Brings Certainty, Protection, and Integrity to Crypto Markets

    21/06/2026

    White House Targets July 4 Deadline for U.S. Crypto Market Structure Bill

    21/06/2026

    SEC’s big swing to clear tokenization path isn’t likely to get resilience of full rule

    21/06/2026

    Summer of crypto (regs): State of Crypto

    21/06/2026

    Ethereum whale activity crashes 86% – Can ETH reclaim $1,800?

    21/06/2026

    AI Stock Valuations Are a Bubble, Says India’s Chief Economic Advisor

    21/06/2026

    Eric Trump mocks Justin Sun’s lawsuit, and his $6M banana stunt

    21/06/2026

    CLARITY Act Brings Certainty, Protection, and Integrity to Crypto Markets

    21/06/2026
  • 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 Brings Certainty, Protection, and Integrity to Crypto Markets

21/06/2026

White House Targets July 4 Deadline for U.S. Crypto Market Structure Bill

21/06/2026

SEC’s big swing to clear tokenization path isn’t likely to get resilience of full rule

21/06/2026

Summer of crypto (regs): State of Crypto

21/06/2026
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

Ethereum whale activity crashes 86% – Can ETH reclaim $1,800?

21/06/2026

AI Stock Valuations Are a Bubble, Says India’s Chief Economic Advisor

21/06/2026

Eric Trump mocks Justin Sun’s lawsuit, and his $6M banana stunt

21/06/2026
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.