Macao

Retail_Trading_Status

Gray-Zone Unknown

Analysis ID: #238
Version: Archived
Created: 2025-04-13 08:01
Run: e2dd3731...
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Workflow Stage: Live

Executive Summary

Retail cryptocurrency trading in Macao exists in a 'Gray-Zone.' The Monetary Authority of Macao (AMCM) maintains a cautious stance, viewing cryptocurrencies as 'virtual commodities' and restricting financial institutions from engaging in crypto-related services. There's no specific regulatory framework, but existing financial regulations are enforced. Despite restrictions, Macao is exploring a Central Bank Digital Currency (CBDC).

Key Pillars

The primary regulator is the Monetary Authority of Macao (AMCM). The AMCM's approach is to treat cryptocurrencies as 'virtual commodities' outside its direct supervisory scope. Core compliance requirements are enforced through existing financial regulations, such as the Financial System Act. There are no licensed local exchanges or platforms, and authorization for crypto-related financial services is currently denied.

Landmark Laws

There are no specific landmark legislations mentioned in the report that are specific to cryptocurrency. However, the report mentions the Financial System Act, which could potentially be breached by activities involving the exchange or transfer of cryptocurrencies if deemed unauthorized financial services [3, 7, 9, 10].

Considerations

Crypto assets are classified as 'virtual commodities' and are not considered legal tender or financial instruments. The AMCM has issued warnings about the risks associated with cryptocurrencies, including fraud, money laundering, and terrorist financing. Accessing the crypto market through local regulated financial channels is prohibited due to restrictions on financial institutions. Activities involving the exchange or transfer of cryptocurrencies could potentially breach the Financial System Act if deemed unauthorized financial services [3, 7, 9, 10].

Notes

The report mentions that Macao is exploring a Central Bank Digital Currency (CBDC), the digital Pataca (e-MOP), which is planned as legal tender [11, 15, 20, 23]. Macao's authorities coordinate closely with mainland China on financial matters, including preventing money laundering [8]. Some sources suggest that Macao authorities "prohibited transactions with Bitcoin and banned ICO" [8, 10], primarily targeting financial institutions and organized activities. The report emphasizes that the AMCM has been issuing circulars and public statements since at least 2017 to remind financial institutions not to participate in or provide financial services related to cryptocurrency trading [3, 6, 9, 13].

Detailed Explanation

Retail cryptocurrency trading in Macao operates within a 'Gray-Zone.' There is no explicit legal prohibition on individuals owning or trading cryptocurrencies; however, the regulatory environment is highly restrictive, discouraging participation. The Monetary Authority of Macao (AMCM) views cryptocurrencies as 'virtual commodities,' not legal tender or financial instruments, and does not directly supervise them. Since 2017, the AMCM has issued circulars and public statements to this effect [3, 6, 9, 13]. The AMCM prohibits banks and payment institutions in Macao from engaging in any financial services related to cryptocurrency trading, including processing wire transfers to crypto exchanges or enabling crypto purchases with local credit cards [3, 6, 9, 13]. This effectively cuts off the formal financial system from the crypto market, making fiat-to-crypto conversion difficult through regulated channels. The AMCM has also issued public warnings about the risks associated with 'virtual commodities,' such as fraud, money laundering, and terrorist financing [4, 6, 7, 9, 13], further discouraging public participation. Macao's authorities cooperate with mainland China on financial matters, including preventing money laundering [8], and the mainland has strict bans on cryptocurrency trading [8, 14, 22, 26], influencing Macao's restrictive environment. Some sources state that Macao authorities "prohibited transactions with Bitcoin and banned ICO" [8, 10], primarily targeting financial institutions and organized activities. While there's no specific regulatory framework for crypto-assets or crypto-infrastructure [3], activities that fall under existing financial regulations (like currency exchange or operating trading platforms) require authorization, which is currently denied for crypto-related services [3, 4, 7, 9, 10]. Therefore, individuals might acquire and hold cryptocurrency through peer-to-peer transactions or offshore platforms. However, accessing these platforms might be difficult given the banking restrictions. Despite the restrictions on transacting through the formal system, there is exploration of a Central Bank Digital Currency (CBDC), the digital Pataca (e-MOP), which is planned as legal tender and distinct from private cryptocurrencies [11, 15, 20, 23].

