The Macau Dragon Corp Is Conducting an ICO to Finance the Development of a Casino bitcoin casino instant deposit

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 has been sparked by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that”because of recent happenings of financing actions through issuance of tokens in 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 People’s Republic of China’s Macao Special Administrative Region, is an autonomous territoryBetcoin app Gambling is legal in Macau, unlike mainland China, making the territory a regional hub for casinos and gaming. Macau has been the subject of a crackdown on money laundering by Beijing, with Chinese authorities moving to closely monitor capital outflows into the autonomous land — such as the introduction of ATMs that scan throughout Macau during cash withdrawals for identity card checks and facial recognition.

According to Reuters China, the AMCM stated that”in view 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 provide financing for the currency and virtual money 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 related to [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 money companies comes during the same week that Macau-based gaming company, Dragon Corp., launched 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 include”the first time anyone has enabled the public to invest in a public junket or become a shareholder of a casino.” Because of the 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 infamous criminal organization Triad Society, Wan Kuok-Koi, was photographed at the signing ceremony for the partnership between Dragon Corp. and Wi Holding.

Do you think that Dragon Corp.’s ICO will successfully evade Chinese and Macau regulators? Share your thoughts in the comments section below!

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