Singapore Cryptocurrency Regulations Fuelling Online Gambling In Malaysia
CryptoBit News Today1 min read
The tables compare the Singapore and Malaysia laws that shaped cross-border online betting in 2020, when Singapore's new crypto licensing regime sat beside a strict ban on unlicensed remote gambling.
Singapore blocks gambling sites and bank payments to them, while Malaysia still relied on 1953 statutes, which left crypto as a route to offshore platforms.
Singapore
| Law or measure | Date | What it does | Detail |
|---|---|---|---|
| Remote Gambling Act | Passed 7 October 2014; in force February 2015 | Bans remote betting except through exempt operators | Advertising online gambling is also an offence |
| Penalty for players | From 2015 | Betting with an unapproved remote service | Fine up to S$5,000, jail up to six months, or both |
| Site and payment blocks | From 2015 | ISPs must block listed sites; MAS can order banks to stop transfers to them | Several hundred sites blocked by September 2016 |
| Exempt operators | September 2016 | Singapore Pools and Singapore Turf Club approved | Must be not-for-profit; no casino games or poker; certificates last three years |
| Payment Services Act | In force 28 January 2020 | Brings digital payment token services under MAS licensing | Repealed the Money-changing and Remittance Businesses Act and Payment Systems (Oversight) Act |
Malaysia
| Law or issue | Date | What it does | Detail |
|---|---|---|---|
| Betting Act (Act 495) | Peninsula from 15 October 1953; Sabah, Sarawak and Labuan from 15 April 1992 | Suppresses betting houses, bookmaking and betting in public places | Revised as Act 495 in 1992 |
| Common Gaming Houses Act, s 6(1) | 1953 | Penalty for people caught gambling | Fine up to RM5,000, six months in jail, or both |
| Common Gaming Houses Act, s 4(1) | 1953 | Penalty for running or occupying gaming premises | Fine up to RM50,000 and up to three years in jail |
| Crypto route | 2020 | Anonymous crypto payments let Singapore players reach Malaysian and other foreign sites | Unlicensed sites could close and keep user funds |
Sources: Monetary Authority of Singapore, Ministry of Home Affairs Singapore, Singapore Legal Advice, Wikipedia, Free Malaysia Today, Cryptonews.
