PLEASE READ THESE TERMS AND CONDITIONS (“T&Cs”) CAREFULLY. BY ACCEPTING THESE T&Cs, YOU ENTER INTO A BINDING AGREEMENT WITH Syndy Digital Ltd. THESE T&Cs CONTAIN PROVISIONS WHICH AFFECT YOUR LEGAL RIGHTS.
Syndy Digital Ltd. is a company incorporated and registered in Belize with registration number 174,004 (“Syndy Digital“) that develops and operates the Syndy Digital Services designed for professionals in the trading of tokens and cryptocurrencies. References in these T&Cs to “Syndy Digital” “Company”, “we”, “our” or “us” mean Syndy Digital and its respective successors in interests and assigns.
References in these T&Cs to “Member”, “your” or “you” are to the person/entity who accepts these T&Cs. You, and the Company are together referred to as the “Parties” and references to a “Party” are to the relevant one of them as the context requires.
Except as otherwise set out in these T&Cs, these T&Cs (including any terms incorporated herein by reference) govern the conditions under which a Member uses the Syndy Digital Services.
Services: Syndy Digital offers through its website syndy.org services consisting of i) the development and operation of Syndy Digital Information Channels, ii) the distribution of offers and related information via the Information channels to the Members and iii) the linking to smart contracts or cryptocurrency addresses for the purchase of tokens or cryptocurrencies.
Digital Assets: Tokens and cryptocurrencies issued on distributed ledgers.
Relevant Person: An individual, entity, or company who is a professional in Crypto trading with all requisite power and authority to enter into these T&Cs, to use the Services and to carry out and perform the obligations under these Terms.
Member: A Relevant person who has signed up for a Member Account and/or receiving Syndy Digital Informational E-Mails.
Member Account: An account on the Website the Member may be provided in order to enable or improve the experience of using the Services.
Informational E-Mails: E-mails the Syndy Digital sends to the Members. Informational E-Mails include Offers and news and information about the Syndy Digital.
Information Channels: Informational E-Mails, the Website syndy.org, Member Accounts, and the chats/channels "Syndy Digital" and "Syndy Digital Announcements" on the instant messaging service Telegram.
Offer: The option to purchase Digital Assets in a limited time window either directly from a Partner ICO or via smart contract operated by Syndy Digital or a third party. The purchase may or may not be with a discount.
Partner ICO: A subject raising funds by selling Digital Assets which may or may not pay a commission to Syndy Digital for the amount of Digital Assets raised from the Members.
Source: An entity which represents that it is in possession of certain Digital Assets or a legal instrument entitling it to the receipt of such Digital Assets, and/or representing that it is able to deliver such Digital assets, which agrees to supply the same Digital Assets to Syndy Digital's members in an Offer. The final price offered to Members is net of any upfront fees to Syndy Digital for operating and maintaining the Service.
Smart Contract: The “token contract” (as such term is used in the Ethereum documentation) script and public key implemented using Ethereum pursuant to the ERC20 token standard, ERC 223 token standard or other standard and which is used for the control and administration of token purchases and other transfer of tokens.
Any activity to which these T&Cs relate is available only to Relevant Persons who meet the requirements set forth in these T&Cs. This document must not be acted on or relied on by persons who are not Relevant persons and meet these T&Cs requirements.
By accepting these T&Cs, you warrant that:• you will comply with and adhere to the provisions of these T&Cs, as well as all national and local laws and regulations applicable to your use of the Services.
• you have read and understood these T&Cs, and have had the opportunity to take such professional advice as you see fit in connection with these T&Cs.
• you have the requisite power and authority to enter into these T&Cs, to use the Services, and to carry out and perform all obligations under these T&C.
• you are an individual or representative of an entity who is a professional in Digital Asset trading and distributed-ledger-based software and meet all the legal requirements for Digital Asset trading including, if applicable, membership in a professional body, education, qualification, and adherence to the prescribed professional code of conduct.
