Source: eVnExpress
Singapore has approved cashless betting, except cryptocurrencies, at its two casinos under recent amendments to the Casino Control Act.
Cashless bets include making wagers at gaming tables or machines by using virtual credits directly from cashless gaming accounts or e-wallets, Minister of State for Home Affairs and for Social and Family Development Sun Xueling told members of the parliament recently.
The two casinos approved for the new rules are Marina Bay Sands and Resorts World Sentosa.
The government, however, “has no intention of allowing cryptocurrency to be used as chips for casino gambling, as this presents money laundering risk,” Sun said.
A Singapore citizen needs to have an income of SGD150 (US$115) per day and SGD3,000 yearly to be able to play at casinos.
The threshold was introduced in 2008 to deter casual and impulse gambling among Singapore citizens.
Singapore’s two casinos are among the biggest in Asia and attract gamblers globally.
In March, Chinese authorities warned its citizens in Singapore to stay away from all forms of betting, saying that gambling overseas violates Chinese laws.
THE AUTHOR: Dat Nguyen
