AMCM reiterates virtual currencies are not legal tenders Public is urged to be vigilant against potential fraud

Monetary Authority of Macao (hereafter “AMCM”) reiterates that virtual currencies are virtual commodities which are neither legal tenders nor financial instruments. The public should remain vigilant that virtual currencies might involve fraud, or might even be used for illegal activities.

AMCM has explicitly required all banks and payment services institutions in Macao not to participate in or provide, directly or indirectly, any financial services that involve the use of virtual currencies or virtual commodities as the means of payment. AMCM has been restating that provision of regulated activities, e.g. foreign exchanges, cross-border fund transfers, or trading platforms for financial activities, without proper authorization constitutes a violation of the Financial System Act.

AMCM has established a closely collaborative mechanism with the Judiciary Police to combat against illegal financial activities and called the attention of the public to the potential risks involved.

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