The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Provide… Financial Services Related to [Virtual Currencies]”
The ban on financial institutions providing services to firms of macau has been triggered by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that”because of recent happenings of financing 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 a sovereign land21 Best Bitcoin https://bitcoincasinoreview.info In Macau, unlike China, making the territory a hub for casinos and gambling gambling is legal. Macau has become the subject of a crackdown on money laundering by Beijing, with regulators moving to track capital outflows into the autonomous land — such as the introduction of ATMs that scan throughout Macau during cash withdrawals for identity card checks and facial recognition.
According to Reuters China, the AMCM stated that”in view of the recent emergence of a large number of inward currency issuance financing activities, speculation in speculation, the mainland ministries have banned financial institutions and non-bank payment bureaus to provide 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 institutions in Macao, shouldn’t directly or indirectly participate in or provide any financial services related to [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., launched 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 anybody has enabled the public to invest in a public junket or become a shareholder of a casino.” The ICO won’t be subject to the crackdown of Macau due to this crowdsale.
Dragon Corp’s crowdsale has generated controversy in China, as the 61-year older 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!
Pictures courtesy of Shutterstock
Want to make your own secure cold storage paper wallet? Check our tools section.