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 firms was sparked by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that”due to recent happenings of funding activities 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, formally known as the People’s Republic of China’s Macao Special Administrative Region, is an autonomous territory administered under Chinese sovereigntybitcasino app In Macau, unlike China, making the territory a regional hub for gaming and casinos gambling is legal. Macau has recently become the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to monitor capital outflows into the autonomous land — including the introduction of ATMs that scan for recognition and identity card checks throughout Macau during cash withdrawals.
According to Reuters China, the AMCM stated that”in view of the recent development 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 provide financing for the money and digital 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 participate in or provide any financial services associated with [virtual currencies].”
The Macau Dragon Corp.. Is Running an ICO to Finance the Growth 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., launched 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 anyone has enabled the public to invest in a public junket or become a shareholder of a casino.” Because of this crowdsale, the ICO will not 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, since the 61-year older former-boss of notorious 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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Source: bitcoincasinoreview.info
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