Singapore Prescribes Electronic Credits as Casino Chips

Kyle Kevin

iGaming Writer

Fact Checked

Singapore enacts new casino regulations prescribing electronic credits as casino chips under Casino Control (Amendment) Act 2024, while prohibiting cryptocurrency and expanding operator suitability criteria.

Singapore enacts new casino regulations prescribing electronic credits as casino chips under the Casino Control (Amendment) Act 2024. The Ministry of Home Affairs announced Monday that the Casino Control (Prescribed Casino Chips) Regulations 2026 will be enacted to prescribe electronic credits as casino chips. Additionally, new wagering instruments may also be prescribed in future should the Gambling Regulatory Authority (GRA) assess them to be suitable.

Electronic Credits as Casino Chips

The intent of the changes aims to future-proof the regime to allow for new modes of payment, such as cashless gaming. An example is where a patron may place wagers at either the gaming tables or gaming machines by drawing down virtual credits directly from his cashless gaming account or e-wallet. This innovation modernizes Singapore’s casino payment infrastructure.

Singapore operates as a duopoly consisting of Resorts World Sentosa complex, run by Genting Singapore Ltd, and Marina Bay Sands, operated by a unit of Las Vegas Sands Corp. Both operators will integrate electronic credits into their casino operations. The GRA has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks.

The Casino Control (Amendment) Act 2024 had received a second reading in Singapore’s parliament in September 2024. Monday’s statement outlined a second tranche of measures under this legislation. The amended law seeks to strengthen protection for vulnerable groups of consumers. Following this announcement, the GRA will monitor implementation across both casino properties.

Cryptocurrency Prohibition Rationale

The GRA has no intention of allowing cryptocurrency to be used as chips for casino gambling as this presents money laundering risks. This prohibition applies across all casino operations within Singapore. The regulatory framework prioritizes anti-money laundering compliance over payment innovation for cryptocurrency. Electronic credits remain the approved digital payment method.

Cashless gaming represents the approved digital payment evolution. Patrons can draw virtual credits directly from cashless gaming accounts or e-wallets. This system maintains regulatory oversight while enabling modern payment convenience. The GRA continues monitoring emerging payment technologies for regulatory assessment.

Singapore’s regulatory approach balances innovation with financial security. The GRA assesses new wagering instruments for suitability before approval. This evaluation process ensures compliance with anti-money laundering standards. AGBrief tracks similar regulatory developments across Asian gaming jurisdictions.

New Offences Against Casino Integrity

The ministry stated that to ensure laws continue being an effective deterrent against casino-related crime, a number of new offences had been introduced. They include prohibition on withdrawal of bets after the result of a game is known. Previously, it was an offence for patrons to place a bet in a casino after the result is known but not an offence to withdraw a bet after the result is known. Police had to use provisions in other laws to deal with such cheating cases.

Another new offence concerns the recording of non-card games. Previously, it was an offence to use a device to record cards dealt in the course of gaming. However, police have encountered cases of patrons who attempt to cheat casinos by recording play patterns of non-card games. The update specifically mentions gaming machines as vulnerable to this cheating method.

An excluded person will be liable for entering, remaining or taking part in gambling on casino premises if it is proven that he knows, or ought reasonably to know that he was an excluded person. This removes the requirement for GRA to prove that the excluded person was aware of their exclusion status at the time of entry. The amendment strengthens enforcement capabilities against problem gambling violations.

Operator Suitability Criteria Expansion

The amended act also expands suitability criteria for casino operators. Singapore’s duopoly consists of Resorts World Sentosa and Marina Bay Sands. The operator suitability criteria now include whether the operator conducts its business in a manner which is unethical or which will bring discredit to casino gambling in Singapore. The criteria also assess whether there has been a systemic deficiency or failure in the casino operator’s internal controls or corporate governance.

The GRA is empowered to take disciplinary action against an operator if it assesses the operator’s suitability to hold a casino licence is affected due to breaches of the suitability criteria. This authority extends to both Genting Singapore Ltd and Las Vegas Sands Corp. The amended law also requires casino operators to share information on patrons for the purposes of tackling money laundering, terrorism financing and proliferation financing.

This allows casino operators to take swifter action when a patron is found to pose a higher risk of money laundering, terrorism financing or proliferation financing. The ministry stated that taken together, these amendments will keep Singapore’s casino regulatory framework robust and responsive to emerging risks. The framework upholds the integrity of casino operations and strengthens safeguards against gambling-related harm.

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This article has been thoroughly researched and reviewed by the CasinoBait editorial team to ensure accuracy and relevance for Asian casino players.