Macau and Cryptocurrency

Macau  Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

Macau does not recognize cryptocurrencies as legal tender.[1] In a 2017 statement, the Monetary Authority of Macau issued notice to banks and payment institutions, advising such institutions to neither participate in nor provide, directly or indirectly, any financial services relevant to cryptocurrencies.[2] Any financial institution providing regulated financial services without permission violates Macau’s Financial Systems Act.[3] However, no rules exist restricting ICOs in Macau’s private casino industry.[4] In December 2020, Macau’s Gaming Commission rebutted the rumor that the Commission was incorporating a digital currency backed by the Chinese government.[5]

P.S. Insights on Cryptocurrency Legal Issues

Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.

Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.

However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.

Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.  The globe below provides links to country-by-country summaries:

Podcast:

The Freeman Law Project – Cryptocurrency Regulation and Taxation: A Brief Primer

 

Is cryptocurrency legal in Macau?

Do you have questions about cryptocurrency, digital currencies, or blockchain technology?
Freeman Law can help with digital currencies, tax planning, and tax compliance.   Contact us now or Schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.


[1] Cryptocurrency World Survey, Macau, https://www.loc.gov/law/help/cryptocurrency/world-survey.php#_ftn450.

[2] Id.

[3] Aaron Wood, Macau Monetary Authority Issues Warning on Crypto Following Criminal Ties to ICO, Cointelegraph.Com (April 18, 2020),https://cointelegraph.com/news/macau-monetary-authority-issues-warning-on-crypto-following-criminal-ties-to-ico.

[4] Id.

[5] Philip Conneller, Macau Regulator Denies it Wants Cashless Casino Economy Through Beijing-Backed DCEP Cryptocurrency, Casino.Org (Dec. 4, 2020), https://www.casino.org/news/macau-regulator-denies-it-wants-dcep-cryptocurrency-casinos/.

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