Summary Points

Here's a bullet-point summary of the report on Retail Cryptocurrency Trading Status in Macao, designed for quick and easy comprehension:

Retail Cryptocurrency Trading Status in Macao: Regulatory Analysis (April 13, 2025)

I. Overall Regulatory Status:

Gray-Zone: Retail cryptocurrency trading (buying, selling, holding) exists in a legal "Gray-Zone."
- No explicit law prohibits individuals from owning or trading cryptocurrencies.
- However, the regulatory environment is highly restrictive, discouraging participation and making practical engagement difficult.

II. Key Regulatory Bodies and Roles:

Monetary Authority of Macao (AMCM): Primary financial regulator.
- Maintains a cautious and prohibitive stance towards cryptocurrencies.
- Views cryptocurrencies as "virtual commodities," not legal tender or financial instruments under its supervision.
- Has issued public warnings about the risks associated with cryptocurrencies (fraud, money laundering, terrorist financing).

III. Important Legislation and Regulations:

No Specific Regulatory Framework: No specific regulations for crypto-assets or crypto-infrastructure (e.g., exchanges).
Financial System Act: Activities involving the exchange or transfer of cryptocurrencies could potentially breach this act if deemed unauthorized financial services.

IV. Requirements for Compliance:

N/A: There are no specific compliance requirements for individuals, as there is no regulatory framework. However, individuals are subject to general laws regarding financial crimes.

V. Notable Restrictions and Limitations:

Prohibition on Financial Institutions: AMCM has forbidden all banks and payment institutions from participating in or providing any financial services related to cryptocurrency trading.
- Includes processing wire transfers to crypto exchanges.
- Includes allowing cryptocurrency purchases using local credit cards.
- This effectively isolates the formal financial system from the crypto market.
No Licensed Local Exchanges or Platforms: There are no licensed cryptocurrency exchanges or platforms operating within Macao.
Limited Access: Accessing the market through local regulated financial channels is prohibited.

VI. Recent Developments and Changes:

AMCM's Consistent Stance: The AMCM has consistently maintained its restrictive stance since at least 2017.
Exploration of Central Bank Digital Currency (CBDC): Macao is exploring a Central Bank Digital Currency (CBDC), the digital Pataca (e-MOP), which is planned as legal tender and distinct from private cryptocurrencies like Bitcoin.

VII. Influence of Mainland China:

Coordination with Mainland China: Macao authorities often coordinate closely with mainland China on financial matters, including preventing money laundering.
Mainland China's Strict Bans: Mainland China has implemented strict bans on cryptocurrency trading and related activities.
Influence on Macao Policy: The influence and policy direction from the mainland contribute to the restrictive environment in Macao.

VIII. Key Takeaways:

Individual Ownership Not Explicitly Illegal: It is not explicitly illegal for an individual to own cryptocurrency.
Transacting is Hindered: Engaging in buying or selling is practically hindered and occurs outside the regulated financial system.
Significant Implicit Risks: Retail crypto activity carries significant implicit risks and regulatory disapproval.

Full Analysis Report

Report: Retail Cryptocurrency Trading Status in Macao

Date: April 13, 2025

Analyst: Specialized Financial Regulatory Analyst

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

1. Identified Status:
Gray-Zone

2. Detailed Narrative Explanation:

The status of retail cryptocurrency trading (buying, selling, holding) by individual citizens and residents in Macao SAR falls into a 'Gray-Zone'. While there is no explicit law directly prohibiting individuals from owning or trading cryptocurrencies, the regulatory environment is highly restrictive, making practical engagement difficult and discouraging participation.

The Monetary Authority of Macao (AMCM), the primary financial regulator, has consistently maintained a cautious and prohibitive stance towards cryptocurrencies, particularly concerning the involvement of regulated financial institutions. Since at least 2017, the AMCM has issued circulars and public statements clarifying that cryptocurrencies (referred to as "virtual commodities") are not legal tender or financial instruments under its supervision [3, 6, 9, 13].

Crucially, the AMCM has explicitly forbidden all banks and payment institutions operating in Macao from participating in or providing any financial services, directly or indirectly, related to cryptocurrency trading [3, 6, 9, 13]. This prohibition includes services such as processing wire transfers to crypto exchanges or allowing cryptocurrency purchases using local credit cards [3]. This effectively isolates the formal financial system from the crypto market, making it extremely difficult for retail users to convert fiat currency (Macanese Pataca or other currencies) into cryptocurrencies or vice-versa through regulated channels within Macao.

