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Bitcoin in Singapore Casinos
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When it comes to crypto online gambling, Singapore is a country where the laws are clearly defined; cryptocurrencies are legal and you are allowed to both hold and trade Bitcoin, however, online gambling is not. You cannot legally frequent online gambling sites, and the activity is strictly monitored by the government. If, by some chance, you do get access to an online casino, you’d be able to play using Bitcoin, though. Therefore, continue reading to find out the how and the why, and decide for yourself if that’s something you’d want to explore. Why choose to use Bitcoin across online casinos in Singapore?
Cryptocurrency Regulation in Singapore
Singapore is one of those rare countries that have welcomed cryptocurrencies. The Monetary Authority of Singapore (MAS) controls crypto activities in the region, introduces measures to restrict advertising and marketing of cryptocurrency services in public areas and issues digital payment token licenses only to companies that make it through the rigorous application process.
As a user, however, you’re not concerned with that. All you need to know is that holding and trading cryptocurrencies is allowed in Singapore. The country has been at the forefront of implementing blockchain and embracing all kinds of cryptos, and especially open to innovation, becoming one of the world’s first to agree to stablecoins, too!
Therefore, if you wish to use Bitcoin, hold coins, and trade them, you are perfectly allowed to. However, when it comes to online gambling, things are not as loose. On the contrary, the situation is quite hostile. It all started over a decade ago when the country started strengthening anti-gambling rules and laws. Then, in 2011, things started culminating as the Singapore government imposed another measure against online gambling, and finally, in 2014, the country passed the Remote Gambling Bill, banning online gambling completely. All forms of online gambling, except for a few lottery games, are forbidden in the country. As far as lotteries offered online, they are offered by certain companies approved by the government, in special conditions, so those offered by foreign operators are off-limits, too.
What’s more, the country put a blacklist for providers that offer online gambling, so players are further impeded from accessing these sites. To make matters worse, if caught gambling online,players are fined up to $5,000 or may end up in up to six months of jail time! Singapore is not kidding when it comes to law violation, therefore, if you wish to engage in online gambling despite all of these pieces of information, you have to be extremely, extremely careful.
If that's still something you'd like to try, you'd need to carefully look for sites that accept players from Singapore. While there aren't that many, you'd still find some. And most of them will, for sure, accept Bitcoin. Therefore, you’ll be able to gamble online using cryptocurrencies, and if you continue reading, you’ll find out how!
Using Bitcoin Across Online Casinos
Given how crypto-friendly Singapore is, chances are, you have already obtained some coins at one time or another. On the off chance you haven't, we'll guide you through the process.
First, you’d need to purchase some coins or mine them. The latter is an exhausting procedure that requires your investment, patience, and time, and that's why the former is more convenient. You'd just need to visit a legit crypto exchange, like Binance, BingX, Phemex, or Coinbase, and register an account with it. Next, you'd need to choose a payment method from the ones offered, to complete the purchase easily. You’ll have various payment solutions at your disposal, anything from cards to eWallets, so choose the one you’re normally using to pay for your coins in Singapore dollars. You can even purchase BTCs with different crypto coins you might own.
Once the purchase is completed, you can choose to keep your coins on the exchange and use them via the account you created, or you can transfer them to a cryptocurrency wallet. Trezor One and Kraken are great options, really popular with Singaporean users, but you can choose any of your preference. Create an account and you’ll get the needed keys (alphanumerical strings) that will serve as your credentials and addresses when using your BTCs. Using them, you can safely transfer the coins from the exchange platform to your crypto wallet.
Now, you're ready to start making bets on your chosen online gambling site. On that note, first, you need to choose a legit online casino that accepts players from Singapore. As said, due to the strict online gambling laws, not that many online casinos accept players from the country, but you’ll still be able to find at least a few sites worth exploring and joining. Join one and you’ll be ready to make yourfirst deposit. The process will go like this:
- Go to your chosen casino’s Deposit page and select Bitcoin.
- Copy the casino’s key and in a different tab, enter your crypto wallet/exchange account.
