Cryptocurrency Gambling Not a Definite According to Macau

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Cryptocurrency Gambling Not a Definite According to Macau

Macau is the main gambling capital currently on the face of the Earth, and quite recently it announced that it does not as yet have any concrete plans to produce a cryptocurrency-based gambling platform. This past Wednesday the head of the Gaming Inspection and Coordination Bureau, Paulo Martin Chan, shared with the media and the G2E committee that the gaming authority had as yet no strategic plans to lay out gaming licenses for cryptocurrency-funded operations as of yet.

The Reason Behind the Lack of Action

He went on to state that the main motivation for the lack of movement behind the idea of a cryptocurrency-based gambling platform, is that cryptocurrency was currently not an acceptable form of exchange within Macau. Adding that at present the Macao Monetary Authority felt that it was better to ask people to stay away from cryptocurrency, especially in industries such as the gambling sector.

As of present, it is not a criminal act to make use of cryptocurrencies for private financial engagements; however, it has not been legalized fully in Macau. The Macau Monetary Authority has stated that the digital currencies were not physical or rather real currencies and therefore, they cannot be classed as comprising either legally or financially compliant with current regulations. They basically stated that they did not want to make use of cryptocurrencies until they were more in line with current fiscal regulations or policies.

Look Into Dragon Corp

During the final quarter of 2017 a company known as Dragon Corp produced an ICO or Initial Coin Offering for its Dragon Coin tokens. All of the revenue generated off of these Dragon Coins went towards the pooling of funds for a casino-hotel complex that will be built on the waters surrounding Macau, a floating paradise if you will.

Upon analysis of the investors, it was found that four parties were Macau casino junket providers who believed that the coins were a viable way to move currency into and out of China in a more viable way than it is currently being performed.

Chan informed the media that both him and the Macau Monetary Agency wanted to remind the general media and public at large that Dragon Corp was not associated with any casino or gaming operator. He went on further to add, that at present the authorities are aware of the activities being conducted by Dragon Corp and that Dragon Corp is not a part of Macau or any of its gaming bodies whatsoever.

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