Macau Cracks Down On Cyber Currency

News from China

Monetary Authority of Macau prohibits financial institutions from providing financial services to businesses involved in virtual currency

Media reports from Macau indicate that the island’s Monetary Authority has cracked down on the use of virtual currencies, issuing a statement prohibiting local financial institutions from providing financial services to businesses involved in virtual currency transactions.

The Authority’s advisory reads:

“Due to recent happenings of financing activities 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.”

Media speculation is that a recent proposed Initial Coin Offering in Hong Kong by Macau-linked Dragon Corporation may have prompted the warning; Dragon Corporation is attempting to use the ICO to raise $500 million in capital for the development of a floating hotel-casino in Macau.

The South China Post newspaper reported recently that among those backing the coin offering is Wan Kuok-koi aka Broken Tooth, a 61-year-old who served 14 years in jail for “an array of gangland crimes.”

Earlier this month, the People’s Bank of China banned the practice of creating and selling new digital currencies, and ordered that the country’s major cryptocurrency exchanges be shut down (see previous InfoPowa report).

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Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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