The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Provide… Financial Services Related to [Virtual Currencies]“
China’s recent cryptocurrency crackdown has triggered the ban on financial institutions providing services to companies working with bitcoin of macau. The Monetary Authority of Macau states that”because of recent happenings of funding activities through issuance of tokens in 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, officially known as the Macao Special Administrative Region of the People’s Republic of China, is a sovereign territoryBetChain site Gambling is legal in Macau, unlike China, making the territory a hub for casinos and gaming. Macau has recently been the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to monitor capital outflows into the territory — including the introduction of ATMs that scan for recognition and identity card checks throughout Macau during cash withdrawals.
According to Reuters China, the AMCM said that”in light of the recent emergence of a high number of inward currency issuance financing activities, speculation in speculation, the mainland ministries have prohibited financial institutions and non-bank payment agencies to offer financing for the money 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 associations in Macao, should not directly or indirectly take part in or provide any financial services related to [virtual currencies].”
The Macau Dragon Corp.. Is Conducting an ICO to Finance the Development of a Casino
Macau’s ban on financial institutions providing services to virtual currency companies comes during the 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 include”the first time anybody 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 constructed in Macau, the ICO will not be subject to the crackdown of Macau because of the crowdsale.
Dragon Corp’s crowdsale has generated controversy in China, since the 61-year older 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 believe 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.