How to Buy Cryptocurrency in Macao
Buying cryptocurrency in Macao
In September 2017, the Monetary Authority of Macau (AMCM) made a statement where it warned the financial industry and citizens of the risks that come with virtual commodities and tokens. According to this statement, trading of such commodities involves risks, including those related to money laundering and financing of terrorism, all of which citizens should remain vigilant against. Furthermore, the AMCM issued a notice to banks and financial institutions in Macau, warning them not to engage with or grant (directly or indirectly) any relevant financial services. This statement was issued after a very similar ban made by Chinese authorities on the mainland regarding initial coin offerings. A similar statement was also issued several years earlier (2014). In that statement, the AMCM also warned about the dangers of Bitcoin. Bitcoin was regarded as a type of virtual commodity that is neither legal tender nor a financial instrument, subjected to AMCM’s supervision.
As of 20/03/2021
These exchanges all accept customers from Macao. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options