Singapore amends Casino Control act to allow cashless gaming
However, the nation emphasised that it “has no intention” of allowing cryptocurrencies.
Singapore has announced amendments to the Casino Control Act that will allow cashless gaming at the nation’s two casinos, Resorts World Sentosa and Marina Bay Sands.
However, according to Singaporean news reports, the amendment did not include cryptocurrencies, as quoted from a statement by the Minister of State for Home Affairs and Minister for Social and Family Development Sun Xueling.
Sun also added that the power to approve the main shareholders of casino operators by the Gambling Regulatory Authority (GRA) has been transferred to the Minister for Home Affairs.
This body was considered to be in a better position to “ensure continued alignment between the IRs (integrated resorts) and the Singapore government’s strategic objectives.”
It was appropriate for a minister to have this role and power, Sun said, since the Government’s decision to develop both integrated resorts was for economic benefits such as job creation and reinventing the country’s tourism industry.
She was responding to questions regarding the governance and decision making powers of casinos, and from MPs Louis Ng and Sylvia Lim in Parliament.
Singapore recently updated laws for its gambling industry. This included fixing casino entry levies for Singaporeans and Singapore permanent residents at S$150 (US$114) per day and S$3,000 yearly.
In total, 13 foreigners were also arrested for providing illegal forex services at Marina Bay Sands.
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