Singapore’s casino control regulations include some changes as part of the approval of cashless gaming.
The process affects the country’s two gaming properties, Resorts World Sentosa and Marina Bay Sands.
However, the move does not apply to cryptocurrencies, according to reports in Singaporean media.
In Singapore, a statement by Minister of State for Home Affairs and Minister for Social and Family Development Sun Xueling announced improvements to the territory’s casino oversight legislation.
The change aims to allow cashless gaming at the country’s two casinos. However, the use of cryptocurrencies is not part of the list of amendments.
From now on, the Gambling Regulatory Authority (GRA) will no longer be responsible for approving major shareholders of casino operators. The Minister for Home Affairs, Mr K Shanmugam, will handle this process.
Indeed, the government has deemed that it has the necessary expertise to ensure continued alignment between the IRs and the strategies of the government in place.
In the future, the country’s regulator has the ability to approve gaming software that is free of hardware components such as mobile-compatible software.
The amendments also provide the GRA with the ability to mandate items such as tokens for casino games in order to preserve the governance regime.
This move facilitates the addition of new forms of gaming including cashless games.
In maintaining a regulated sector, Minister Sun Xueling explained that the main goal is to combat incitement to gamble by continuing close monitoring.
She said the Ministry of the Interior recently imposed a limit on the value of prizes for games at various leisure and entertainment venues.
A review will also be carried out on the law related to the use of loot boxes, Sun stressed.
This year, Singapore updated its gambling laws to include setting casino entry fees for locals and permanent residents. In terms of numbers, the cap is S$150 per day and S$3,000 per year.