While these restrictions target financial institutions, the AMCM has also issued warnings directly to the public, highlighting the significant risks associated with "virtual commodities," including fraud, money laundering, and terrorist financing [4, 6, 7, 9, 13]. Although these warnings do not constitute a direct legal ban on individual ownership or trading, they strongly discourage participation and signal regulatory disapproval.

Furthermore, Macao's authorities often coordinate closely with mainland China on financial matters, including preventing money laundering [8]. Mainland China has implemented strict bans on cryptocurrency trading and related activities [8, 14, 22, 26]. While Macao operates under the "One Country, Two Systems" principle and maintains its own legal framework, the influence and policy direction from the mainland contribute to the restrictive environment. Some sources even state that Macao authorities "prohibited transactions with Bitcoin and banned ICO" in line with mainland policy, although this seems primarily directed at financial institutions and organized activities rather than individual holding [8, 10].

There is no specific regulatory framework for crypto-assets or crypto-infrastructure (like exchanges) in Macao [3]. The AMCM views them as 'virtual commodities' outside its direct supervisory scope unless they involve activities that fall under existing financial regulations (like currency exchange or operating trading platforms), which require authorization and are currently denied for crypto-related services [3, 4, 7, 9, 10].

Therefore, while an individual might technically be able to acquire and hold cryptocurrency (perhaps through peer-to-peer transactions or offshore platforms, though accessing these might be difficult due to the banking restrictions), they operate in an environment where:
* The official regulator actively discourages participation.
* Accessing the market through local regulated financial channels is prohibited.
* There are no licensed local exchanges or platforms.
* Activities involving the exchange or transfer of cryptocurrencies could potentially breach the Financial System Act if deemed unauthorized financial services [3, 7, 9, 10].

This combination of factors – no outright ban on possession but severe restrictions on transacting through the formal system and strong regulatory discouragement – places retail crypto activity in a 'Gray-Zone'. It is not explicitly illegal for an individual to own crypto, but engaging in buying or selling is practically hindered and occurs outside the regulated financial system, carrying significant implicit risks and regulatory disapproval.

It's important to distinguish this from Macao's exploration of a Central Bank Digital Currency (CBDC), the digital Pataca (e-MOP), which is planned as legal tender and distinct from private cryptocurrencies like Bitcoin [11, 15, 20, 23].

3. Specific, Relevant Text Excerpts:

Monetary Authority of Macao (AMCM) Position (via Mondaq, Sep 2024): "There is no regulatory framework in place regarding crypto-assets/crypto-infrastructure. The position of the Monetary Authority of Macau (AMCM) is that cryptocurrencies are 'virtual commodities' and are neither legal tender nor financial instruments; therefore, they are not subject to the AMCM's supervision." [3]
Prohibition on Financial Institutions (via Mondaq, Sep 2024): "Currently, the only evident product ban is the prohibition imposed on all financial entities by the Monetary Authority of Macau (AMCM) from participating in any transactions related to crypto-assets (eg, wire transfers to crypto-exchanges; crypto-currency purchases with local credit cards)." [3]
AMCM Circular Reminder (via Macau Daily Times, Jan 2018): “This Authority has already sent a circular to remind all the banking and payment institutions in Macau not to participate in or provide, directly or indirectly, any financial services in relation to such trading, so as to curb the occurrence of the relevant activities in Macau.” [6]
AMCM Public Warning (Aug 2018): "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." [9]
AMCM Statement on Unauthorized Services (Apr 2018 via Hogan Lovells/Cointelegraph): "The Monetary Authority of Macau reiterates that any institution that provides regulated financial services… such as currency exchange, cross-border fund transfer or the provision of financial trading platforms violates the relevant provisions of the Financial System Act." [4, 7]
Comparison with Mainland China (via SSRN Research Paper, Mar 2022): "Macau's authorities closely cooperate with mainland China to prevent money laundering through digital financial assets and therefore prohibited transactions with Bitcoin and banned ICO. It reduces opportunities for illegal activities..." [8] (Note: This source interprets the actions as a prohibition on transactions, likely reflecting the impact of the ban on financial institutions).
Nature of "Virtual Commodities" (via AMCM Press Release, Sep 2017): "...Bitcoin is a type of virtual commodity which is neither a legal tender nor a financial instrument subject to supervision. Any trading of these commodities involves considerable risks..." [13]

