The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Supply… Financial Services Related to [Virtual Currencies]”
Macau’s ban on financial institutions providing services to companies has been sparked by China cryptocurrency crackdown. The Monetary Authority of Macau states that”due to recent happenings of financing actions through issuance of tokens in the Mainland, financial institutions and on-bank payment associations are prohibited explicitly by Mainland authorities from providing services for these tokens and virtual currencies.”
Macau, officially known as the People’s Republic of China’s Macao Special Administrative Region, is a sovereign land administered under Chinese sovereigntybitcoin casino no deposit bonus 2016 bitcoin casino usa legality Gambling is legal in Macau, unlike mainland China, making the land a hub for gaming and casinos. Macau has recently become the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to closely track capital outflows to the land — such as the introduction of ATMs that scan for recognition and identity card checks during cash withdrawals throughout Macau.
According to Reuters China, the AMCM stated that”in view of the recent emergence of a large number of inward currency issuance financing activities, speculation in speculation, the mainland ministries have banned financial institutions and non-bank payment bureaus to provide financing for the money and virtual currency and bitcoin live casino no deposit bonus.” Macau’s financial regulator also said that it had sent a”letter to all banks and payment associations in Macao, should not directly or indirectly take part in or provide any financial services related to [virtual currencies].”
The Macau Dragon Corp.. Is Conducting an ICO to Fund the Growth of a Casino
Macau’s ban on financial institutions providing services to virtual money companies comes during the same week that Macau-based gaming company, Dragon Corp., established an initial coin offering to raise $500 million USD to the building of a casino in partnership with Thai-based Wi Holding. The CEO of Wi Holding, Chakrit Ahmad, told CNBC that the crowdsale will include”the first time anyone has enabled the public to invest in a public junket or become a shareholder of a casino.” The ICO won’t be subject to the crackdown of Macau because of the crowdsale.
Dragon Corp’s crowdsale has generated controversy in China, as the 61-year older former-boss of infamous criminal organization Triad Society, Wan Kuok-Koi, was photographed in the signing ceremony for the partnership between Dragon Corp. and Wi Holding.
Do you believe that Dragon Corp.’s ICO will successfully evade Chinese and Macau regulators? Share your thoughts in the comments section below!
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