Dragon Coin plan refuted by DICJ
The Macau gaming industry will not introduce the use of cryptocurrencies “in the near future,” according to Paulo Martins Chan, director of the city’s Gaming Inspection and Coordination Bureau, or DICJ.
Speaking on the sidelines of the G2E Asia conference, Chan told the Macau News Agency, “We put a focus on financial security, and from our knowledge, the Macao Monetary Authority also does not encourage the use or products in the market, especially in the gaming sector. We haven’t authorized any cryptocurrency-related product.”
In April, a Macau resident was arrested and charged with suspected fraud linked to the promotion of virtual currency sales. MNA then reported that gaming operator SJM was the target of attempted fraud by a company using the casino operator’s name to promote its blockchain and cryptocurrency services.
Currently, cryptocurrency use is not explicitly illegal for private individuals in Macau, but it’s a muddy area so far, and the AMCM has prohibited local financial institutions from trading in the virtual currencies. Yet a company named Dragon Coin had announced it would launch cryptocurrency-based junket operations in Macau during the second quarter of this year.
Asked about Dragon Coin, Chan told MNA the firm “doesn’t belong to any gaming operator in Macau, any junket operator or VIP gaming promoter, so it doesn’t have any relationship with Macau.”