• you have significant experience with, and understanding of, the intricacies and usage of Digital Assets and distributed-ledger-based software systems and understand the associated risks, including, but not limited to, the risks listed in Art. 4 of these T&Cs.
• you understand global regulatory and legal uncertainty of Digital Asset purchases and ICOs and the associated risks, including, but not limited to, the risks listed in Art. 4 of these T&Cs.
• you are not trading in the field of Digital Assets as a consumer.
• you are not a citizen, resident, or green card holder of the United States of America.
• you are not a citizen or resident of the People’s Republic of China, Japan, the Republic of Korea, or Canada.
• you are not a citizen or resident of Iran, North Korea, Syria, Sudan, Cuba, or Venezuela.
• you are not a person or entity forbidden to trade with US persons or entities under US sanctions.
• you are not a member of and do not provide support financial or otherwise to any terrorist organization.
You acknowledge that:
• by accepting these T&Cs, you agree that your membership can be ceased immediately and without prior notice and that such termination may lead to blocking, deletion and limitation of your access to content, materials, information and files uploaded, shared, submitted and made available in association with your Member Account, as well as access to the Services.
• Syndy Digital does not lead its Members to purchase Digital Assets, but provides the Members with Offers via Informational channels. The Offers are not to be interpreted as investment advice or advice of any kind and are available only to Relevant Persons who meet requirements set by these T&Cs.
• Syndy Digital assists its Members with Digital Asset purchases by providing them with necessary information required for the purchase of Digital Assets.
• you are responsible for any actions performed under your Member Account and you shall log off each time at the end of the session and that Syndy Digital shall bear no liability for any harm, loss or Damage resulting from your failure to comply with these requirements.
You agree to:
• continuously verify that you are a Relevant Person, and otherwise cease use of the Services immediately.
• continuously monitor and evaluate applicable laws, regulations, opinions, decisions, injunctions, actions or investigations by regulators and lawmakers regarding the Services and verify whether or not is allowed to use Services especially receive the Informational emails and to access the Website under applicable laws and regulations.
• cease the membership immediately and inform the Syndy Digital if you do not meet or cease to meet the requirements of these T&C.
• use all the information from the Information Channels in solely a manner consistent with their purpose and functionality.
• keep the password to your Member Account secret.
You shall not misuse the Services and/or cause any harm through your use of the Services. In particular, you are prohibited from using the Services to:
• support any illegal activity, including, but not limited to, terrorism of any sort.
• disseminate or otherwise make available any offers to sell or purchase Digital Assets to/from other Members.
• disseminate or otherwise make available any information or material or engage in or encourage any conduct that is unlawful or otherwise legally objectionable.
• violate these T&Cs, any applicable laws, or the legal rights of other Members.
• interfere with other Members’ use of the Services.
• create a false identity for the purpose of misleading others or fraudulently or otherwise misrepresent yourself to be another person or a representative, or fraudulently or otherwise misrepresent that you have an affiliation with a person, entity or group.
• make available to other Members and/or Syndy Digital any false or misleading or deceiving content or information (including, without limitation, creating a false identity).
• disclose any content of the Informational E-Mails, including, but not limited to, information about or related to an Offer, to a third party.
• gain unauthorized access to any other accounts, computer systems, or networks connected to any of our servers through hacking, password mining, or any other means.
• harvest or otherwise collect, whether aggregated or otherwise, data about others, including e-mail addresses and/or distribute or sell such data in any manner.
• collect and store personal data, private and personally identifiable information without express consent and authorization of the holder.
Syndy Digital facilitates Members’ purchases of Digital assets from Partner ICOs or other entities. If applicable, an individual Partner ICO’s Terms and Conditions apply to such purchases. Any Member's interaction with any Partner ICO is solely between such Member and such Partner ICO and Syndy Digital is not responsible or liable in any manner for such interactions. Satisfying the requirements of Syndy Digital’s T&Cs does not automatically constitute satisfaction of the T&Cs of any Partner ICO.
