APT To Avoid Cryptocurrency In Macau Event

Harry Coulter | 08 May 2018

APT Halts Involvement With CryptocurrenciesRegulators across the globe have begun to distance themselves from the use of cryptocurrencies – and now even major poker tournaments are joining this trend. Most recently, the Asian Poker Tour (ATP) has revealed that its 2018 APT Macau Championships will adhere to local laws and avoid the use and association of all cryptocurrencies and related services.

According to a new GGRAsia report, last week saw the major poker event announcing a new sponsorship agreement with CoinPoker.com, which it considers to be a global cryptocurrency-based online poker site. ATP had presumably hoped to use the deal to offer players a chance to win seats into its land-based tourneys using online tournaments and the site’s own CHP cryptocurrency.

Tour Halts Its EU Crypto Plans

However, APT was soon approached by the Gaming Inspection and Coordination Bureau of Macau, which highlighted earlier crypto guidelines from the nation’s Monetary Authority. According to these laws, cryptocurrencies are neither a legal currency form, nor are they a ‘financial instrument’ that is subject to supervision.

Because of this incident, the APT is now distancing its popular APT Macau Championships from CoinPoker.com by stating that it had only considered the use of virtual currencies as a means of expanding the reach and appeal of its poker events. This consideration was focussed particularly on the European market, although it seems that the Tour had aimed to target players around the world with this draw card.

CEO Apologises For Any Confusion

CEO of the Asian Poker Tour, Jeff Mann, commented that every APT event is clearly different, and that his company is mindful of adhering to local laws and guidelines. In a statement, Mann confirmed that the 2018 edition of the APT Macau Championships will not in any way associate with cryptocurrencies, and also apologised for any confusion caused by earlier statements.

The 2018 APT Macau Championships are set to take place across 12 days, starting from April 25. The event will be held inside Macau’s luxurious Babylon Casino, and will boast 18 events in total, including a super high roller game with a massive $25,500 buy-in fee. There will also be a more affordable main event with a $560 buy-in, which promises a tempting $254,900 prize pool to whichever poker pro reigns victorious this year.

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