4. Direct URL Links to Sources:

[3] Mondaq - Capital Markets Comparative Guide - Macau (Sep 17, 2024): https://www.mondaq.com/macau/capital-markets/1368170/capital-markets-comparative-guide (Link points to Mondaq article summarizing the legal status)
[4] Hogan Lovells - Digital Assets and Blockchain Hub (Macau Developments, citing Apr 2018 AMCM statement): https://www.hoganlovells.com/en/services/digital-assets-and-blockchain/hub#/regulatorytracker/Macau?topic=Financial%20services%20regulation,AML%20and%20Sanctions (Specific link may require navigation on the site)
[6] Macau Daily Times - Monetary Authority wants to curb cryptocurrencies (Jan 31, 2018): https://macaudailytimes.com.mo/monetary-authority-wants-curb-cryptocurrencies.html
[7] Cointelegraph - Macau Monetary Authority Issues Warning On Crypto Following Criminal Ties To ICO (Apr 21, 2018): https://cointelegraph.com/news/macau-monetary-authority-issues-warning-on-crypto-following-criminal-ties-to-ico
[8] SSRN - Regulation of Cryptoassets in Mainland China, Hong Kong, Macau & Taiwan (Mar 02, 2022): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4047788 (Link to the research paper abstract/download page)
[9] Macao SAR Government Portal - AMCM reiterates virtual currencies are not legal tenders (Aug 06, 2018): https://www.gov.mo/en/news/116149/
[10] SSRN - Regulation of Cryptoassets in Mainland China, Hong Kong, Macau & Taiwan (Mar 02, 2022) - Specific reference to Financial System Act violation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4047788 (Link to the research paper abstract/download page)
[11] Lusa News Agency (via Macau Business) - Macau: Region set to issue digital currency this year (Sep 24, 2024): https://www.macaubusiness.com/macau-region-set-to-issue-digital-currency-this-year-lusa/
[13] Macao SAR Government Portal - Alert to Risks of Virtual Commodities and Tokens (Sep 27, 2017): https://www.gov.mo/en/news/105861/
[14] Asia Gaming Brief - China court rules crypto ownership legal... (Nov 22, 2024): https://agbrief.com/news/china/22/11/2024/china-court-rules-crypto-ownership-legal-as-digital-currency-head-accused-of-bribery/
[15] iGaming Business - Macau plans digital currency trial (Sep 24, 2024): https://igamingbusiness.com/gaming/macau-plans-digital-currency-trial/
[20] Asia Gaming Brief - Macau finishes discussing draft law that includes digital currency (May 16, 2023): https://agbrief.com/news/macau/16/05/2023/macau-finishes-discussing-draft-law-that-includes-digital-currency/
[22] CKGSB Knowledge - Cryptic Crypto China (Dec 12, 2023): https://knowledge.ckgsb.edu.cn/2023/12/12/cryptocurrencies/cryptic-crypto-china/
[23] Central Banking - Macau establishes digital currency as legal tender (Sep 05, 2023): https://www.centralbanking.com/fintech/cbdc/7959751/macau-establishes-digital-currency-as-legal-tender
[26] Forbes - Chinese People Continue Buying More Bitcoin, Despite Strict Bans (Mar 31, 2025): https://www.forbes.com/sites/digital-assets/2024/03/31/chinese-people-continue-buying-more-bitcoin-despite-strict-bans/

End of Report

**Report: Retail Cryptocurrency Trading Status in Macao**

**Date:** April 13, 2025

**Analyst:** Specialized Financial Regulatory Analyst

---

**Topic: Retail_Trading_Status**

**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

**1. Identified Status:**
Gray-Zone

**2. Detailed Narrative Explanation:**

The status of retail cryptocurrency trading (buying, selling, holding) by individual citizens and residents in Macao SAR falls into a 'Gray-Zone'. While there is no explicit law directly prohibiting individuals from owning or trading cryptocurrencies, the regulatory environment is highly restrictive, making practical engagement difficult and discouraging participation.

