The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Supply… Financial Services Related to [Virtual Currencies]”
The ban on financial institutions providing services to companies working with bitcoin of macau was triggered by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that”because of recent happenings of funding actions through issuance of tokens from the Mainland, financial institutions and on-bank payment institutions are prohibited explicitly by Mainland authorities from providing services for these tokens and virtual currencies.”
Macau known as the People’s Republic of China’s Macao Special Administrative Region, is a sovereign territory administered under Chinese sovereigntyTrusted betchain casino In Macau, unlike China, making the territory a hub for gaming and casinos gambling is legal. Macau has recently been the subject of a crackdown on money laundering by Beijing, with authorities moving to monitor capital outflows into the land — including the introduction of ATMs that scan for identity card checks and facial recognition throughout Macau during cash withdrawals.
According to Reuters China, the AMCM said that”in light of the recent emergence of a high number of inward currency issuance financing activities, speculation in speculation, the mainland ministries have banned financial institutions and non-bank payment agencies to offer financing for the currency and digital money and bitcoin live casino no deposit bonus.” Macau’s financial regulator also said that it had sent a”letter to all banks and payment institutions in Macao, should not directly or indirectly take part in or provide any financial services related to [virtual currencies].”
The Macau Dragon Corp.. Is Running an ICO to Fund the Growth of a Casino
Macau’s ban on financial institutions providing services to virtual currency companies comes during the exact same week that Macau-based gaming company, Dragon Corp., established a first coin offering to raise $500 million USD for 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 anybody has enabled the public to invest in a public junket or become a shareholder of a casino.” The ICO will not be subject to the crackdown of Macau because of the crowdsale being issued in Hong Kong.
Dragon Corp’s crowdsale has generated controversy in China, since the 61-year old 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 think that Dragon Corp.’s ICO will successfully evade Chinese and Macau regulators? Share your thoughts in the comments section below!
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