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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 Provide… Financial Services Related to [Virtual Currencies]”

The ban on financial institutions providing services to companies of macau was sparked by the current 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 associations are prohibited explicitly by Mainland authorities from providing services for these tokens and virtual currencies.”

Macau, officially known as the Macao Special Administrative Region of the People’s Republic of China, is an autonomous territorybuy bitcoin casino software bitcoin casino use free spins In Macau, unlike mainland China, making the land a regional hub for gaming and casinos, gambling is legal. Macau has recently become the subject of a crackdown on money laundering by Beijing, with regulators moving to track capital outflows to the autonomous territory — including the introduction of ATMs that scan for identity card checks and facial recognition throughout Macau during cash withdrawals.

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 offer financing for the money and virtual 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 associations in Macao, shouldn’t directly or indirectly participate in or provide any financial services related to [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., established 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.” Despite Dragon Corp’s proposed casino set to be constructed in Macau, the ICO will not be subject to Macau’s crackdown due to this crowdsale.

Dragon Corp’s crowdsale has generated controversy in China, as 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!

Images courtesy of Shutterstock

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Source: bitcoincasinoreview.info

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