Any Digital Asset purchases should be undertaken only by individuals, entities, or companies that have significant experience with, and understanding of, the usage and intricacies of Digital Assets and distributed-ledger-based software systems. If you are not the Relevant person and if you do not have such experience or expertise, then you are not supposed to participate in the purchase of any Partner ICO's or Source's Digital Assets.
You acknowledge that before any purchase of any Digital Assets it is necessary to do an extensive research consisting of, but not limited to:
• reviewing the ICO/IEO web page and the information it contains in with the extra care.
• reading through the ICO/IEO whitepaper, token purchase agreement and T&Cs.
• reviewing the ICO/IEO team members.
• reviewing all the information available about the ICO/IEO and its team, including information in business registers.
• contacting the ICO/IEO team members and advisors.
Your becoming a Member is deemed to be your undertaking that you satisfy the requirements mentioned in these T&Cs and that you understand that trading with Digital Assets is connected with Risks, including, but not limited to, those listed in Art. 4 of these T&Cs.
You acknowledge and accept that:
• purchases made through Syndy Digital are non-refundable unless a refund is issued by the Partner ICO or the Source, as applicable.
• in the event that Syndy Digital does not receive Digital Assets for distribution to its members in accordance with its agreements with its Source, Syndy Digital will, at its sole discretion, either (i) issue a refund to you from which Syndy Digital's costs for enforcing its rights towards the Source may have been proportionally subtracted, or (ii) disclose the Source and assign to you a part of its claim against the Source pro rata according to your contribution to the affected sale, in which case Syndy Digital will not be liable for the delivery of Digital Assets or refunds.
• you are obliged, if applicable, to perform all actions required to obtain your DAs in a timely manner. If you do not perform such actions as requested by Syndy Digital through the Information Channels in order to enable the distribution of tokens within two years of the issuance of the request, your claim to the DAs affected is forfeited.
Due to global regulatory and legal uncertainty of Digital Asset purchases and its prohibition in certain legal environments, Syndy Digital makes its Members aware of the following circumstances affecting persons in various jurisdictions:
Persons domiciled in the European Union: The European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) (hereafter referred to as ‘the three ESAs’) are warning consumers on the high risks of buying and/or holding so-called Virtual Currencies. According to above-mentioned authorities, the purchase of any cryptocurrency is extremely risky and highly speculative. If you buy Virtual Currencies, you should be aware that there is a high risk that you will lose a large amount, or even all, of the money invested. When buying Virtual Currencies, or financial products giving consumers direct exposure to Virtual Currencies, you are exposed to a number of risks as stated in Art. 4 of these T&Cs.
Citizens and green card holders of, and persons domiciled in, the United States of America are prohibited from participating in any token purchase and/or from providing false or inaccurate information about their citizenship, residency and/or nationality.
Citizens of, and persons domiciled in, the People’s Republic of China are prohibited from participating in any token purchase and/or from providing false or inaccurate information about their citizenship, residency and/or nationality.
Citizens of, and persons domiciled in, Japan are prohibited from participating in any token purchase and/or from providing false or inaccurate information about their citizenship, residency and/or nationality.
Citizens of, and persons domiciled in, South Korea are prohibited from participating in any token purchase and/or from providing false or inaccurate information about their citizenship, residency and/or nationality.
Citizens of, and persons domiciled in, Canada are prohibited from participating in any token purchase and/or from providing false or inaccurate information about their citizenship, residency and/or nationality.
The purchase of Digital Assets is connected with various risks some of which are listed hereunder. This list is provided for information purpose only and do not constitute legal advice.
DISTRIBUTED LEDGER AND SOFTWARE RISKS
• Risk of software weaknesses in the Ethereum network or any other distributed ledger – any malfunction, breakdown or abandonment of the Ethereum protocol may have an adverse effect on Digital Asset purchases. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to any purchased Digital Assets. The Smart Contract System concept, the underlying software application and software platform (i.e. the Ethereum distributed ledger) is still in an early development stage and unproven. There is no warranty or assurance that the process of purchasing Digital Assets will be uninterrupted or error-free and hence there is an inherent risk that the software could contain defects, weaknesses, vulnerabilities, viruses or bugs causing, inter alia, the complete loss of contributions.
