Singapore Updates Casino Control Act to Allow Cashless Gambling
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.
Singapore flag, cashless gambling to be allowed in Singapore’s casinos.
LISTEN TO THIS ARTICLE: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.
Additional Powers Granted to Minister for Home Affairs
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.”
At the same time, the GRA’s Evaluation Panel has been given the power to consider “future industry standards and market demands” during its reviews, which will help integrated resort operators comply with expected regulations and industry standards and this way, reduce the chance of them having to undertake expensive changes.
Another update allows the GRA to approve new wagering instruments, such as virtual credits. Minister Sun explained with an example that a player could place a bet at a table or a machine by withdrawing virtual credits directly from a cashless gaming account or eWallet. However, the GRA has no intention of allowing the use of cryptocurrencies in casinos.
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Loot Boxes, Customer Data, and Regulatory Violations
The ongoing debate over loot boxes was also touched upon, although they are still not classified as a form of gambling. Sun said that existing regulations on loot boxes are “balanced” but added, “if we find that loot boxes are becoming a significant driver of gambling inducement, we will review our regulations.”
Additional amendments to the law include granting casino operators the ability to share customers’ personal information without requiring their consent and streamlining the process without the need for GRA intervention.
Furthermore, casino operators will now be held liable for regulatory violations even after their licenses have expired if the breach occurred before the license lapsed. Other amendments target cheating in casinos, such as penalizing players who withdraw their bets after the outcome of a game is known.
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