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

Macau’s ban on financial institutions providing services to firms working with bitcoin was sparked by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that »because of recent happenings of funding activities 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 In Macau, unlike China, making the land a hub for gaming and casinos, gambling is legal. Macau has recently been the subject of a crackdown on money laundering by Beijing, with Chinese regulators moving to closely track capital outflows to the autonomous 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 stated that »in view 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 provide financing for the money 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, shouldn’t directly or indirectly participate 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 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 anyone has allowed the public to invest in a public junket or become a shareholder of a casino. » The ICO will not be subject to the crackdown of Macau due to the crowdsale.

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.net