Macau Monetary Authority Issues Warning On Crypto Following Criminal Ties To ICO
The Monetary Authority of Macau has issued a warning to the public regarding the possibility “fraud and criminal activities” in cryptocurrencies, the April 20.
The warning comes on the heels of revelations that Macua Dragon Group, a firm associated with Chinese gangster Wan Kuokoi, to promote Dragon Coin, a new virtual currency for gamblers to transfer money to Macau casinos. Wan has reportedly spent more than ten years in prison for various crimes, including leading the “14K” triad group in Macau. The statement reads:
“The media has reported that a Macau company was involved in an (ICO) recently. The Monetary Authority of Macau reminds all Macau residents that cryptocurrencies are virtual products, but not legal currencies or financial tools. Residents should be aware of fraud and criminal activities associated with cryptocurrencies.”
Banks and payment institutions are forbidden from direct or indirect involvement in providing services for cryptocurrency under Macau monetary regulations, but there are no rules restricting ICOs in the private casino industry. The Monetary Authority impressed the illegality of digital assets upon the public in its statement:
“[The] Monetary Authority of Macau reiterates that any institution providing regulated financial services such as currency exchange, cross-border fund transfer, and financial exchange platforms without permission violates relevant provisions of the Financial System Act.”
Cambridge Analytica to release its own digital currency prior to becoming involved in a scandal regarding the misuse of data from . Sources say that the data analytics agency sought advice from a firm that conusults on how to structure ICOs.
Has the post-2008 bank cleanup allowed the banks to mop up more client money? Despite tighter financial regulation, banks are behaving like teenagers with no house rules. Not only are financial services fees rising, but it is becoming harder to see what big banks are doing with their money. In fact, about 10 percent of big money trades now take place in the ‘dark pool’—faceless financial exchanges where traders can hide their identity. The operation of financial services on the Blockchain is proving that innovation can succeed where regulations are failing. Over the digital ledger, cryptographic proofs replace intermediaries and their high fees while a smart contract monitors compliance in real time. Conducting financial transactions over a peer network of transparent nodes is rebuilding trust in the financial system.
A self-regulating repository of the truth
Trade.io is one of the revolutionary financial exchange models providing a solution to the financial system flaws that keep regulators up at night. On a transparent Blockchain platform, trading partners are accountable for their activity since transactions are transparent and traceable. The trading record is irreversible, making it difficult for a corrupt broker to manipulate the market to increase his commissions.
The nightmare of every regulator, systemic risk, is also reduced. Markets are protected from the contagion effect—a failure in one part of the system leading to failures in other parts of the system—by the distributed and decentralized network. Transactions reside on the computer of each party in a transaction node. The focus is on security and information protection at the individual node level. Since transactions in fiat and cryptocurrencies are done directly from the digital wallet of traders, the trade.io platform can match and process trades without gaining access to trade information.
Democratizing crypto exchanges
Trade.io aims to be a model of the sharing and trust economy. Since investors in the Trade Token, the trade.io trading currency, take an ownership interest in the exchange and profit from its success, the incentive of members to cooperate rather than cheat is high. Trade Token holders become investors in the . Fifty percent of the revenues (or losses) of the liquidity pool are deposited (deducted) daily to the wallets of pool participants. The distribution is based on a pro-rata allocation of each member. A member with 500-999 tokens locked on the pool will receive 10 percent profit participation, while a member with over 5,000 tokens locked-in will receive 100 percent of the profit plus a 10 percent bonus. Revenue is generated from a number of sources, including trade spreads, commissions, P2P margin lending fees and investment banking fees.
Trading on the trade.io platform is conducted with the Trade Token. The token is more than a medium of exchange at a lower cost than traditional exchanges. It also provides membership in the liquidity pool through the trade.io wallet. The membership fee, which allows participation in the pool, is 2500 Trade Tokens. These Trade Tokens will be secured by the underlying assets pledged by the participants, which may include fiat or cryptocurrency.
For traders who lament losing their traditional trading tools in the crypto world, the trade.io Blockchain platform provides integration of MT4, the most popular trading platform.
Playing by the rules will be licensed as a bank and financial exchange. Different from the dystopian world of cryptocurrencies portrayed by some banks, the regulated crypto exchange is becoming the model in the US, Japan and elsewhere. The model leverages the innovation of the Blockchain while providing the security of a regulated exchange. Unique Blockchain services include P2P margin lending.
Participants can lend directly to each other through a peer-to-peer lending program. The investment banking arm of trade.io will help companies issue tokens and launch initial coin offerings (ICOs). Investors may use the Trade Token to invest in initial public offerings (IPOs) and ICOs. Trade Token holders can also receive preferred access to ICOs, discounts and other market benefits. Trade.io has a Seed & Venture Fund to support the development of Blockchain technologies and potential ICOs.
The trade.io ICO The started on Dec. 7th, 2017. Two-thirds of 500 mln Trade Tokens (Symbol: TIO) will be available for crowd sale. The trade.io liquidity pool will be launched for trading in April 2018, followed by the investment bank in July 2018.
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