Singapore Gambling Authority Bars Crypto Use in Casinos to Prevent Money Laundering – Cryptonews

The Singapore Gambling Authority has announced a new policy prohibiting the use of cryptocurrencies in casinos in order to prevent money laundering. This decision comes as part of the authority’s efforts to strengthen regulations and ensure the integrity of the gambling industry in Singapore. The use of cryptocurrencies has raised concerns about the potential for illegal activities such as money laundering, prompting the authority to take action to address these risks. By banning the use of cryptocurrencies in casinos, the Singapore Gambling Authority aims to protect the reputation of the industry and safeguard against financial crimes. This move highlights the authority’s commitment to maintaining a secure and transparent gambling environment in Singapore.