Singapore Bans Cryptocurrency Use in Casinos: Addressing Money Laundering Concerns
CryptoNewsTerminal Staff12 Sep, 2024
Singapore Bans Cryptocurrency Use in Casinos: Addressing Money Laundering Concerns
Singapore has taken a decisive step to prohibit the use of cryptocurrencies in casinos, according to Bitcoinist. This legislative move stems from concerns that digital currencies could facilitate money laundering and other illicit activities. The Casino Regulatory Authority (CRA) has been empowered to regulate various forms of gambling and ensure compliance with the ban. This decision aligns with Singapore's commitment to combatting financial crimes and maintaining its reputation as a responsible financial hub. The ban reinforces the importance of transparent transactions within the casino industry