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 working with bitcoin of macau. The Monetary Authority of Macau states that”because of recent happenings of financing 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, formally known as the People’s Republic of China’s Macao Special Administrative Region, is an autonomous territorybitcoin atm in casino bitcoin casino king casino bonus Gambling is legal in Macau, unlike mainland China, making the territory a hub for gaming and casinos. Macau has become the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to track capital outflows to the land — including the introduction of ATMs that scan for identity card checks and facial recognition throughout Macau during cash withdrawals.
According to Reuters China, the AMCM said that”in light of the recent development 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 offer financing for the currency 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, shouldn’t directly or indirectly participate in or provide any financial services associated with [virtual currencies].”
The Macau Dragon Corp.. Is Conducting an ICO to Fund the Growth of a Casino
Macau’s ban on financial institutions providing services to virtual money companies comes during the 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 anyone has allowed the public to invest in a public junket or become a shareholder of a casino.” Despite Dragon Corp casino set to be constructed in Macau, 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 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!
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