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 has been triggered by the current cryptocurrency crackdown of China. The Monetary Authority of Macau states that”due to recent happenings of funding actions 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, formally known as the Macao Special Administrative Region of the People’s Republic of China, is an autonomous territorybitcoin casino exit scam benefits of bitcoin online casino Gambling is legal in Macau, unlike China, making the land a regional hub for gambling and casinos. Macau has been the subject of a crackdown on money laundering by Beijing, with authorities moving to closely track capital outflows into the autonomous territory — such as the introduction of ATMs that scan for facial 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 prohibited financial institutions and non-bank payment bureaus to offer financing for the money and virtual currency 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 Running 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., established an initial 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’s proposed casino set to be assembled in Macau, the ICO won’t be subject to Macau’s crackdown because of this crowdsale being issued in Hong Kong.
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 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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