Macau | Gaming related cryptocurrency projects will not be authorised in Macau anytime soon - Gaming commission head

Gaming Inspection and Co-ordination Bureau (DICJ) Director Paulo Martins Chan said today that gaming related cryptocurrency operations would not be allowed in Macau in the near future

Macau (MNA) – This Wednesday, the Director of the Gaming Inspection and Co-ordination Bureau (DICJ), Paulo Martins Chan, told Macau News Agency (MNA) during the G2E Asia Conference that the use of cryptocurrency in gaming activities would not be authorised “in the near future.”

“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,” the DICJ head stated.

The statement follows the arrest of a local resident last month by local police authorities for suspected fraud linked to the promotion of virtual currency sales, with MNA then reporting that gaming operator SJM was the target of an attempted fraud by a company using the casino operator’s name to promote its blockchain and cryptocurrency services.

Currently, there is no legislation in the city stating cryptocurrency deals are illegal for private parties. But the AMCM has recently issued several statements claiming virtual currencies are illegal, warning residents about the risks of investing in the latter while prohibiting local financial institutions to trade virtual currencies.

A company named Dragon Coin has also repeatedly announced since last year that it intends to launch cryptocurrency-based junket operations in Macau in the second quarter of this year.

Dragon Coin held its main cryptocurrency ICO public investment round between February 15 and March 15, 2018, having stated it had previously raised US$320 million with the help of local Macau junket partners, with the ultimate objective of raising some US$500 million.However, the company has not yet revealed how much it raised after the main ICO.

The DICJ head told MNA today that after the department knew about the company announcements it “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.”

[Edited by Sheyla Zandonai]