Macau Finance Regulator Bars Banks from ICO Market
Macau's financial regulator has ordered all banks and payment services in the region to not provide services for initial coin offerings.
Sep 27, 2017 at 3:15 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/7ADSFDJXINBSDNCBUTS4ZH4Z4Y.jpg)
Macau's top financial regulator has barred banks and payments providers in the region from providing services to initial coin offerings (ICOs) and cryptocurrencies.
In a statement, the Macau Monetary Authority (MMA) announced today that these companies cannot engage with bitcoin or other cryptocurrencies either "directly or indirectly." Macau, like Hong Kong, is an autonomous administrative region within China.
The directive corresponds with recent moves by Chinese regulators to crack down on ICOs, declaring the funding model to constitute a form of illegal fundraising.
The announcement from the MMA states:
The release further points to an earlier 2014 analysis by the agency, which stated that bitcoin is neither regulated nor a legal currency.
STORY CONTINUES BELOW
"Any trading of these commodities involves considerable risks, including but not limited to those relating to money laundering and terrorism financing, against which all participants should remain vigilant," the MMA wrote.
Macau via Shutterstock
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)