Singapore Greenlights Cashless Gambling in Casinos

Singapore’s two casinos will soon offer their customers cashless gambling options after important changes to the Casino Control Act pushed by lawmakers in the country. On Tuesday this week, Sun Xueling, the Minister of state for home affairs and for social and family development, spoke about the important changes and how they affect casino operators.

Lawmakers Overhaul the Country’s Casino Control Act

Notably, the changes seek to ensure the Casino Control Act is future-proof by delivering cashless gaming options. Xueling, quoted by Channel News Asia, revealed that the change enables patrons to place bets via gaming machines or tables and drawing virtual credits from an e-wallet or a cashless gaming account.

The key changes in the regulatory framework in Singapore seek to provide convenience for the consumers and at the same time combat attempts for money laundering or other financial crimes. The cashless gaming technology has already proven its efficacy across the globe and its implementation in Singapore marks an important development for the market.

Xueling explained: “An example is where a patron may place wagers at either the gaming tables or gaming machines by drawing down virtual credits directly from his cashless gaming account or e-wallet.”

Still, the minister admitted that the country’s gambling regulator, the Gambling Regulatory Authority (GRA), has “no intention of allowing cryptocurrency to be used as chips for casino gambling.” This came in response to a question for the minister by MP Ng Ling Ling. In addition, Xueling said that the use of cryptocurrency assets for gambling poses risks related to money laundering.

Changes Affect Responsibilities of the Gambling Regulator

Part of the changes involved a shift in the responsibilities of the gambling watchdog. This saw the responsibility of approving shareholders of casino operators transition from the GRA to the Minister for home affairs. Currently, the aforementioned role is held by K Shanmugam. As described by Xueling, Shanmugam will focus on ensuring the “continued alignment between the integrated resorts and the Singapore government’s strategic objectives.”

Equally as important, Xueling confirmed that the gambling regulator will now have the authority to approve mobile gaming technology. When asked how compliance will be ensured, she said that the casinos must explore options such as geofencing and design the software in such a way that obstructs it from being used outside of casino floors. According to Xueling, one way to achieve this compliance is for the operators to offer dedicated devices to their patrons.

Asked about loot boxes, which have been gaining more popularity not only in Singapore but across the globe, Xueling said that the government will continue to monitor developments regarding the lucrative loot boxes.