enero 23, 2018 | Posted in:Blog

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 cryptocurrency crackdown. The Monetary Authority of Macau states that»due to 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 People’s Republic of China’s Macao Special Administrative Region, is a sovereign landwhite label casino bitcoin bitcoin purchase casino instant use In Macau, unlike China, making the land a regional hub for gambling and casinos gambling is legal. Macau has recently been the subject of a crackdown on money laundering by Beijing, with authorities moving to 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 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 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 associations in Macao, shouldn’t directly or indirectly take part in or provide any financial services associated with [virtual currencies].»

The Macau Dragon Corp.. Is Running an ICO to Finance the Growth 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 an initial 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.» Because of this crowdsale being issued in Hong Kong, the ICO will not 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 old 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

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