The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Supply… Financial Services Related to [Virtual Currencies]”
China cryptocurrency crackdown has triggered the ban on financial institutions providing services to companies of macau. The Monetary Authority of Macau states that”due to recent happenings of funding 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 territory administered under Chinese sovereigntybitcoin for ignition casino bitcoin casino no deposit bonus 2016 In Macau, unlike mainland China, making the territory a hub for casinos and gambling gambling is legal. Macau has become the subject of a crackdown on money laundering by Beijing, with regulators moving to closely track capital outflows to the territory — including the introduction of ATMs that scan throughout Macau during cash withdrawals for identity card checks and recognition.
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 banned financial institutions and non-bank payment agencies 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, 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 Development 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., launched 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 include”the first time anybody has allowed the public to invest in a public junket or become a shareholder of a casino.” The ICO won’t be subject to the crackdown of Macau because of this crowdsale being issued in Hong Kong.
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 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!
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Source: bitcoincasinoreview.info
