According to Mars Finance, on September 12, the Singapore Parliament recently passed an amendment to the Casino Management Act, aiming to further improve the effectiveness of the country's casino regulatory system and its protection for vulnerable groups.
The amendments being implemented by the Singapore Parliament cover cryptocurrencies. First, cryptocurrencies will not be licensed by the GRA for use as casino chips. Officials cited money laundering risks as the main reason for the ban.
The amendments also provide for stiffer penalties for certain offences, which previously were punishable only by fines but are now punishable by imprisonment, bringing the Casino Control Act into line with the recently passed Gambling Control Act.
