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 companies was 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 in 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 an autonomous territorydownload bitcoin casino games bitcoin atm in casino In Macau, unlike China, making the land a regional hub for casinos and gaming gambling is legal. Macau has been the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to track capital outflows into the autonomous territory — such as the introduction of ATMs that scan throughout Macau during cash withdrawals for identity card checks and recognition.
According to Reuters China, the AMCM said that”in view of the recent emergence of a large number of inward currency issuance financing activities, speculation in speculation, the mainland ministries have prohibited financial institutions and non-bank payment bureaus to provide 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 associations in Macao, shouldn’t 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 Development of a Casino
Macau’s ban on financial institutions providing services to virtual currency companies comes during the same week that Macau-based gaming company, Dragon Corp., established a first 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 comprise”the first time anybody has allowed the public to invest in a public junket or become a shareholder of a casino.” The ICO will not be subject to Macau’s crackdown because of the crowdsale.
Dragon Corp’s crowdsale has generated controversy in China, as 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 believe that Dragon Corp.’s ICO will successfully evade Chinese and Macau regulators? Share your thoughts in the comments section below!
Pictures courtesy of Shutterstock
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