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

Shiba Inu Records 1,100 New Holders in 24 Hours, Hits New Milestone

05/06/2026

Debate on CLARITY Act continues this week as US Senate returns

05/06/2026

FishWar Partners With RATGPT To Enhance Web3 Gaming Experience With Decentralized AI Network

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

    A 30-Year Veteran Analyst Shares What Needs to Happen for a Major Bitcoin Rally This Summer

    05/06/2026

    Bitcoin Tops $77K as Trump Weighs Iran Move, Polymarket Peace Bet Hits $154M

    05/06/2026

    Bitcoin Dives Below $75K for First Time in a Month as Crypto Liquidations Near $1 Billion

    05/06/2026

    Bitcoin’s Chances of Falling Below $50,000 Hit 40%: Kalshi

    04/06/2026

    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

    Shiba Inu Records 1,100 New Holders in 24 Hours, Hits New Milestone

    05/06/2026

    Hoskinson Claims Flare Attacks Cardano for Attention

    05/06/2026

    ‘I’ve Been Clear All Along’

    05/06/2026

    DIFC Approval Fuels Market Debate on XRP’s Growing Regulatory Standing

    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

    Shiba Inu Records 1,100 New Holders in 24 Hours, Hits New Milestone

    05/06/2026

    Debate on CLARITY Act continues this week as US Senate returns

    05/06/2026

    FishWar Partners With RATGPT To Enhance Web3 Gaming Experience With Decentralized AI Network

    05/06/2026

    Tokenized Treasuries set record at $15.35 billion

    05/06/2026
  • Blockchain

    FishWar Partners With RATGPT To Enhance Web3 Gaming Experience With Decentralized AI Network

    05/06/2026

    Shinhan targets Canton Network to take Korean assets global

    05/06/2026

    Not all Ethereum layer 2s are dying, but many general-purpose chains no longer have a reason to exist

    05/06/2026

    Travala unveils AI travel booking protocol on Base for gas-free hotel payments

    05/06/2026

    $1 Trillion Payments Giant Visa Tests Private Stablecoin Settlement for Institutions

    05/06/2026
  • DeFi

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

    04/06/2026

    Raiku Unveils ‘$rkuSOL’ as 1st Liquid Staking Token of Solana with Revenue from Blockspace Auction

    04/06/2026

    Aave Says Operations Back to Normal as $300M Backstop Replaces Drained Assets

    04/06/2026

    1024EX Taps XPower Finance to Bring Auditable AI Solutions in DeFi

    04/06/2026

    U2U Network Partners with HyperSui to Drive DeFi Network via Sui

    03/06/2026
  • 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

    Tokenized Treasuries set record at $15.35 billion

    05/06/2026

    Moody’s Rates Fidelity’s Ethereum-Based USD Liquidity Fund at Highest Aaa-mf Level

    05/06/2026

    a16z emerges as big spender, directing cash into Anduril, US mid-terms

    05/06/2026

    BitGo posts wider Q1 loss despite revenue more than doubling

    05/06/2026

    Experts Say Zk Proofs Give DePINs an Edge as AI Trust Demands Rise

    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

    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

    Wyoming targets AI data centers as Bitcoin mining power race grows

    04/06/2026

    Debate on CLARITY Act continues this week as US Senate returns

    05/06/2026

    Hong Kong Unveils Plans for Unified Crypto Regulatory Framework

    05/06/2026

    Russia’s new Crypto rules struggle to attract retail investors

    05/06/2026

    US Defense Bill Targets Insider Betting on Prediction Markets by Military Staff

    05/06/2026

    Shiba Inu Records 1,100 New Holders in 24 Hours, Hits New Milestone

    05/06/2026

    Debate on CLARITY Act continues this week as US Senate returns

    05/06/2026

    FishWar Partners With RATGPT To Enhance Web3 Gaming Experience With Decentralized AI Network

    05/06/2026

    Tokenized Treasuries set record at $15.35 billion

    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

Debate on CLARITY Act continues this week as US Senate returns

05/06/2026

Hong Kong Unveils Plans for Unified Crypto Regulatory Framework

05/06/2026

Russia’s new Crypto rules struggle to attract retail investors

05/06/2026

US Defense Bill Targets Insider Betting on Prediction Markets by Military Staff

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

Shiba Inu Records 1,100 New Holders in 24 Hours, Hits New Milestone

05/06/2026

Debate on CLARITY Act continues this week as US Senate returns

05/06/2026

FishWar Partners With RATGPT To Enhance Web3 Gaming Experience With Decentralized AI Network

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.