The risks of money laundering and other related crimes have prompted Singaporean authorities to ban the use of cryptocurrencies for gambling.
Singapore Parliament The US Senate has passed amendments to the Casino Control Act, which aim to strengthen the effectiveness of the country’s casino regulatory system and its safeguards for the most vulnerable segments of its population.
By rolling out the changes, which were detailed in a speech by a government minister, Singapore continues to “strike a delicate balance” between reaping the economic benefits of integrated resorts and reducing the harms associated with gambling.
Strengthening regulatory oversight
The amendments include some major changes in Singapore. Regulatory framework for casinos. The Casino Regulatory Authority will be given more powers to regulate more forms of gambling activities within casinos, including betting and lotteries. This will prevent the regulatory system from becoming outdated in light of potential new offerings by casino operators.
Singapore will allow two casinos to conduct cashless gaming under changes to its Casino Control Act, but will not allow the use of cryptocurrencies, the Central News Agency reports. https://t.co/aXiop0Tcx6
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The Home Secretary will approve share buy-and-sell transactions involving major shareholders in casino operators. The move is expected to align gambling regulations with the government’s strategic objectives. The Gambling Regulatory Authority will make decisions regarding senior officials and shareholders to discourage unwanted criminal influence in casinos.
Amendments being implemented by the Singapore Parliament Cryptocurrency coverage. First, cryptocurrencies will not be licensed by the casino regulator to be used as casino chips. Officials have cited money laundering risks as the main reason for the ban.
As of today, the market cap of cryptocurrencies stood at $1.9 trillion. Chart: TradingView.com
The amendments also provide for tougher penalties for specific offences. Some offences that previously only attracted fines now face imprisonment, making the situation even more serious. Casino Control Act In line with the recently passed Gambling Control Act.
Protecting vulnerable groups
A key focus of the review is to strengthen safeguards for vulnerable people. The NCPG should have greater latitude in dealing with exclusion orders and visitation limits.
Penalties have also been tightened for minors who try to enter casinos using false proof of age. Fines for offenders have been increased from $1,000 to $10,000, reflecting the seriousness with which authorities are taking such violations.
However, the government claims that existing social safeguards such as exclusion orders and visitation restrictions have proven effective despite the increased measures. Rates of infection with the disease or potential so-called “problematic gambling” among Singapore’s population remain low and stable at around 1%.
Balancing Economic Growth and Social Responsibility
the Cryptocurrency and Casino Regulation in Singapore The intellectual property system is in a state of constant development as the city-state tries to find the best balance between maximizing the economic returns from its industrial investors, while at the same time trying to minimize the social harms associated with them.
Recently, the government updated casino tax rates to include a tiered system, which features higher rates than previously in place. This balances competitiveness with the need to generate revenue.
Featured image from CNN, chart from TradingView