The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Supply… Financial Services Related to [Virtual Currencies]”

The ban on financial institutions providing services to firms of macau was sparked by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that”due to 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 Macao Special Administrative Region of the People’s Republic of China, is a sovereign territoryHow does 1Xbit Casino bonus In Macau, unlike mainland China, making the land a regional hub for casinos and gaming gambling is legal. Macau has become the subject of a crackdown on money laundering by Beijing, with Chinese authorities moving to monitor capital outflows to the land — including the introduction of ATMs that scan for recognition and identity card checks throughout Macau.

According to Reuters China, the AMCM said 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 bureaus to provide financing for the currency and virtual money 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, should not directly or indirectly take part in or provide any financial services associated with [virtual currencies].”

The Macau Dragon Corp.. Is Running an ICO to Fund the Growth 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., launched a first coin offering to raise $500 million USD for 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 enabled the public to invest in a public junket or become a shareholder of a casino.” Because of this crowdsale being issued in Hong Kong, the ICO won’t be subject to Macau’s crackdown despite Dragon Corp casino set to be constructed in Macau.

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 at 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!

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Source: bitcoincasinoreview.info