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

Macau’s ban on financial institutions providing services to companies has been sparked by China’s current cryptocurrency crackdown. The Monetary Authority of Macau states that »because of recent happenings of financing actions through issuance of tokens from 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 People’s Republic of China’s Macao Special Administrative Region, is a sovereign territorybest us bitcoin online casino bitcoin deposit ignition casino Gambling is legal in Macau, unlike mainland China, making the land a regional hub for gambling and casinos. Macau has recently been the subject of a crackdown on money laundering by Beijing, with authorities moving to closely monitor capital outflows into the land — such as the introduction of ATMs that scan for facial recognition and identity card checks throughout Macau during cash withdrawals.

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 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 stated that it had sent a »letter to all banks and payment institutions 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 Finance the Growth 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., established an initial 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 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 will not be subject to the crackdown of Macau despite Dragon Corp casino set to be constructed in Macau.

Dragon Corp’s crowdsale has generated controversy in China, since the 61-year old former-boss of notorious 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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