• Internet transmission risks – there are risks associated with using the distributed ledger technologies including, but not limited to, the failure of hardware, software, and Internet connections, or other technologies. ICOs, IEOs, and Sources in general are not responsible for, and have no liability in respect of, any communication failures, disruptions, errors, distortions or delays you may experience when using distributed ledger technologies.
• Operational disruptions – Some Digital Asset exchanges have suffered severe operational problems, such as trading disruptions. During these disruptions, consumers have been unable to buy and sell Digital Assets at the moment they intended to and have suffered losses due to the price fluctuation of Digital Assets held during the period of disruption.
• Erroneous operation – Errors by Syndy Digital's employees, its contractors, ICO/IEO employees and their contractors, DA exchanges, as well as other parties who operate in the Digital Asset space can lead to the irretrievable loss of Digital Assets, such as through the loss of private keys or sending of Digital Assets to inaccessible addresses.
• Losing access to Digital Assets due to loss of private key(s), custodial error or your error – most of Digital Assets can only be accessed by using an Ethereum Wallet with a combination of the contributor’s account information (address), private key and password. The private key is encrypted with a password. You acknowledge, understand and accept that if your private key or password gets lost or stolen, the obtained Digital Assets associated with your Ethereum Wallet may be unrecoverable and permanently lost. Additionally, any third party that gains access to your private key, including by gaining access to the login credentials relating to your Ethereum Wallet, may be able to misappropriate your Digital Assets. Any errors or malfunctions caused by or otherwise related to the digital wallet or vault you choose to receive and store Digital Assets, including your own failure to properly maintain or use such digital wallet or vault, may also result in the loss of your Digital Assets.
• Mining attacks – as with other cryptocurrencies, the distributed ledger used for the Smart Contract System is susceptible to mining attacks, including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining” attacks, and rare condition attacks. Any successful attacks present a risk to the Smart Contract System, expected proper execution and sequencing of Digital Asset transactions, and expected proper execution and sequencing of contract computations.
• Incompatible wallet service – the wallet or wallet service provider used to receive Digital Assets usually must conform to the relevant token standard in order to be technically compatible. The failure to ensure such conformity may have the result that you will not gain access to your Digital Assets.
• Risk of theft – the Smart Contract System concept, the underlying software application and software platform (i.e. the Ethereum distributed ledger) may be exposed to attacks by hackers or other individuals including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. Any such successful attacks could result in theft or loss of contributions or Digital Assets.
• Risk of uninsured losses – unlike bank accounts or accounts at some other financial institutions, ICO tokens usually are uninsured unless you specifically obtain private insurance to insure them. Thus, in the event of loss or loss of utility value, there is no public insurer or private insurance arranged by us, to offer recourse to you.
RISKS CONNECTED TO THE VALUE OF DIGITAL ASSETS
• Lack of price transparency – The price formation of Digital Assets is often not transparent. There is therefore a high risk that you will not receive a fair and accurate price when buying or selling Digital Assets.
• No value, extreme volatility and bubble risk – the Digital Assets may have no value and there is no guarantee or representation of liquidity for the Digital Assets. ICOs, IEOs, and Sources in general are not and shall not be responsible for or liable for the market value of the Digital Assets, the transferability and/or liquidity of the Digital Assets and/or the availability of any market for the Digital Assets through third parties or otherwise. Most Digital Assets are subject to extreme price volatility and have shown clear signs of a pricing bubble. If you decide to buy Digital Assets or financial products with Digital Assets as underlying, you should be aware that you could lose a large amount, or even all, of the money invested.
