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

Jefferies slashes SanDisk price target 42% despite record earnings

12/08/2026

TRON DAO Confirms Release of H1 Research Report — Key Insights for Developers

11/08/2026

Circle Warns MiCA Rules Cut off EU Users From Top Stablecoins

11/08/2026
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

    BlackRock’s income-paying bitcoin ETF nears launch at a fee that undercuts rivals

    11/08/2026

    How Will Yesterday’s US CPI Data Affect Bitcoin and the Fed? JPMorgan and Expert Analysts Evaluate

    11/08/2026

    It’s not SpaceX. Bitcoin ETF outflows may be an arbitrage story

    11/08/2026

    Bitcoin ETFs Shed $2.1b in June So Far as Market Selloff Deepens

    11/08/2026

    Will cooling inflation help ETH reclaim $2,000?

    11/08/2026

    Ethereum Whale Adds Another $16.9M in ETH, Extending $227M Buying Spree

    11/08/2026

    Ethereum Whale Withdraws Another 50,000 ETH From Binance, Extending Accumulation Streak

    11/08/2026

    Why Ethereum price fell below $1,900 after Sharplink’s $394 million loss

    11/08/2026

    TRON DAO Confirms Release of H1 Research Report — Key Insights for Developers

    11/08/2026

    Beezie Goes Live on the Network — A New Era Begins

    11/08/2026

    What is RippleX & Why Does it Matter for XRP Ledger?

    11/08/2026

    Aptos Labs Issues Urgent Hotfix for Mainnet Nodes

    11/08/2026

    The controversial return of Pudgy Penguins founder ColeThereum

    11/08/2026

    67 Investors Paid $10M for NFT Tokens That Launched Worthless

    09/08/2026

    StonkBrokers NFT Floor Price Surges Past 9.2 ETH, Marking 20% Daily Gain

    08/08/2026

    Rarible launches on Solana with Claynosaurz NFTs

    07/08/2026

    Jefferies slashes SanDisk price target 42% despite record earnings

    12/08/2026

    TRON DAO Confirms Release of H1 Research Report — Key Insights for Developers

    11/08/2026

    Circle Warns MiCA Rules Cut off EU Users From Top Stablecoins

    11/08/2026

    Stripe-owned Bridge joins EU MiCA register after Luxembourg approval

    11/08/2026
  • Blockchain

    NeoFS S3 Gateway v0.45.1 optimizes read, write performance via SDK RC21

    11/08/2026

    How Does Chain Fusion Let Internet Computer Connect With Bitcoin?

    11/08/2026

    Over 2 million DOGE sit trapped in limbo as Dogechain keeps printing blocks past its final deadline

    11/08/2026

    Sui unveils Tessera, a private B2B settlement network for institutional transactions

    11/08/2026

    Binance BNB’s Agentic Testnet Is Coming in Late 2026, First Mover MemeToro $MT’s Preparation Checklist

    10/08/2026
  • DeFi

    Decentralization was the beginning. Call it onchain finance

    11/08/2026

    FATF’s New DeFi Test Puts ‘Real Control’ Under Regulatory Spotlight

    11/08/2026

    Uniswap Turns On Earn, Routing USDC, USDT and ETH Deposits Into Gauntlet-Curated Morpho Vaults

    11/08/2026

    Midas Launches On-chain Credit Strategy

    11/08/2026

    Solana lending giant Jupiter now lets the same dollar earn twice

    10/08/2026
  • Metaverse

    Is Solana Gaming Back? Kintara Activity Fuels Renewed Optimism in Onchain MMOs

    24/06/2026

    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
  • Regulation

    Jefferies slashes SanDisk price target 42% despite record earnings

    12/08/2026

    The U.S. lost 23,000 jobs in July, far shy of forecasts for a gain of 80,000

    11/08/2026

    How a five-second trick let traders drain millions from Polymarket

    11/08/2026

    The Person Closest to the Fed Commented on the U.S. Nonfarm Payrolls Data

    11/08/2026

    CoinDesk owner Bullish volume fell 43%, but a 72% spread jump nearly offset the annual decline

    11/08/2026
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Stripe-owned Bridge joins EU MiCA register after Luxembourg approval

    11/08/2026

    Amber Group-Linked Wallet Moves $10M in ENA, AAVE, ETH, BNB, and LINK Out of Binance

    11/08/2026

    Kraken gave token holders a vote, and quietly solved tokenized equity’s biggest legal gap

    11/08/2026

    Mastercard’s stablecoin credential is not a payment product, it is a compliance passport

    11/08/2026

    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

    How BC.GAME is turning players into stakeholders

    04/08/2026

    YGG Play Shuts Down Services as Yield Guild Pivots to AI Data

    01/08/2026

    why gameplay now beats crypto rewards

    29/07/2026

    From NFT gaming to mining simulators

    29/07/2026

    Riot Platforms surges 20% in pre-market trading on $9.1 billion Anthropic deal

    11/08/2026

    Ravencoin could roll back four days of transactions after critical block flaw

    11/08/2026

    Keel Infra Exits U.S. Bitcoin Mining, Pivots to AI and HPC Data Centers

    11/08/2026

    OCEAN Pledges BTC Refunds After Chain-Split Error

    11/08/2026

    Circle Warns MiCA Rules Cut off EU Users From Top Stablecoins

    11/08/2026

    “We Need Clarity,” Says Former New York Governor Andrew Cuomo

    11/08/2026

    CLARITY Act Enactment Odds Hit 20% All-Time Low: Crypto Community Reacts

    11/08/2026

    Coinbase CEO Calls on U.S. Senate to Advance CLARITY Act Vote

    11/08/2026

    Jefferies slashes SanDisk price target 42% despite record earnings

    12/08/2026

    TRON DAO Confirms Release of H1 Research Report — Key Insights for Developers

    11/08/2026

    Circle Warns MiCA Rules Cut off EU Users From Top Stablecoins

    11/08/2026

    Stripe-owned Bridge joins EU MiCA register after Luxembourg approval

    11/08/2026
  • 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

Circle Warns MiCA Rules Cut off EU Users From Top Stablecoins

11/08/2026

“We Need Clarity,” Says Former New York Governor Andrew Cuomo

11/08/2026

CLARITY Act Enactment Odds Hit 20% All-Time Low: Crypto Community Reacts

11/08/2026

Coinbase CEO Calls on U.S. Senate to Advance CLARITY Act Vote

11/08/2026
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

Jefferies slashes SanDisk price target 42% despite record earnings

12/08/2026

TRON DAO Confirms Release of H1 Research Report — Key Insights for Developers

11/08/2026

Circle Warns MiCA Rules Cut off EU Users From Top Stablecoins

11/08/2026
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.