Macao’s financial system advised to refrain from dealing with virtual currency

7 August 2018

Macao’s banks and payment institutions have been informed that they should not directly or indirectly participate in or provide any financial services associated with virtual currency, the Macao Monetary Authority (AMCM) has announced.

The AMCM notification to the territory’s financial system also covers the provision of financial services that use virtual currencies, designated as “virtual merchandise”, as means of payment.

In a statement released on Monday, the AMCM stressed “yet again” that the provision by any means of financial services subject to AMCM oversight (e.g. currency conversion, cross-border fund transfers or supply of platforms for negotiable financial transactions) which are not duly authorised may constitute an eventual violation of provisions of the legal system governing the financial system.

The Macao Monetary Authority indicated that it was cooperating with the Judiciary Police in efforts to combat illegal financial activities. It has also warned residents on various occasions of the need for caution regarding the risks that such practices entail. (Macauhub)