Macau’s top monetary regulator has barred banks and payment companies inside the location from supplying services to preliminary coin offerings (ICOs) and cryptocurrencies.
In an assertion, the Macau Monetary Authority (MMA) introduced these days that those groups cannot engage with bitcoin or other cryptocurrencies both “directly or in a roundabout way.” Macau, like Hong Kong, is an autonomous administrative place within China. The directive corresponds with recent moves by Chinese regulators to crack down on ICOs, affirming the funding model to represent a form of unlawful fundraising.
The assertion from the MMA states:
Due to the current happenings of financing sports through the issuance of tokens inside the Mainland, economic institutions and non-financial institution payment establishments are prohibited explicitly by Mainland authorities from supplying services for these tokens and digital currencies. At the same time, this Authority also issued a notice on 20 September 2017 to remind all of the banking and price establishments in Macao no longer to participate in or offer, at once or indirectly, any economic services for the associated sports.
The launch similarly factors to an in advance 2014 analysis by the company, which said that Bitcoin is neither regulated nor prison forex. Any trading of those commodities includes considerable dangers, including but are not limited to money laundering and terrorism financing, against which all participants have to stay vigilant,” the MMA wrote.
Macau through Shutterstock
The leader in blockchain information, CoinDesk is an unbiased media outlet that strives for the best journalistic requirements and abides by a strict set of editorial regulations. Have breaking news or a tale tip to send to our journalists. Most CEOs come from operational or sales backgrounds, especially in small and mid-sized enterprises. They have often gained some knowledge of finance and accounting through their careers, but only to the extent necessary. But as the CEO, they must judge the performance and competence of the accountants and the operations and sales managers’ latest Russian china military news.
So, how does the diligent CEO evaluate his company’s finance and accounting functions? All too often, the CEO assigns a qualitative value based on the quantitative message. In other words, if the Controller delivers a positive, upbeat financial report, the CEO will have positive feelings toward the Controller. And if the Controller provides a bleak message, the CEO will negatively react to the person. Unfortunately, “shooting the messenger” is not at all uncommon.
The dangers inherent in this approach should be obvious. The Controller (or CFO, bookkeeper, whoever) may realize that to protect their career, they need to make the numbers look better than they are. They must draw attention away from negative matters and focus on positive values. This raises the probability that important issues won’t get the attention they deserve. It also increases the possibility that good people will be lost for the wrong reasons.
The CEOs of large public companies have a big advantage in evaluating the finance department’s performance. They have the audit committee of the board of directors, the auditors, the SEC, Wall Street analysts, and public shareholders giving them feedback. In smaller businesses, however, CEOs must develop their methods and processes to evaluate their financial managers’ performance.
Here are a few suggestions for the small business CEO:
Timely and Accurate Financial Reports
The chances are that you have been advised to insist on “timely and accurate” financial reports from your accounting group at some point in your career. Unfortunately, you are probably an excellent judge of what is timely, but you may not be nearly as good as what is accurate. Certainly, you don’t have the time to test the recording of transactions and verify the accuracy of reports, but there are some things that you can and should do.
- Insist that Regulator financial reports include comparisons of Market Finance over several periods. This will allow you to judge the consistency of recording and reporting transactions.
- Make sure that all anomalies are explained.
- Recurring expenses such as rent and utilities should be reported in the appropriate period. An explanation that – “there are two rents in April because we paid May early” – is unacceptable. The May rent should be reported as a May expense.
- Occasionally, ask to be reminded about the company’s policies for recording revenues, capitalizing costs, etc.
Beyond Monthly Financial Reports
You should expect to get information from your accounting and finance groups daily, not just when monthly financial reports are due. Some good examples are:
- Daily cash balance reports.
- Accounts receivable collection updates.
- Cash flow forecasts (cash requirements)
- Significant or unusual transactions.
Consistent Work Habits
We’ve all known people who took it easy for weeks, then pulled an all-nighter to meet a deadline. Such inconsistent work habits indicate that the individual is not attentive to processes. It also sharply raises the probability of errors in frantic last-minute activities.
Willingness to Be Controversial
As the CEO, you must make it very clear to the finance/accounting managers that you expect frank information and that they will not be victims of “shoot the messenger” thinking. Once that assurance is given, your financial managers should be an integral part of your company’s management team. They should not be reluctant to express their opinions and concerns to you or other department leaders.
We created Finance For Business Owners to help business owners, CEOs, and other non-financial managers gain a better perspective and understanding of the financial side of the business. With our affiliate, The Fidelis Consulting Group, we created a series of 10 – 15-minute presentations and short articles to help business leaders better understand financial issues and incorporate that understanding into their daily operations and strategic planning.
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