Macao prohibited for banks to provide financial services to businesses of crypto-currencies

The monetary Authority of Macao (AMCM), the main body of financial regulation of Macao, has published a statement banning financial institutions from the territory to provide financial services to companies that issue virtual currencies. This statement is in the framework of the fight against money laundering and capital flight into crypto-currencies from China.

Macau wants to protect its financial environment

The AMCM has advised local financial institutions that they should not ” participate in or provide financial services related to virtual currencies. “This decision was taken after the repression of crypto-currencies in China. The AMCM requires that ” due to the recent evolution of financing activities through crypto-currencies in the country, the financial institutions are expressly prohibited by the authorities continental to provide services to individuals and entities that carry out trade in crypto-currencies. “The agency for financial regulation of Macao also sent a letter to all banks and institutions for payment of Macao, stating that they” should not participate directly or indirectly in transactions, or provide any financial services in connection with virtual currencies. “

Dragon Corp. found a parade

The prohibition of Macau, comes at the same time as the announcement of Dragon Corp., a large sign of casinos in the territory, to launch a ICO to collect nearly $ 500 million for the construction of a casino in partnership with the thai company Wi Holding. The chief executive officer Wi Holding, Chakrit Ahmad, told CNBC that ” this will be the first time that someone will make it possible for individuals to invest in a public fund or become a shareholder in a casino. “The ICO will not be soumisse to the ban of Macao, because the fund-raising will be carried out in Hong Kong.