Macau Mulling Cryptocurrency Trading Legalization, Says Economic Chief
CryptoNewsTerminal Staff13 Jun, 2024
Macau Mulling Cryptocurrency Trading Legalization, Says Economic Chief
Macau's government is considering legalizing cryptocurrency trading within the region, according to the Secretary for Economy and Finance, Lei Wai Nong. During a Legislative Council meeting on October 12, 2023, Lei stated that the government is currently reviewing whether to permit certain crypto transactions under controlled risk conditions. While current laws prohibit financial institutions from engaging in virtual asset-related services, the government is closely monitoring international regulatory trends to ensure compliance with anti-money laundering and anti-terrorist financing measures. Lei's comments suggest that Macau is actively exploring the potential benefits and risks of cryptocurrency trading while prioritizing regulatory safeguards.
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