Macau Won't Authorize Crypto Gambling in Near Future

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Macau Won't Authorize Crypto Gambling in Near Future
Macau Won't Authorize Crypto Gambling in Near Future

Not the brightest piece of news for crypto enthusiasts in Macau – Paulo Martins Chan, Gaming Inspection and Co-ordination Bureau Director, stated during the G2E Asia Conference on Wednesday that Macau will not be authorizing cryptocurrency-related gambling operations. Not any time soon, in any case.

He said: “There have been no cryptocurrencies accepted in casinos and these products have not been officially introduced in Macau. […] We put a focus on financial security and from our knowledge, the Macao Monetary Authority (AMCM) also does not encourage the use or products in the market, especially in the gaming sector. We haven’t authorised any cryptocurrency related product.”

As of now, cryptocurrency deals are not illegal for private parties but AMCM has recently stated that cryptocurrencies are illegal and has urged the residents of Macau not to invest in cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Last month, one of the residents of Macau was arrested for fraud through promotion of sales of virtual currencies, with SJM gaming operator being the target. Company, Dragon Coin, intends to launch their own junket operations based on cryptocurrencies in Q2 of this year. Their objective was to raise $500 million with the help of local junket partners. Martins Chan has explained that DICJ, “immediately stated in co-operation with AMCM that that company doesn’t belong to any gaming operator in Macau, any junket operator or VIP gaming promotor, so it doesn’t have any relationship with Macau.”

Source:

“Gaming related cryptocurrency projects will not be authorised in Macau anytime soon”, macaubusiness.com, May 16, 2018

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