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Monetary authority clamps down on cryptocurrencies

The Monetary Authority of Macau (AMCM) has issued a statement prohibiting the city’s financial institutions from providing financial services to businesses involved in virtual currency, local media reports.

In a press release, AMCM stated that “Bitcoin is a type of virtual commodity which is neither a legal tender nor a financial instrument subject to supervision.”

“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,” it wrote.

Macau’s latest prohibition comes after recent news of an ICO proposed by a company claiming to have links to Macau, Dragon Corp, which is attempting raising funds to develop a floating casino hotel in Macau.

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