Singapore has recently made a groundbreaking decision to allow cashless gambling at its casinos, marking a significant shift in the way visitors can place their bets. However, the city-state has explicitly stated that cryptocurrencies will not be accepted as a form of payment in this new cashless system.
The decision, which was announced by the Casino Regulatory Authority (CRA) of Singapore, comes after months of deliberation and discussions with industry stakeholders. The move is seen as a way to modernize the gambling experience in Singapore and make it more convenient for visitors to participate in the various games and activities offered at the city-state’s two integrated resorts, Marina Bay Sands and Resorts World Sentosa.
Under the new cashless gambling system, visitors will be able to use their credit or debit cards, as well as mobile payment platforms such as Apple Pay and Google Pay, to place bets at the casinos. This will eliminate the need for visitors to carry large amounts of cash with them during their visit, making the gambling experience safer and more convenient.
However, despite the embrace of cashless gambling, Singapore has made it clear that cryptocurrencies will not be accepted as a form of payment at its casinos. This decision is in line with the city-state’s cautious approach to cryptocurrencies, which are not currently regulated in Singapore and are seen as a potential risk for money laundering and other illicit activities.
The CRA has emphasized that the decision to exclude cryptocurrencies from the cashless gambling system is in the best interest of the public and is meant to protect the integrity of the gambling industry in Singapore. The authority has also stated that it will continue to monitor developments in the cryptocurrency space and may reconsider its stance in the future if necessary.
Overall, the move to allow cashless gambling at Singapore’s casinos is a significant step forward for the city-state’s gambling industry. It is expected to attract more visitors and boost the overall gaming experience for guests, while also ensuring that the industry remains safe and well-regulated. As Singapore continues to evolve and adapt to the changing landscape of the gambling industry, this decision sets a positive precedent for the future of the city-state’s casinos.
