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

Crypto exchange OKX cuts institutional staff amid global restructuring

13/01/2026

UAE Digital Bank Zand Integrates XDC Network to Expand Blockchain Payments and Custody

13/01/2026

Japan’s SBI and Startale plan regulated yen stablecoin in 2026 under new framework

13/01/2026
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

    Price Breaks All-Time High Record Again – Here’s What We Know

    04/08/2025

    Bitcoin Switzerland? El Salvador to Host First Fully Native Bitcoin Capital Markets

    04/08/2025

    Bitcoin Breaks $119K, but XLM and HBAR Aren’t Impressed by Its Meager Percentage Gain

    04/08/2025

    High-Stakes Consolidation Could Define Q3 Trend

    04/08/2025

    Ethereum price confirms bearish failed auction, breakdown risk grows

    12/01/2026

    Justin Bons Warns ZK-EVM Could Permanently Damage Ethereum

    12/01/2026

    Tom Lee’s Company Bitmine Included Thousands of Ethereum in the Staking Process! Here Are the Details

    12/01/2026

    Ethereum Price Drops 4% After Strong Rally: Here are Possible Scenarios

    12/01/2026

    The Sui Ecosystem’s Top 3 Altcoin Performers

    29/07/2025

    Floki Launches $69000 Guerrilla Marketing Challenge With FlokiUltras3

    28/07/2025

    Crypto Beast denies role in Altcoin (ALT) crash rug pull, blames snipers

    28/07/2025

    $1.6 Billion XRP Surge: Here’s What’s Unfolding

    28/07/2025

    NFT Market Witnesses Record-Breaking Sales, CryptoPunks Secure Leading Spots

    12/01/2026

    NFT sales nosedive 27% to $62.5M, Bitcoin sales dump 65%

    10/01/2026

    Clone-X NFTs Soar 200% as Nike Sells RTFKT

    08/01/2026

    Nike Quietly Sells RTFKT After Shutting Down Web3 Operations

    07/01/2026

    Crypto exchange OKX cuts institutional staff amid global restructuring

    13/01/2026

    UAE Digital Bank Zand Integrates XDC Network to Expand Blockchain Payments and Custody

    13/01/2026

    Japan’s SBI and Startale plan regulated yen stablecoin in 2026 under new framework

    13/01/2026

    ‘Remains to be seen‘ whether US will seize Venezuela‘s reported Bitcoin

    13/01/2026
  • Blockchain

    UAE Digital Bank Zand Integrates XDC Network to Expand Blockchain Payments and Custody

    13/01/2026

    Polymarket lifts Polygon to $1.7M in January fees

    13/01/2026

    Most Influential: Sergey Nazarov

    13/01/2026

    Linea becomes latest casualty as Arkham cuts L2s based on ‘importance to crypto’

    12/01/2026

    Cellula and ENI Collaborate to Introduce Proof-of-Work Mining to Web3 Gaming

    12/01/2026
  • DeFi

    World Liberty Financial rolls out lending platform for its USD1 stablecoin

    13/01/2026

    Sileon Expands Crypto Lending Offerings with ArtGis Finance Partnership

    13/01/2026

    EURC Borrowing on Aave Climbs to €42.4 Million New ATH, Indicating Growing Usage in DeFi

    13/01/2026

    Aave and Morpho lead lending recovery in January after October crash

    12/01/2026

    Trump-backed World Liberty debuts WLFI Markets, a new lending and borrowing platform

    12/01/2026
  • Metaverse

    Meta to cut 10% of metaverse arm this week amid AI push: Report

    13/01/2026

    Yuga Labs Acquires Otherside Creator Platform From Improbable

    27/12/2025

    Meta CEO Mark Zuckerberg Made a Decision That Will Deeply Affect Metaverse Projects! Here Are the Details

    05/12/2025

    Meta Plans 30% Cut to Metaverse Budget as Reality Becomes Less Virtual: Bloomberg

    04/12/2025

    Cambridge Institute Joins InfblueNFT to Transform Digital Communication

    21/11/2025
  • Regulation

    Japan’s SBI and Startale plan regulated yen stablecoin in 2026 under new framework

    13/01/2026

    XRP ETFs Log One Month of Inflows as BTC, ETH Funds Bleed $4.6B

    13/01/2026

    CME Group launches real-time HBAR crypto pricing index

    13/01/2026

    Scott Bessent Calls Out Congressional Trading Amid Record-Bullish US Equity Bets

    13/01/2026

    Markets Rethink Rate Bets as Miran Challenges Inflation Narrative Before November CPI Release

    13/01/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Crypto exchange OKX cuts institutional staff amid global restructuring

    13/01/2026

    Iran Revolutionary Guard moved nearly $1B through Zedcex, Zedxion exchanges in 3 years

    13/01/2026

    Hyperliquid Whale Places $8.09 Million $SOL Buy Orders with $USDC

    13/01/2026

    Onchain Perps Hit $12T, Hyperliquid and Rivals Redefine 2025

    13/01/2026

    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

    Why 2025 Will See the Comeback of the ICO

    26/12/2024

    Checkmate Integrates Team Secret to Expand Web3 Gaming

    13/01/2026

    Chainlink ($LINK) Leads Gaming Projects by Social Activity

    12/01/2026

    GameFi Sector Rallies Amid New Year, Market Cap Tops $6.59 Billion, With WOD Leading Market Trading Volume

    11/01/2026

    Elderglade and EtherForge Partner to Advance Web3 Gaming

    09/01/2026

    Bitcoin miner Cango’s $700M BTC reserve dwarfs $485M market cap as production rises

    13/01/2026

    Trump wants tech firms to ‘pay their own way’ as power demand soars

    13/01/2026

    CZ Says UAE Turns Excess Energy Into Bitcoin as a Strategic Store of Value

    12/01/2026

    UAE joins global Bitcoin hashrate competition through government-backed miners

    12/01/2026

    ‘Remains to be seen‘ whether US will seize Venezuela‘s reported Bitcoin

    13/01/2026

    Charles Hoskinson slams Trump’s crypto policy as ‘extractive,’ warns of industry fallout

    13/01/2026

    CLARITY Act Delayed Again as Senate Lacks Votes for Crypto Reform

    13/01/2026

    Warren Presses SEC Over Crypto Risk as Trump Pushes Crypto Into Retirement Plans

    13/01/2026

    Crypto exchange OKX cuts institutional staff amid global restructuring

    13/01/2026

    UAE Digital Bank Zand Integrates XDC Network to Expand Blockchain Payments and Custody

    13/01/2026

    Japan’s SBI and Startale plan regulated yen stablecoin in 2026 under new framework

    13/01/2026

    ‘Remains to be seen‘ whether US will seize Venezuela‘s reported Bitcoin

    13/01/2026
  • 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

Related Posts

‘Remains to be seen‘ whether US will seize Venezuela‘s reported Bitcoin

13/01/2026

Charles Hoskinson slams Trump’s crypto policy as ‘extractive,’ warns of industry fallout

13/01/2026

CLARITY Act Delayed Again as Senate Lacks Votes for Crypto Reform

13/01/2026

Warren Presses SEC Over Crypto Risk as Trump Pushes Crypto Into Retirement Plans

13/01/2026
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

Crypto exchange OKX cuts institutional staff amid global restructuring

13/01/2026

UAE Digital Bank Zand Integrates XDC Network to Expand Blockchain Payments and Custody

13/01/2026

Japan’s SBI and Startale plan regulated yen stablecoin in 2026 under new framework

13/01/2026
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.