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

BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural issues

25/11/2025

Gold’s $4.77T Spike in Market Capitalization Triggers Momentum for Bitcoin

25/11/2025

Bullish Shares Drop After Crypto Exchange Reports Record Q3 Revenue

25/11/2025
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

    BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural issues

    25/11/2025

    BitMine announces 2026 ETH staking plans as market melts down

    25/11/2025

    Ethereum Dead Cat Bounce Puts Price At $3,400, But What’s The Ultimate Target?

    25/11/2025

    Ethereum Price Crashes Toward Key Support, Here Are the Next Targets

    25/11/2025

    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

    Why This Billionaire Collector Continues to Buy NFTs in 2025

    24/11/2025

    NFT sales nosedive to $72.5M, while Bored Ape Yacht Club recovers 37%

    22/11/2025

    Want the Inside Scoop on NFTs? These Are the 9 Best NFT Newsletters in 2025

    22/11/2025

    NFT Lending TVL Nears All-Time Lows

    21/11/2025

    BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural issues

    25/11/2025

    Gold’s $4.77T Spike in Market Capitalization Triggers Momentum for Bitcoin

    25/11/2025

    Bullish Shares Drop After Crypto Exchange Reports Record Q3 Revenue

    25/11/2025

    Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates

    25/11/2025
  • Blockchain

    Dinari Integrates LayerZero to Offer Cross-Chain Access to Tokenized U.S. Equities

    24/11/2025

    Stellar CEO Denelle Dixon Highlights How Permissionless Networks Unlock Real-World Value

    24/11/2025

    Philippines Bets on Sui’s Move Language as Education System Struggles With Basics

    24/11/2025

    Gas Sponsorship Is A Missing Piece to Unlock Frictionless Crypto Adoption

    24/11/2025

    South Korea’s Critical Blockchain Services Inspection Targets Crypto Exchanges and DID Systems

    24/11/2025
  • DeFi

    Gnosis fires treasury manager with 88% backing

    25/11/2025

    Maple’s Dispute With Core Highlights Legal Limits for DeFi Products

    25/11/2025

    PancakeSwap Goes Live on Monad for Faster and Cheaper DeFi Trading

    25/11/2025

    Folks Finance Revolutionizes Cross-Chain Lending with Monad Launch and $40K Rewards

    25/11/2025

    RedStone and Curvance Integrate to Power Next-Gen DeFi on Monad

    24/11/2025
  • Metaverse

    Cambridge Institute Joins InfblueNFT to Transform Digital Communication

    21/11/2025

    AGI Open Network Partners with MetaMars to Drive Marverse Economy

    15/11/2025

    Koda Nexus Opens in Otherside, Bored Ape Yacht Club Creator Debuts Social Hub

    13/11/2025

    Hollywood.com Reveals Crypto-Powered Prediction Market for Movies, TV and More

    04/11/2025

    Bored Ape creator revives brand with Otherside metaverse debut

    31/10/2025
  • Regulation

    Gold’s $4.77T Spike in Market Capitalization Triggers Momentum for Bitcoin

    25/11/2025

    50% of Fed Policymakers Expect Two Extra Interest Rate Cuts by End-2025

    25/11/2025

    CipherOwl raises $15 million to advance AI-driven crypto compliance

    25/11/2025

    Silver Tops $51 in Historic Surge

    25/11/2025

    Wall Street Bank Citi Flags OSL as Top Bet in Hong Kong’s Crypto Sector

    25/11/2025
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Bullish Shares Drop After Crypto Exchange Reports Record Q3 Revenue

    25/11/2025

    Coinbase Debuts DEX Trading in Brazil as ‘Everything App’ Vision Grows

    25/11/2025

    Solflare Card launches self-custody crypto spending with Mastercard

    25/11/2025

    Naver set to acquire Upbit operator Dunamu through equity swap

    25/11/2025

    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

    ‘Assassin’s Creed’ Maker Ubisoft Unveils Game Powered by Generative AI

    24/11/2025

    Stobix Partners With Funton.ai to Boost Web3 Gaming Growth

    20/11/2025

    GaFin Partners with Undead Blocks to Boost Web3 Gaming via Integrated Rewards Network

    18/11/2025

    Altura Taps Zealy to Boost Agentic Gaming and AI-Driven Web3 Experience

    17/11/2025

    Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates

    25/11/2025

    ZEC’s 125% Monthly Jump Fuels Miner Revenue and Pushes Zcash Hashrate to Record Highs

    25/11/2025

    Mining economics tighten as record hashrate meets falling Bitcoin price: Report

    25/11/2025

    China Returns as Third Largest Bitcoin Mining Hub With a 14% Share: Reuters

    24/11/2025

    Crypto Clarity Bill Gains Fresh Hope for December Action as Coinbase Chief Presses DC

    24/11/2025

    Trump Eyes Executive Order to Rein In Patchwork State AI Policies

    24/11/2025

    CZ Binance Return Rumors Debunked Amid Pardon Drama: Lawyer Confirms

    24/11/2025

    Core Foundation Crushes Maple Finance in Landmark Crypto Lawsuit Victory

    23/11/2025

    BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural issues

    25/11/2025

    Gold’s $4.77T Spike in Market Capitalization Triggers Momentum for Bitcoin

    25/11/2025

    Bullish Shares Drop After Crypto Exchange Reports Record Q3 Revenue

    25/11/2025

    Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates

    25/11/2025
  • 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

Crypto Clarity Bill Gains Fresh Hope for December Action as Coinbase Chief Presses DC

24/11/2025

Trump Eyes Executive Order to Rein In Patchwork State AI Policies

24/11/2025

CZ Binance Return Rumors Debunked Amid Pardon Drama: Lawyer Confirms

24/11/2025

Core Foundation Crushes Maple Finance in Landmark Crypto Lawsuit Victory

23/11/2025
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

BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural issues

25/11/2025

Gold’s $4.77T Spike in Market Capitalization Triggers Momentum for Bitcoin

25/11/2025

Bullish Shares Drop After Crypto Exchange Reports Record Q3 Revenue

25/11/2025
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.