Upcoming ICO: Macau’s Dragon ICO Stirs Excitement
A Macau-based company and Thai-based firm are eyeing a blockchain-based gambling ICO that seeks to raise upwards of USD 300 million with some estimates targeting USD 500 million. If successful, the upcoming ICO, which involves a floating casino hotel, would be the world’s largest ICO thus far, according to reports. In Dragon’s ICO, virtual tokens would reportedly be issued in exchange for equity in the floating casino project, whose construction would be funded by the proceeds of the upcoming ICO.
Macau, the gambling capital of the world, is no stranger to big bets, and Dragon’s ICO has its share of apparent risks. But a lack of assets is not one of them, as the equity-based ICO is tied to a physical asset – the floating casino hotel. And apparently Dragon Corp is already a revenue generating business. The Dragon coin will be listed on multiple exchanges and allows buyers to “cash out” in fiat currency.
While the companies behind the floating casino weren’t available to comment on the deal, Reuters reportedly obtained documents linking Wi Holding in Thailand and China Kingdom Group of Macau to the project.
Here’s where things get interesting. Wi Holding, the Thai firm behind the floating casino ICO, is in cahoots with who the South China Morning Post describes as “former gangland boss ‘Broken Tooth’ Wan Kuok-koi,” who was recently released from prison, for Dragon’s ICO.
The association with Wan is almost certain to capture the attention of regulators in the region, who don’t need any more reason to question upcoming ICOs.
Meanwhile the wheels are already in motion for what’s been described as an “eco-friendly floating casino hotel” to be developed in Norway and sent to Macau by 2019. T
The Monetary Authority of Macau in recent days issued a statement reminding the financial industry that bitcoin is not a “legal currency or financial instrument” and therefore is not subject to the supervision of the Council.”