Singapore approves cashless gaming for casinos

Singapore Parliament Approves Changes to Casino Control Act: Cashless Gaming Allowed, Cryptocurrency Banned

Singapore’s parliament has approved significant changes to the Casino Control Act, ushering in a new era of cashless gaming while strengthening safeguards for vulnerable groups. This move reflects the government’s ongoing commitment to modernize the gaming landscape while maintaining stringent regulatory oversight. However, despite the push towards digital transactions, the use of cryptocurrencies in casinos remains strictly prohibited due to concerns over money laundering and financial crimes.

Key Amendments to the Casino Control Act

The newly approved amendments to the Casino Control Act are designed to tighten regulations and enhance protections for Singapore’s residents. The legislation will allow the country’s two integrated resort casinos, Marina Bay Sands and Resorts World Sentosa, to introduce cashless gaming options. This shift towards digital transactions aims to modernize the gaming experience and provide more convenience for patrons.

However, the government has explicitly banned the use of cryptocurrencies within casino premises, citing significant risks associated with unregulated digital currencies. Concerns around potential money laundering, terrorist financing, and the difficulty of tracing transactions were key reasons for the ban. By excluding cryptocurrencies, the government aims to uphold the integrity of Singapore’s financial system and protect the public from potential misuse.

Enhanced Regulatory Oversight by the GRA

The amendments also strengthen the role of the Gambling Regulatory Authority (GRA), which will continue to oversee the regulation of gaming software, including those used on mobile devices within casinos. This measure ensures that all gaming platforms and technology adhere to stringent regulatory standards, maintaining fair and safe gaming environments.

A significant change is the shift in authority to approve the primary stakeholders of casino operators from the GRA to the Minister for Home Affairs. This adjustment aligns regulatory oversight with broader national interests, ensuring that the operations of Singapore’s casinos remain consistent with the strategic objectives of the government. This change reflects the government’s ongoing commitment to maintaining harmony between the country’s integrated resorts and national policies.

The GRA will retain control over the approval of all casino games, gaming machines, and chips, giving it broad powers to regulate various forms of gambling within casinos, including betting and lotteries. This extensive regulatory oversight aims to maintain high standards of transparency and accountability within the industry.

Continued Protection for Vulnerable Groups

Singapore has retained its strict measures to protect its citizens and permanent residents from excessive gambling. The amendments maintain the entry levy system, which requires Singaporeans and permanent residents to pay SG$150 for daily access or SG$3,000 for an annual pass to enter casinos. This levy system is designed to deter frequent visits and mitigate the risks associated with gambling addiction among locals.

The reintroduction of these levies at full rates, following a temporary reduction during the pandemic, underscores the government’s commitment to protecting the most vulnerable segments of society. By making casino entry a costly decision, the authorities aim to discourage impulsive or compulsive gambling behaviors.

Singapore’s approval of the revised Casino Control Act reflects a strategic approach to modernizing the gaming industry while maintaining stringent regulatory controls. The introduction of cashless gaming represents a significant step forward in enhancing the gaming experience for patrons, while the continued prohibition of cryptocurrencies highlights the government’s cautious stance on unregulated financial innovations.

With the Gambling Regulatory Authority’s expanded oversight and the continued enforcement of entry levies, Singapore remains focused on balancing industry growth with social responsibility. These amendments ensure that Singapore’s casinos operate in a way that aligns with national interests, safeguarding both the economy and its citizens. As Singapore navigates this new chapter in its gaming landscape, the country remains a global leader in regulated, responsible gambling.