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 working with bitcoin has been triggered by the current 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 known as the People’s Republic of China’s Macao Special Administrative Region, is an autonomous landbest bitcoin casino guide best bitcoin casino no deposit bonus Gambling is legal in Macau, unlike mainland China, making the land a hub for casinos and gaming. Macau has recently been the subject of a crackdown on money laundering by Beijing, with authorities moving to monitor capital outflows to the autonomous territory — such as 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 light 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 offer financing for the currency and virtual money and bitcoin live casino no deposit bonus.” Macau’s financial regulator also stated 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 Finance the Growth of a Casino
Macau’s ban on financial institutions providing services to virtual money companies comes during the exact same week that Macau-based gaming company, Dragon Corp., launched 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 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 being issued in Hong Kong, the ICO will not be subject to Macau’s crackdown despite Dragon Corp casino set to be assembled 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 believe that Dragon Corp.’s ICO will successfully evade Chinese and Macau regulators? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Want to make your own safe cold storage paper wallet? Check our tools section.
Source: bitcoincasinoreview.net
Loading ...