The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Provide… Financial Services Related to [Virtual Currencies]”
Macau’s ban on financial institutions providing services to firms has been triggered by China’s current cryptocurrency crackdown. The Monetary Authority of Macau states that”because of recent happenings of funding activities through issuance of tokens from 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 an autonomous territorybitcoin casino grand mondial bitcoin casino business start up Gambling is legal in Macau, unlike mainland China, making the land a regional hub for gaming and casinos. Macau has recently become the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to monitor capital outflows to the land — including the introduction of ATMs that scan throughout Macau during cash withdrawals for identity card checks and recognition.
According to Reuters China, the AMCM stated that”in light of the recent development of a large number of inward currency issuance financing activities, speculation in speculation, the mainland ministries have prohibited financial institutions and non-bank payment agencies to offer financing for the currency and virtual 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, shouldn’t directly or indirectly take part in or provide any financial services related to [virtual currencies].”
The Macau Dragon Corp.. Is Conducting an ICO to Finance the Development 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., launched an initial coin offering to raise $500 million USD for the construction 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.” Due to this crowdsale, the ICO won’t be subject to Macau’s crackdown despite Dragon Corp’s proposed casino set to be constructed in Macau.
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 at 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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