The Monetary Authority of Macau Warns Against Crypto Following Recent Criminal Ties Discovery


Macau’s monetary authoritative body has issued a warning to raise awareness about the possibility of fraudulent and criminal activities tied to cryptocurrencies.

The warning follows recent discoveries of an initial coin offering being linked to a local gangster. It was reported that the Macau Dragon Group, a group affiliated with known Chinese gangster Wan Kuokoi, had hired Cambridge Analytica to promote the cryptocurrency Dragon Coin (DGC), a utility token made to serve the VIP gaming community of Macau.

“The media has reported that a Macau company was involved in an Initial Coin Offering recently. The Monetary Authority of Macau reminds all Macau residents that cryptocurrencies are virtual products, but not legal currencies or financial tools. Residents should be aware of fraud and criminal activities associated with cryptocurrencies.”

Aside from that, the Monetary Authority of Macau also warned financial institutions against providing services to cryptocurrency exchanges as doing so is against the law:

“[The] Monetary Authority of Macau reiterates that any institution providing regulated financial services such as currency exchange, cross-border fund transfer, and financial exchange platforms without permission violates relevant provisions of the Financial System Act.”




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