As you may have noticed, the PAY token has been listed on a few new crypto exchanges and will be added to several others in the near future.
Crypto exchanges seeking to list the PAY token and those on which the PAY token is already listed have requested for some clarifications on the PAY token structure, which were essential for the listing of the PAY token. As we believe that the information we shared with them is also relevant to our community, we would like to list some summarised points below:
- Crypto exchanges are not registered as platforms that can trade securities and other regulated products, so they need to ensure that every token or digital asset which they accept on their platforms is not a security or any other type of regulated product. For the overall industry, such due diligence efforts are part of a positive process that will bring more transparency and discipline to all market participants.
- To date, PAY token holders have not received any reward of any kind.
- The PAY token was never intended to be a security or any other type of regulated product. To further improve its features, we are undertaking a review and update of its current structure and no rewards of any kind will be distributed to PAY token holders under such current structure.
- The finalised terms and conditions in relation to rights of PAY token holders and the membership and loyalty programme, based on the updated structure, will be made available to you soon. Such terms and conditions will clarify that the PAY token is not intended to constitute a security or any other type of regulated product (such as an investment contract, debenture or unit in a collective investment scheme).
- For a token not to be seen as a security or any other type of regulated product, there must not be any expectation of any receipt of investment returns by its holders. Therefore, we would be unable to provide any assurance that any rewards will be distributed to PAY token holders even under the updated structure and PAY token holders should not expect to receive any rewards even under the updated structure.
- As shared by us on multiple occasions, this structure is to ensure that PAY tokens are widely accepted for trading on as many reputable crypto exchanges as possible.
- The updated structure will keep crypto exchanges from receiving any potential rewards from PAY tokens, because such exchanges are not intended to be members of the membership or loyalty programme envisioned by us.
- We are doing our best to complete the update of the PAY token structure as efficiently and quickly as possible with our legal advisors, and will provide a further update with more details when we are ready. We will update you with a blog post followed by a YouTube Q&A.
- We are confident that you, our community and PAY token holders will love the updated structure of the PAY token with the additional features.
We hope the above points clarify any existing uncertainties surrounding the PAY token for our community and partners. Should you have any additional questions, please do not hesitate to connect with us on http://chat.tenx.tech and we would be more than happy to address your questions.
TenX (www.tenx.tech) is a Singapore-based FinTech company with the goal of making virtual currencies spendable anytime anywhere by offering services of a prepaid card payment platform to its users on the frontend and by connecting blockchains at the backend through the COMIT protocol.
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