Singapore has approved amendments to its Casino Control Act with the aim of modernizing the industry. One of the biggest changes is the introduction of cashless gaming.
However, using cryptocurrencies as an online casino payment method remains prohibited due to concerns about money laundering. The updates were passed in a parliamentary session on Tuesday in which lawmakers’ primary focus was the expanded authority of the Gaming Regulatory Authority (GRA).
The GRA will now oversee all forms of gambling available in casinos, extending its jurisdiction beyond just games of chance to also cover betting and lotteries.
Due to these changes, legal experts believe that it is possible that casinos could offer future betting and lotteries, possibly through a collaboration with Singapore Pools. However, at present there is no sign that this will happen.
One important change is that the power to approve major shareholders in casino operators has been granted to the Minister for Home Affairs.
Sun Xueling, Singapore’s Minister of State for Home Affairs and Social and Family Development, explained that this is intended to “ensure continued alignment between the IRs and the Singapore government’s strategic objectives.”