• Non-Refundability – ICOs in general are not obliged to provide the token holders with a refund related to the Digital Assets for any reason, and the token holders in general will not receive money or other compensation in lieu of the refund. No promises of future performance or price are usually made in respect to the Digital Assets, including no promise of inherent value, no promise of continuing payments, and no guarantee that the Digital Assets will hold any particular value. Therefore, the recovery of spent resources may be impossible or may be subject to foreign laws or regulations, which may not be the same as the private law of the token holder.
• Lack of Development of market for Digital Assets – as there has been no prior public trading market for the Digital Assets, a Digital Asset sale may not result in an active or liquid market for the Digital Assets, and their price may be highly volatile. Even if applications have been made to Digital Asset exchanges for the Digital Assets to be admitted to trading, an active public market may not develop or be sustained after the Digital Asset sale. If a liquid trading market for the Digital Assets does not develop, the price of the Digital Assets may become more volatile and Digital Asset holder may be unable to sell or otherwise transact in the Digital Assets anytime.
• Unsuitability of Digital Assets for most purposes, including investment or retirement planning – The high volatility of Digital Assets, the uncertainty about their future and the unreliability of Digital Asset exchange platforms and wallet providers makes Digital Assets unsuitable for most consumers, including those with a short-term investment horizon, and especially those pursuing long-term goals like saving for retirement.
REGULATORY AND GOVERNMENTAL RISKS
• Absence of protection – Despite EU anti-money laundering applicable to wallet providers and Digital Assets exchange platforms, Digital Assets remain unregulated under EU law. Similarly, exchanges where Digital Assets are traded, and digital wallets used to hold, store and transfer Digital Assets are unregulated under EU law, too. This means, that if you buy or hold Digital Assets, you will not benefit from the guarantees and safeguards associated with regulated financial services. For example, if a Digital Asset exchange platform or a digital wallet provider fails, goes out of business, or is subject to a cyber-attack, funds embezzlement or asset forfeiture as a result of law enforcement actions, EU law does not offer any specific legal protection that would cover you from losses or any guarantee that you will regain access to your Digital Assets holdings. These risks have already materialized on numerous occasions around the world.
• Uncertain Regulatory Framework – The regulatory status of Digital Assets and distributed ledger technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether governmental authorities will regulate such technologies. It is likewise difficult to predict how or whether any governmental authority may make changes to existing laws, regulations and/or rules that will affect Digital Assets, distributed ledger technology and its applications. Such changes could negatively impact the Digital Assets in various ways, including, for example, through a determination that the Digital Assets are regulated financial instruments that require registration.
• Risk of Government Action – The industry in which ICOs operate is new, and may be subject to heightened oversight and scrutiny, including investigations or enforcement actions. There can be no assurance that governmental authorities will not examine the operations of ICOs and/or pursue enforcement actions against them. All of this may subject ICOs to judgments, settlements, fines or penalties, or cause ICOs to restructure their operations and activities or to cease offering certain products or services, all of which could harm ICO's reputation or lead to higher operational costs, which may in turn have a material adverse effect on the Digital Assets and their value.
• Unlawful or Arbitrary Government Action – Governmental authorities may have a high degree of discretion and, at times, act selectively or arbitrarily, without hearing or prior notice, and sometimes in a manner that is contrary a law or influenced by political or commercial considerations. Moreover, the government also has the power in certain circumstances, by regulation or government act, to interfere with the performance of, nullify or terminate contracts. Unlawful, selective or arbitrary governmental actions have reportedly included the denial or withdrawal of licenses, sudden and unexpected tax audits, criminal prosecutions and civil actions. Federal and local government entities have also used common defects in matters surrounding the Digital Asset sale as pretexts for court claims and other demands to invalidate or to void any related transaction, often for political purposes.
• Unanticipated risks – Digital Assets and distributed ledgers, including Ethereum, are new and untested technologies. In addition to the risks highlighted in these T&Cs, there are risks that we cannot foresee, and there are risks that no one has foreseen. Such risks may further materialize as unanticipated variations or combinations of the risks set out in this section of the T&Cs.
