After several decades during which gambling activities in Myanmar were officially banned, the gaming sector was finally liberalized in 2019. In the wake of repeated discussions, consultation sessions and policy debates on proposed initiatives to adequately legislate such activities and have them subject to a workable regulatory regime, the Myanmar parliament finally enacted the Gambling Law (“New GL”) on 7 May 2019.
It’s been billed as a $15 billion smart city, powered by the latest in blockchain technology, but in reality it has emerged as a major online gambling hub and the new home to many of the operations that fled Cambodia after a ban on the practice last year.
Fincy explained its rationale for withdrawing from a project in Myanmar, saying it has zero tolerance for any form of illegal activity and has at no point had any involvement in developing online gambling applications. The company, which offers a blockchain-based payment app, wrote the rebuttal on its website in response to what it said were factual inaccuracies about its involvement in the Yatai City development.
The Myanmar military is investigating at least three senior officers for allegedly accepting bribes from the Karen Border Guard Force.
Singapore-based financial services firm Fincy has announced it will withdraw from a controversial development project run by Chinese investors accused of involvement in cryptocurrency and online casino operations near the Thai border in Myanmar’s Karen State.
The Asian Development Bank expects the economies of the Asia region to shrink this year for the first time since the 1960s.
Centara Hotels & Resorts says it has signed three hotel management agreements for Myanmar, one of which will include a casino.