Macau's financial system ordered to stop dealing with virtual currency – Macauhub

Macau banks and payment institutions have been informed that they should no longer directly or indirectly participate or provide financial services associated with virtual currency, the Macao Monetary Authority (AMCM) has announced.

AMCM notification to territory The financial system also covers the provision of financial services using virtual currencies, designated as "virtual goods", as a means of payment.

In a statement released Monday, the AMCM underlined "once again" that the provision by any means of financial services subject to the supervision of AMCM (eg currency conversion, cross-border fund transfers or the provision of platforms for negotiable financial transactions) that are not duly authorized may constitute a possible violation of the provisions of the legal system governing the financial system.

The Macau Monetary Authority has stated that it cooperates with the judicial police in efforts to combat illegal finances ancial activities. He also warned residents on various occasions of the need to be cautious about the risks these practices entail. (Macauhub) [19659005] Source link