The AMCM Informed Local Financial Institutions That They Must Not»Participate in or Provide… Financial Services Related to [Virtual Currencies]«
Macau’s ban on financial institutions providing services to firms has been triggered by China’s current cryptocurrency crackdown. The Monetary Authority of Macau states that»because of recent happenings of financing actions 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 landonline casino win bitcoin bitcoin casino book of dead Gambling is legal in Macau, unlike mainland China, making the territory a regional hub for gaming and casinos. Macau has been the subject of a crackdown on money laundering by Beijing, with regulators moving to closely monitor capital outflows to the territory — including the introduction of ATMs that scan for identity card checks and recognition throughout Macau during cash withdrawals.
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 prohibited financial institutions and non-bank payment bureaus to offer financing for the currency 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 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 Growth 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 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 comprise»the first time anybody has enabled the public to invest in a public junket or become a shareholder of a casino.» The ICO will not be subject to the crackdown of Macau due to the crowdsale.
Dragon Corp’s crowdsale has generated controversy in China, as the 61-year old 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!
Pictures courtesy of Shutterstock
Want to make your own safe cold storage paper wallet? Check our tools section.