Sunday, August 14, 2022

DeClub won’t directly engage in crypto activity in Macau: report

Wide Rich Global, a company reportedly aiming to raise $1 billion in order to buy Macau-based company DeClub International says that DeClub will not directly engage in cryptocurrency activity in Macau.

It was reported earlier this month that the Malta-based company was intent on purchasing DeClub International and several land-based casinos in Asia through funds raised via an ICO, with the ultimate aim of building the world’s first blockchain-based casino gaming hub.

DeClub is a casino services company offering casino consultation and VIP “membership management” services for clients globally. It was founded by Jimei Group CEO Kennis Wong.

Speaking to the Macau Times, a representative of the company said that while the ICO will raise funds for the project, DeClub Macau itself “will not issue or engage in any cryptocurrency activity in Macau.”

The representative also said it will work closely with regulators in Macau and Philippines to abide by local laws on the matter.

“Since we are a Malta company and abide by Malta’s laws, we are dedicated to providing a safe, legal and compliant platform which respects the laws of every operating country and area we are [entering].”

“We are willing to cooperate with [the relevant local] authority for licensing and are willing to discuss anything of their concern.”

Under the ICO, Wide Rich says it aims to issue 20 billion DEC tokens on October 15. There will also be a token pre-sale on November 15.

Wide Rich said that 35.5 percent of the funds raised via its ICO will be used to purchase a junket license and land-based casinos.

The rest would be used for paying the casinos management, building a token economy, online casinos, contingencies, and expenses including legal expenses.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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