After decades of isolation, Myanmar is emerging as a frontier tourism market and Asia’s latest gaming jurisdiction and although significant challenges lie ahead, there are reasons to be optimistic for its potential.
The entry into force of the new regulation has finally opened up the Myanmar gaming landscape to wider foreign participation. Casinos will now be allowed to operate after obtaining approval from the Union Government.
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.