The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Supply… Financial Services Related to [Virtual Currencies]”
China cryptocurrency crackdown has sparked the ban on financial institutions providing services to firms operating with bitcoin 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 casino 10 euro best anonomous bitcoin casino Gambling is legal in Macau, unlike China, making the territory a hub for gaming and casinos. Macau has recently become the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to track capital outflows into the land — including the introduction of ATMs that scan for facial recognition and identity card checks during cash withdrawals throughout Macau.
According to Reuters China, the AMCM stated that”in light 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 provide financing for the money 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 associations in Macao, shouldn’t directly or indirectly take part in or provide any financial services related to [virtual currencies].”
The Macau Dragon Corp.. Is Conducting an ICO to Fund the Development 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., launched 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 include”the first time anybody 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 the crackdown of Macau despite Dragon Corp’s proposed casino set to be constructed in Macau.
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!
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Source: bitcoincasinoreview.info
