Macau will not allow cryptocurrency gaming in the near future

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, May 22, 2018.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    While gambling jurisdictions like Malta and the Isle of Man are in the process of legalising cryptocurrency wagering, other major gambling hubs like Macau are adopting a more cautious approach. According to Macau Business, the Director of the Gaming Inspection and Co-ordination Bureau has revealed that cryptocurrency gambling with Bitcoin, Litecoin, Ethereum or Dash will not be permitted anytime soon. According to the article...
    • Macau puts an emphasis on financial security so as a result they have not introduced crypto gaming in any of their casinos yet.
    • Cryptocurrency transactions between private entities in the city of Macau are not illegal.
    • The Macau Monetary Authority (AMCM), however, has recently claimed that cryptos are illegal and advised citizens to not invest in any cryptocurrencies.
    • An Initial Coin Offering (ICO) raised millions of dollars last year with the intention of building a floating casino off the coast of Macau.
  2. Tommy82

    Tommy82 Member

    Given that Macau has close ties to the People's Republic of China, it's hardly surprising that they are not legalising crypto.
  3. Humble Servant

    Humble Servant Active Member Staff Member

    Most visitors to Macau are from mainland China and Hong Kong so it would be a great way for Chinese citizens to exchange their Yuan Renminbi for crypto if it was legal. For this reason, I can't see them allowing it anytime soon.
  4. Toast

    Toast Member

    whatever hope crypto gambling had to get legal approval in 2017, that all but evaporated in 2018 with the massive price crash and the ico implosion. if a casino held any crypto gambled rather than immediately changing it back to fiat currency, they could have gone bankrupt.

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