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 was triggered by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that”due to recent happenings of financing 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 known as the Macao Special Administrative Region of the People’s Republic of China, is a sovereign land administered under Chinese sovereigntyonline casino that takes bitcoin best bitcoin casino no deposit In Macau, unlike mainland China, making the land a regional hub for casinos and gaming gambling is legal. Macau has recently become the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to track capital outflows to the land — including the introduction of ATMs that scan for facial recognition and identity card checks throughout Macau during cash withdrawals.
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 agencies to provide 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 associations in Macao, shouldn’t directly or indirectly participate in or provide any financial services associated with [virtual currencies].”
The Macau Dragon Corp.. Is Conducting 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 to 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 anyone has enabled the public to invest in a public junket or become a shareholder of a casino.” Despite Dragon Corp casino set to be constructed in Macau, 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 notorious 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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