Caution against Engagement in Bitcoin Transactions - Website of MSAR Government Information Bureau

 Caution against Engagement in Bitcoin Transactions 

2014-06-17 19:03:00

Source : Monetary Authority of Macao

The Monetary Authority of Macao (“AMCM”) has recently received enquiries in relation to transacting Bitcoin in Macao and noted the relevant media coverage. In such connection, the AMCM would like to call for caution against engagement in Bitcoin-related transactions:

1.Bitcoin is a type of virtual commodity which is neither a legal tender nor a financial instrument subject to supervision of the AMCM;

2.Supervision of financial activities is regulated by the “Macao Financial System Act” approved by Decree Law No. 32/93/M of 5 July, under which any commercial entities other than authorized financial institutions are prohibited from using the words, expressions or any other terms having or implying the idea of operating the business of a credit institution, including “ATM”, in the course of their business;

3.Trading of virtual commodities such as Bitcoin involves considerable risks, including but not limited to those relating to money laundering and terrorist financing, against which all participants, including the general public, should remain vigilant.

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