• Lack of exit options – If you decide to buy Digital Assets, you are at risk of not being able to trade your Digital Assets or to exchange them for traditional currencies, such as the Euro, for a long period of time. You may therefore suffer losses in the process.
• Misleading information – The information made available to individuals wishing to buy Digital Assets, where such information is at all provided, is in most cases incomplete, difficult to understand, does not properly disclose the risks of Digital Assets and may therefore be misleading.
Syndy Digital is not liable for any loss or damage suffered arising from Member's use of the Services, including, but not limited to, any loss or damage resulting from the materialisation of any of the risks discussed in Art. 4 of these T&C, especially use of the information disseminated on the Website, in the Informational E-Mails, and on Telegram. Syndy Digital makes no warranties with respect to the content, information, data, availability, uninterrupted access, Services, or products provided through or in connection with the Services. In no event will the Syndy Digital be responsible or liable for any claims, damages, liabilities, losses, costs or expenses of any kind, whether direct or indirect, consequential, compensatory, incidental, actual, exemplary, punitive or special (including damages for loss of business, revenue, profits, data, use, goodwill or other intangible losses) regardless of whether Members of Syndy Digital have been advised of the possibility of such damages, liabilities, losses, costs or expenses, arising from or in connection with the use of Services or the Website.
Syndy Digital is not responsible for any of the content on third-party websites linked to on the Website, in Informational E-Mails, and on Telegram, nor can it be assumed that Syndy Digital has reviewed or approved of such websites or their content, nor does Syndy Digital warrant that the links to these websites work or are up-to-date.
Syndy Digital makes no warranties of non-infringement.
Syndy Digital makes no warranties of any kind regarding content produced by third parties, such as Partner ICOs and other Members, including, without limitation, its accuracy, validity, legality, copyright compliance, or decency.
Syndy Digital makes no warranties that the Website will be compatible with your computer or other electronic equipment.
You are solely responsible for determining whether your contribution to any ICO, the creation, ownership, use, sale, transfer or liquidation of any Digital Assets, the potential appreciation or depreciation in the value of purchased Digital Assets over time (if any), the allocation of any Digital Assets and/or any other action or transaction contemplated by these T&Cs or by respective ICO's Terms and Conditions will give rise to any tax implications on your part.
You are also solely responsible for withholding, collecting, reporting, paying, settling and/or remitting any and all taxes to the appropriate tax authorities in such jurisdiction(s) in which you may be liable to pay tax.
As mentioned above, Syndy Digital Services and ICOs operations may be impacted by future restrictive laws, regulations, opinions, decisions, injunctions, actions or investigations by national regulators and lawmakers. Some regulators have already initiated formal or informal proceedings related to the regulation of ICOs/IEOs and Digital Assets, some of which are listed hereunder. This list is provided for information purpose only and do not constitute legal advice.
The United States Securities and Exchange Commission (SEC) issued (i) a report dated July 25, 2017 stating that tokens offered by the company The DAO were securities within the meaning of the 1933 Securities Act, and (ii) an “investor bulletin” informing potential investors on ICOs.
The United Kingdom Financial Conduct Authority (FCA) issued a statement on September 12th, 2017 warning potential investors about the risks associated with ICOs.
The Canadian Securities Administrators (CSA) issued a “staff notice” dated August 24th, 2017 in which it states that ICOs might be governed by Canadian securities laws (knowing that tokens would, however, not always constitute securities for the purpose of such laws) or by Canadian derivative laws (if the products issued qualify as derivatives).
The Israel Securities Authority (ISA) published a statement dated August 30th, 2017 announcing that it would organize a committee to study the applicability of securities law to ICOs.
The People’s Bank of China, together with other Chinese regulators, issued a statement dated September 4th, 2017 prohibiting token fundraising transactions. Companies that have already launched an ICO are required to refund the tokens issued.
