Macau Financial Secretary: Explore opening up virtual asset activities under controllable risks

Lei Wai Nong, the Secretary for Economy and Finance of Macau, responded to questions from local legislators Kou Hoi In and Jose Pereira Coutinho yesterday, stating that under current regulatory policies, all financial institutions in Macau are not allowed to directly or indirectly provide any financial services related to virtual assets. The Macau Interdepartmental Working Group on Anti-Money Laundering and Counter-Terrorist Financing will continue to follow up on relevant business developments and international trends, and explore whether certain types of virtual asset activities can be opened up under controllable risks, as well as formulate or revise relevant laws and regulations and regulatory guidelines. The Macau government does not intend to invest hundreds of billions of yuan in the metaverse, but rather to support technology companies to settle in through the Technology Fund and create employment opportunities. At present, the Hengqin government will first establish a guidance fund, and then combine government subsidies and market funds to assist scientific and technological innovation enterprises.