Daily Asia Gaming eBrief: Crypto ownership legal in China; top official accused of bribery

Friday 22nd of November 2024

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Good morning. Crypto. China. The two have had a love-hate relationship for years, and that appears likely to continue after a recent court ruling deems ownership of the digital assets to be legal. Trading and mining are still off the cards but it could be a step in the right direction. But a spanner is in the works, as the country’s digital currency head is now facing charges of bribery via crypto. Win some, lose some. Meanwhile, in Macau, things are looking positive for operators in the coming years, with Sands and Galaxy maintaining their dominance, even as market share fluctuates.

What you need to know

Chinese court ruling confirms personal crypto ownership is legal, even as the country’s digital currency head is accused of crypto bribery.
Shifts expected in Macau gaming dynamics in coming years, but Sands and Galaxy to maintain dominance: Jefferies.

On the radar

Online gaming operator BC. Game denies financial misconduct.
UFC returns to Macau after a 10-year hiatus, showcasing the city’s focus on sports.
The Star secures a $129.2M new debt facility, helping pad its finances.
DigiPlus nears licensing approval in Brazil’s expanding iGaming market.
Macau October visitor arrivals near pre-pandemic levels.
PH Senate panel to hold its last POGO hearing next week.

AGB Intelligence

CRYPTOCURRENCY

Crypto ownership is deemed legal by a Chinese court, even as a top official goes down for crypto bribery

China court calls crypto ownership legal; top official charged with bribery

Crypto has always been a mixed bag for China, with a huge number of proponents facing down heady skepticism by the government. A new court ruling has potentially clarified that ownership of crypto is legal in the nation, even though trading or mining is not. But further changes could be afoot, after a top official pushing the nation’s digital currency progress has been accused of crypto bribery. But Hong Kong is fully aboard the crypto train and could prove its advantages to those further north.

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