DeClub says it will not engage in cryptocurrency activity in Macau

Wide Rich Global Company Limited, which is looking to acquire DeClub Macau as part of a plan to build a casino club backed by blockchain technology, says DeClub will not directly engage in cryptocurrency activity in Macau.

Speaking to the Times, a representative of the company wrote that the purpose of the initial coin offering (ICO) for a cryptocurrency token known as DEC was to raise funds for the project.

However, “DeClub Macau itself does not issue or engage in any cryptocurrency activity in Macau,” the representative noted.

“DEC offers rights to host, rights to affiliate and rights to invest in the cash pool reserve [… and] DEC is convertible to NNC – a common standard ledger between casinos issued by third party.”

According to a white paper authored by DeClub, the company also wants to develop a DEC app that will allow holders of the tokens to host games via an online platform. It says it wants to work closely with regulators, such as the Macau Gaming Inspection and Coordination Bureau and PAGCOR of the 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],” said the company’s representative.
“We are willing to cooperate with [the relevant local] authority for licensing and are willing to discuss anything of their concern.”

Founded by Kennis Wong, former CEO of Jimei Group, DeClub is partnering with Malta-based Wide Rich Global Company Ltd., to issue 10 billion DEC tokens through the ICO, which will launch for pre-sale in mid-November.

The firm wants to have the first prototype for the casino blockchain system ready for launch at the beginning of next year. It will later seek to extend its blockchain technology club to land-based and digital casinos other than those acquired by DeClub.