The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Supply… Financial Services Related to [Virtual Currencies]“
China’s current cryptocurrency crackdown has sparked the ban on financial institutions providing services to companies of macau. The Monetary Authority of Macau states that”because of recent happenings of funding actions through issuance of tokens in 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 territory administered under Chinese sovereigntybitcoin new casino game are casino licenses needed for bitcoin casino Gambling is legal in Macau, unlike China, making the territory a 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 — such as the introduction of ATMs that scan throughout Macau during cash withdrawals for identity card checks and recognition.
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 banned financial institutions and non-bank payment agencies to offer financing for the money and digital money and bitcoin live casino no deposit bonus.” Macau’s financial regulator also said that it had sent a”letter to all banks and payment associations in Macao, should not 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 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., established a first coin offering to raise $500 million USD to the building 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 Macau’s crackdown due to the crowdsale.
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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