AMC Calls Crypto Adoption a ‘Massive Home Run,’ but Wary of Regulatory Challenges of Coin Issuance
The American entertainment industry giant AMC Entertainment Holdings has expanded on its crypto and non-fungible token (NFT) plans – claiming that it has “eight different NFT programs that either already have been launched or are in the works,” but adding that it will only press ahead with its plans to issue a cryptoasset of its own if it can stay “on the right side of the law.”
As previously reported, the company’s cinema chain arm began accepting dogecoin (DOGE) and shiba inu (SHIB) payments via the crypto payments provider BitPay in March, following an earlier decision to accept other popular tokens. The firm also tentatively plans to issue its own coin, but was keen to stress in its latest earnings call (transcribed by The Motley Fool), that it will only do so if it can ensure that it plays by the rules.
During the call, Adam Aron, the firm’s Chairman and Chief Executive Officer, called launching a token “the Holy Grail” of its crypto adoption drive, noting that the company had previously “said publicly that we’re intrigued by that notion.”
He added that the firm was still “studying” the “notion” of issuance, but added, with a note of caution:
“The biggest issue that we want to make sure that we get exactly right is that we believe the regulatory environment around cryptocurrency will radically change during 2022 and in 2023. And we want to make sure that if we do embrace issuing cryptocurrency rather than just accepting cryptocurrency, that we anticipate the new regulatory climate well, and we stay on the right side of the law.”
Aron called existing crypto pay initiatives a “massive success,” claiming that there had been “enormous interest” from customers and that he “now expects” a “wider range” of token payment
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