- Specify how much you wish to deposit and paste the casino’s key.
- Review the details and confirm the payment; in an instant, the coins will reach your casino balance.
Cryptocurrencies are players’ favourite when it comes to withdrawals, due to the fast-processing times. And, in most cases, wherever BTC is an option for deposits, it is also an option for withdrawals. So, just go through a similar process, this time pasting your crypto wallet key in the designated field, to receive your winnings in BTC directly on your desired account.
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Top 3 Methods Offering Bitcoin at Online Casinos
There's another thing you should know when it comes to crypto gambling; there are other ways you could get started with and use BTC for deposits and withdrawals. You can avoid going through the procedure we just described for purchasing and storing your coins, because several well-established payment methods have integrated with popular exchanges, to allow users to purchase crypto on the spot. Next, we'll give you the top 3 methods that offer Bitcoin you could use across online casinos, via the account you create or have created already:
- STICPAY – STICPAY is a global eWallet that is accepted across a variety of online casinos that accept players from Singapore. Via an account you have with it, you can use Singapore dollars to purchase BTC right away. The solution continues adding new fiat and cryptos to its platform, making it perfect for its users to transact using both digital and fiat currencies on the spot. And since it is offered in Singapore, among many other countries across the globe, it is a great solution to consider using.
- PayPal – PayPal, one of the first and most popular eWallets in the world, started offering users the opportunity to purchase crypto via their PayPal account a few years back. You can hold, buy, and sell several different cryptos, BTC included, but also Bitcoin Cash, Litecoin and Ethereum, among others. So, if you already have a PayPal account, all you have to do is log into it and you can start making BTC deposits via it in no time!
- Neteller – A few years ago, Neteller, one of the greatest eWallets of our time, launched an app that allows users to sell, purchase, and use crypto. You can start using BTC and over 40 other digital currencies without having to ever create a crypto wallet! All you need to do is access your Neteller app, locate the Crypto section and select BTC, then select Buy, and enter the amount of fiat you wish to use to purchase your coins. The coins will instantly be purchased and ready to be used at any online casino that offers Bitcoin!
Conclusion
While you have to play with caution, considering the strict rules and banned online gambling in Singapore, if by any chance you manage to join an online casino that accepts players from your country, you can use BTC for your deposits and withdrawals. While cryptocurrencies are perfectly legal in the country, online gambling is not, and that’s why the situation is a bit tricky for you as a Singaporean player. Therefore, consider all the pros and cons, and if you still decide to do it, make sure you consider one of the top 3 methods that offer BTC for even quicker and more painless deposits and withdrawals!
FAQs
Is there any chance for Singapore to regulate online gambling?
Only lotteries are legal online in Singapore (and only those offered by the government-approved local companies) and as far as other forms of online gambling go in the future, it is highly unlikely that the country will start offering any, so don’t get your hopes up.
How can I know whether I’d be safe playing at an online casino as a Singaporean player?
You can never know; sites that are not licensed by your country's regulators are not safe in general. But you can still choose sites that hold a license from at least one respected regulator, like the UK Gambling Commission, as these are sites that have to respect the strict rules imposed by the respective regulators. Anyways, avoid sites that have no licenses for offering gambling online.
Is it legal to use cryptocurrencies in Singapore?
Yes, it is. Singapore is one of those countries that has embraced the use and trade of cryptocurrencies and stablecoins, so you are free to hold and use BTC without any worries.
Will I be able to gamble online using BTC in Singapore?
This is a tricky question, considering online gambling in Singapore is banned and by default, you're not supposed to gamble online. But, in case you've somehow found a way to do it regardless of the ban, the blacklists, and the forbidden access, you can surely find a site that offers BTC to gamble online using it.
How many online casinos that accept Singaporean players offer Bitcoin?
Due to the ban and strict rules imposed by the Singaporean government, not that many online casino operators have the guts to offer access to Singaporean players. But, there are still some sites that do accept players from the country, and most, if not all of them, are offering cryptocurrencies. So, at the end of the day, you might find a site that would be okay to join, to start making deposits and withdrawals in BTC.