The Monetary Authority of Macao (AMCM), the primary financial regulator, has consistently maintained a cautious and prohibitive stance towards cryptocurrencies, particularly concerning the involvement of regulated financial institutions. Since at least 2017, the AMCM has issued circulars and public statements clarifying that cryptocurrencies (referred to as "virtual commodities") are not legal tender or financial instruments under its supervision [3, 6, 9, 13].

Crucially, the AMCM has explicitly forbidden all banks and payment institutions operating in Macao from participating in or providing *any* financial services, directly or indirectly, related to cryptocurrency trading [3, 6, 9, 13]. This prohibition includes services such as processing wire transfers to crypto exchanges or allowing cryptocurrency purchases using local credit cards [3]. This effectively isolates the formal financial system from the crypto market, making it extremely difficult for retail users to convert fiat currency (Macanese Pataca or other currencies) into cryptocurrencies or vice-versa through regulated channels within Macao.

While these restrictions target financial institutions, the AMCM has also issued warnings directly to the public, highlighting the significant risks associated with "virtual commodities," including fraud, money laundering, and terrorist financing [4, 6, 7, 9, 13]. Although these warnings do not constitute a direct legal ban on individual ownership or trading, they strongly discourage participation and signal regulatory disapproval.

Furthermore, Macao's authorities often coordinate closely with mainland China on financial matters, including preventing money laundering [8]. Mainland China has implemented strict bans on cryptocurrency trading and related activities [8, 14, 22, 26]. While Macao operates under the "One Country, Two Systems" principle and maintains its own legal framework, the influence and policy direction from the mainland contribute to the restrictive environment. Some sources even state that Macao authorities "prohibited transactions with Bitcoin and banned ICO" in line with mainland policy, although this seems primarily directed at financial institutions and organized activities rather than individual holding [8, 10].

There is no specific regulatory framework for crypto-assets or crypto-infrastructure (like exchanges) in Macao [3]. The AMCM views them as 'virtual commodities' outside its direct supervisory scope *unless* they involve activities that fall under existing financial regulations (like currency exchange or operating trading platforms), which require authorization and are currently denied for crypto-related services [3, 4, 7, 9, 10].

Therefore, while an individual might technically be able to acquire and hold cryptocurrency (perhaps through peer-to-peer transactions or offshore platforms, though accessing these might be difficult due to the banking restrictions), they operate in an environment where:
*   The official regulator actively discourages participation.
*   Accessing the market through local regulated financial channels is prohibited.
*   There are no licensed local exchanges or platforms.
*   Activities involving the exchange or transfer of cryptocurrencies could potentially breach the Financial System Act if deemed unauthorized financial services [3, 7, 9, 10].

This combination of factors – no outright ban on *possession* but severe restrictions on *transacting* through the formal system and strong regulatory discouragement – places retail crypto activity in a 'Gray-Zone'. It is not explicitly illegal for an individual to *own* crypto, but engaging in buying or selling is practically hindered and occurs outside the regulated financial system, carrying significant implicit risks and regulatory disapproval.

It's important to distinguish this from Macao's exploration of a Central Bank Digital Currency (CBDC), the digital Pataca (e-MOP), which is planned as legal tender and distinct from private cryptocurrencies like Bitcoin [11, 15, 20, 23].

**3. Specific, Relevant Text Excerpts:**

*   **Monetary Authority of Macao (AMCM) Position (via Mondaq, Sep 2024):** "There is no regulatory framework in place regarding crypto-assets/crypto-infrastructure. The position of the Monetary Authority of Macau (AMCM) is that cryptocurrencies are 'virtual commodities' and are neither legal tender nor financial instruments; therefore, they are not subject to the AMCM's supervision." [3]
*   **Prohibition on Financial Institutions (via Mondaq, Sep 2024):** "Currently, the only evident product ban is the prohibition imposed on all financial entities by the Monetary Authority of Macau (AMCM) from participating in any transactions related to crypto-assets (eg, wire transfers to crypto-exchanges; crypto-currency purchases with local credit cards)." [3]
*   **AMCM Circular Reminder (via Macau Daily Times, Jan 2018):** “This Authority has already sent a circular to remind all the banking and payment institutions in Macau not to participate in or provide, directly or indirectly, any financial services in relation to such trading, so as to curb the occurrence of the relevant activities in Macau.” [6]
*   **AMCM Public Warning (Aug 2018):** "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." [9]
*   **AMCM Statement on Unauthorized Services (Apr 2018 via Hogan Lovells/Cointelegraph):** "The Monetary Authority of Macau reiterates that any institution that provides regulated financial services… such as currency exchange, cross-border fund transfer or the provision of financial trading platforms violates the relevant provisions of the Financial System Act." [4, 7]
*   **Comparison with Mainland China (via SSRN Research Paper, Mar 2022):** "Macau's authorities closely cooperate with mainland China to prevent money laundering through digital financial assets and therefore prohibited transactions with Bitcoin and banned ICO. It reduces opportunities for illegal activities..." [8] (Note: This source interprets the actions as a prohibition on transactions, likely reflecting the impact of the ban on financial institutions).
*   **Nature of "Virtual Commodities" (via AMCM Press Release, Sep 2017):** "...Bitcoin is a type of virtual commodity which is neither a legal tender nor a financial instrument subject to supervision. Any trading of these commodities involves considerable risks..." [13]

