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Macau’s Dragon Corp. Plans $500 Million ICO Despite China’s ICO Ban

Published 1 year ago by Hunain Naseer

Macau’s Dragon Corp. Plans $500 Million ICO Despite China’s ICO Ban

Crypto Vest via cryptovest.com

Despite China’s ban on all Initial Coin Offerings (ICOs), Dragon Corp. a Macau-based gaming company is planning to raise a massive $500 million in an upcoming ICO. The gaming company seeks to integrate blockchain technology into the world’s largest gambling market by issuing tokens for VIP junket operators who handle credit processing for casinos. Speaking at a press event, Chakrit Ahmad, CEO of Wi Holding, the company managing the technology side of the campaign, said: According to Ahmad, the half a billion dollars raised through an ICO will be used to fund the building of the grand Dragon Pearl Casino Hotel, which will span 16,000 square meters and will be completed in Norway before getting sent to Macau in 2019. According to Chakrit Ahmad, future plans also include the issuance of a debit card that will be loaded with digital currency tokens and will allow holders to withdraw traditional fiat currencies from ATMs. He also shared plans for the tokens to be listed in exchanges around the world, saying: "We basically provide liquidity via our own exchange, and also major exchanges in the world for the digital currency, so that token will be listed in multiple exchanges. Even though Macau comes under the People’s Republic of China, which banned ICOs earlier this month, Ahmad said Dragon Corp’s ICO will not fall under China’s jurisdiction because the token sale will take place in Hong Kong. According to Hong Kong’s Securities and Futures Commission, digital tokens from ICOs are virtual commodities, except when they offer equity, as is the case with shares. ICO will proceed without any issues when the tokens are issued in late October. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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