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Macau has been called by many the “gambling capital of the world”. The small Chinese region operates as an independent city-state, much like Hong Kong. In contrast to the dominant government presence in mainland China, Macau has a free market economy which heavily relies on tourism and the gaming industry.
The Monetary Authority of Macau is the governmental body in charge of the regulatory oversight of the financial activities in Macau. It is within its power to guide, coordinate and oversee the monetary, financial, foreign exchange and insurance markets, as well as ensure and guarantee the financial stability of the small city’s economy.
Online Forex trading is not explicitly integrated within the regulatory framework of the city, but nor is it explicitly prohibited, since it is legal to do business with a Honk Kong-based brokerage such as Rakuten Securities which targets traders in Macau. The Monetary Authority most likely formally supervises Forex trading without having any specific rules outlined for the industry. Until the legislation properly reflects the existence of Forex trading – local and international brokerages operating on the territory of Macau are left in a sort of gray area without much clarity.
The most popular and preferred by traders payment methods in Macau include the standard Visa and MasterCard, bank wire, as well as China UnionPay and mobile payment MacauPay. The local currency is Macanese pataca.