**4. Direct URL Links to Sources:**

*   [3] Mondaq - Capital Markets Comparative Guide - Macau (Sep 17, 2024): https://www.mondaq.com/macau/capital-markets/1368170/capital-markets-comparative-guide (Link points to Mondaq article summarizing the legal status)
*   [4] Hogan Lovells - Digital Assets and Blockchain Hub (Macau Developments, citing Apr 2018 AMCM statement): https://www.hoganlovells.com/en/services/digital-assets-and-blockchain/hub#/regulatorytracker/Macau?topic=Financial%20services%20regulation,AML%20and%20Sanctions (Specific link may require navigation on the site)
*   [6] Macau Daily Times - Monetary Authority wants to curb cryptocurrencies (Jan 31, 2018): https://macaudailytimes.com.mo/monetary-authority-wants-curb-cryptocurrencies.html
*   [7] Cointelegraph - Macau Monetary Authority Issues Warning On Crypto Following Criminal Ties To ICO (Apr 21, 2018): https://cointelegraph.com/news/macau-monetary-authority-issues-warning-on-crypto-following-criminal-ties-to-ico
*   [8] SSRN - Regulation of Cryptoassets in Mainland China, Hong Kong, Macau & Taiwan (Mar 02, 2022): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4047788 (Link to the research paper abstract/download page)
*   [9] Macao SAR Government Portal - AMCM reiterates virtual currencies are not legal tenders (Aug 06, 2018): https://www.gov.mo/en/news/116149/
*   [10] SSRN - Regulation of Cryptoassets in Mainland China, Hong Kong, Macau & Taiwan (Mar 02, 2022) - Specific reference to Financial System Act violation: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4047788 (Link to the research paper abstract/download page)
*   [11] Lusa News Agency (via Macau Business) - Macau: Region set to issue digital currency this year (Sep 24, 2024): https://www.macaubusiness.com/macau-region-set-to-issue-digital-currency-this-year-lusa/
*   [13] Macao SAR Government Portal - Alert to Risks of Virtual Commodities and Tokens (Sep 27, 2017): https://www.gov.mo/en/news/105861/
*   [14] Asia Gaming Brief - China court rules crypto ownership legal... (Nov 22, 2024): https://agbrief.com/news/china/22/11/2024/china-court-rules-crypto-ownership-legal-as-digital-currency-head-accused-of-bribery/
*   [15] iGaming Business - Macau plans digital currency trial (Sep 24, 2024): https://igamingbusiness.com/gaming/macau-plans-digital-currency-trial/
*   [20] Asia Gaming Brief - Macau finishes discussing draft law that includes digital currency (May 16, 2023): https://agbrief.com/news/macau/16/05/2023/macau-finishes-discussing-draft-law-that-includes-digital-currency/
*   [22] CKGSB Knowledge - Cryptic Crypto China (Dec 12, 2023): https://knowledge.ckgsb.edu.cn/2023/12/12/cryptocurrencies/cryptic-crypto-china/
*   [23] Central Banking - Macau establishes digital currency as legal tender (Sep 05, 2023): https://www.centralbanking.com/fintech/cbdc/7959751/macau-establishes-digital-currency-as-legal-tender
*   [26] Forbes - Chinese People Continue Buying More Bitcoin, Despite Strict Bans (Mar 31, 2025): https://www.forbes.com/sites/digital-assets/2024/03/31/chinese-people-continue-buying-more-bitcoin-despite-strict-bans/

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**End of Report**

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