The Monetary Authority of Singapore (MAS) released a statement dated August 1st, 2017 concluding that some tokens might be qualified as securities within the meaning of the Singaporean Securities and Futures Act.
The Securities and Futures Commission (SFC) of Hong Kong made a declaration on September 5th, 2017 in which it stated that tokens may qualify as securities under the Securities and Futures Ordinance.
The Financial Supervisory Commission (FSC) of South Korea declared, on September 3rd, 2017, that it established a “joint task force meeting” to discuss cryptocurrencies regulatory framework.
The Financial Market Supervisory Authority (FINMA) of Switzerland, in a press release dated September 29th, 2017, announced it was investigating various ICOs. The FINMA specified, in Guidance 04/2017 published on the same day, that ICOs are susceptible, depending on their structuring, to be governed by (i) AML/KYC regulations (ii) banking monopoly provisions (iii) securities and derivatives trading regulations and (iv) collective investment schemes regulations. As mentioned by the FINMA, “due to the close proximity in some areas of ICOs and token-generating events with transactions in conventional financial markets, the likelihood arises that the scope of the application of at least one of the financial market laws may encompass certain types of ICO model”.
The Australian Securities and Investments Commission (ASIC) recently published the Information Sheet 225 as guidance about the potential application of the 2001 Corporations Act to businesses conducting ICOs. According to this document, an ICO, depending on how it’s structured, could be qualified as a managed investment scheme, as a public offer and/or as an offer of derivatives.
Abu Dhabi’s Financial Services Regulatory Authority (FSRA) released guidelines on cryptocurrencies and ICOs dated October 8th, 2017, in which it specified that (i) existing KYC would be applicable to ICOs and (ii) some tokens, on a case-by-case basis and depending on how they are structured, may be classified as securities while others may be classified as commodities.
The French Financial Markets Authority (AMF) launched on October 26th, 2017, (i) an ICO assistance and research program dubbed “UNICORN” to provide issuers with a framework for their ICO and to explore potential future regulatory actions, and (ii) a public consultation on ICOs, in which three regulatory options are presented: issuing guidelines on ICOs without changing the existing regulations, placing ICOs under the regime applicable to public offers of securities, or enacting a new, specific regulation for ICOs.
The Japanese Financial Services Agency (FSA) published an investor alert on October 27th, 2017 underlying the “high risks” associated with ICOs (i.e. token volatility and likelihood of fraud) and warning issuers and investors that ICOs, depending on how they are structured, may fall within the scope of the Japanese Payment Services Act and/or of the Japanese Financial Instruments and Exchange Act.
New Zealand Financial markets Authority (FMA) published a statement dated October 25th, 2017 on ICOs, explaining that the specific characteristics and economic substance of an ICO will determine if the token should be classified as a financial product. More importantly, the FMA specified that “all tokens or cryptocurrencies are securities under the FMC Act – even those that are not financial products”.
These T&Cs will be governed by and construed and enforced in accordance with the laws of the Belize, without regard to conflict of law rules or principles that would cause the application of the laws of any other jurisdiction.
Should any provision of these T&Cs, or any provision incorporated into these T&Cs in the future, be or become illegal, invalid or unenforceable under the laws of any jurisdiction, the legality, validity or enforceability in that jurisdiction of the other provisions of these T&Cs shall not be affected thereby.
Syndy Digital is entitled to alter as well as cease maintenance, updating and correction of errors with respect to any functionality of the Services, including, but not limited to, terminate the Services without any prior notice.
If you are using the Services on behalf of any entity, you represent and warrant that you are authorized to accept these T&Cs on such entity’s behalf and that such entity will be responsible for breach of these T&Cs by you or any other employee or agent of such entity.
Syndy Digital reserves the right to change, modify, add, or remove portions of these T&Cs for any reason at any time by posting the amended T&Cs on the Website. In such a case the Member is obliged to accept the amended T&Cs or immediately cease accessing or using the Services.