Macau says ‘streamlined’ casino FX authorisation rules

Sep 03, 2024 Newsdesk Latest News, Macau, Top of the deck  

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Macau’s financial regulator has confirmed to GGRAsia that a recent series of chief executive orders updating how foreign exchange (FX) business is authorised in venues of the city’s six casino concessionaires, were in order to “streamline” the administrative process.

The Monetary Authority of Macao stated in an email: “Previously, the number of [foreign] exchange counters in each casino has been specified in an Executive Order” in each instance.

The regulator added: “The ‘Chief Executive Dispatches’ published on August 19, 2024 aim to streamline the administrative and authorisation process for gaming concessionaires in opening exchange counters in their casinos.”

The monetary authority did not elaborate on the streamlining element, other than indicating in general terms that a per-casino authorisation was a more intensive process.

The regulator also noted in its email: “Pursuant to Article 9.2 of Decree-Law no. 39/97/M… gaming concessionaires are allowed to provide money exchange service within their casinos upon authorisation from the Chief Executive.”

Macau casino concessionaires are the only entities allowed to run foreign currency exchange counters within their gaming premises, according to the city’s regulatory arrangements.

The Macau government has been stepping up efforts to tackle unauthorised money exchange by third parties within, or near to, gaming properties. It has proposed criminalising such activity in the gaming and non-gaming areas of a casino resort, via an amendment to a draft bill called the “Law to Combat Gambling Crimes”.

Most bets in Macau casinos are denominated in Hong Kong dollars, and a majority of visitors to Macau is from the Chinese mainland, and may have their assets denominated primarily in China’s currency, the yuan.

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