Singapore to introduce cashless casino gambling

The main goal of the updates to the Casino Control Act was to create conditions for the use of cashless technologies. As Xueling explained in an interview with Channel News Asia, the innovation will allow casino customers to place bets through slot machines or tables using virtual credits, which will be debited from e-wallets or accounts for cashless play.

These changes are aimed at simplifying the process for casino visitors while preventing financial crimes such as money laundering. Cashless gambling technology has already proven its effectiveness in other countries, and now its implementation in Singapore is a significant step for the local gambling market.

The minister added: “An example would be when a customer places bets using virtual credits that are debited from his cashless gaming account or e-wallet.”

However, despite the innovations, the use of cryptocurrencies in casinos remains prohibited. Xueling emphasized that Singapore’s gambling regulator, the Gambling Regulatory Authority (GRA), does not plan to allow cryptocurrencies for betting in casinos. This statement was made in response to a question from MP Ng Ling Ling. Xueling also noted that cryptocurrencies are associated with high risks in the field of money laundering.

One of the important parts of the reforms was the redistribution of responsibilities between regulatory bodies. Now, the approval of shareholders of casino operators will be carried out not by the Gambling Regulatory Authority, but by the Minister of Home Affairs. The current role is held by K. Shanmugam, who will be responsible for ensuring that integrated resorts meet the Singapore government's strategic objectives.

The regulator has also been given the authority to approve mobile gaming technologies. To ensure compliance, casinos must use technologies such as geofencing to restrict mobile devices to casino premises. Xueling noted that one solution could be to offer dedicated devices to customers.

When asked about so-called loot boxes, which are becoming increasingly popular around the world, Xueling confirmed that the government will continue to closely monitor their development.