Rights and liabilities
Any buyer purchasing GBK token acknowledges the technological and economical uncertainty of the project presented in this White Paper. As any experimental project, Greenblockcoin.io may never produce a result or could be abandoned.
Therefore, purchasers are aware of the absence of any legal action against the company in case of failure, nonperformance or non implementation of the project, as well as in the case of the GBK token losing part or even the totality of its value. Purchase of the GBK token confers the ability to use the coming Greenblockcoin.io platform services. No other rights are transferred upon the ICO. Precisely, the company’s only obligation is to distribute the GBLK token under the conditions defined in the White Paper.
During the ICO, the company may not be held liable for any of the following :
- Use of the service that are not compliant with the applicable terms;
- An error, malfunction, malicious action or violation of White Paper’s terms by the user, a third party or a service controlled by a third party;
- All direct or indirect damage that may occur during the operation: cryptocurrency losses, profits or financial losses or other damages whatsoever in the type;
- The loss of control, any reason (loss, hacking, unwanted disclosure or technical failure), of the users’ login credentials which would lead a fraudulent use of the tokens;
- The temporary or permanent suspension of the service, whatever the cause, and especially due to a request from the public authorities, judicial authority or any third party;
- Computer failure resulting in loss of data, including content in case of impact for the professional activity of users;
- Lack of compatibility between the service specificity and the customers requirements;
- Generally, all damage whose cause does not depend on the company: Internet network outage, failure specific to the user’s equipment, etc.
Warning about the token
According to the French and European regulation, the GBK token is a cryptographic token usable on the Ethereum blockchain and allowing, in the long term, to access the functionalities of the Greenblockcoin.io platform. The GBK token is not a security or a financial instrument within the meaning of the Markets in Financial Instruments
Directive (MiFID II) of the European Parliament (2014/65/EU) or within the meaning of the article L211-1 and followings of the French Monetary and Financial Code. Participating in an ICO is a high-risk activity. This ICO in particular is only aimed at experienced professionals who are used to blockchain technology and cryptocurrency trading. By participating in this ICO, the purchaser is aware and accepts the risks related to security, the potential lack of technical and economic results and the total or partial loss of its capital.
Finally, the purchaser declares being aware of the legal uncertainty of this type of transaction and to have conducted his own legal guidance according to the applicable law to which he subscribes. A table is available in the appendix containing the warnings from the main regulators around the world. Indeed, the token grants no financial (income, capital or dividend) or voting rights in the company. The token is a crypto-asset issued by Greenblockcoin.io through the ICO and used by the members of the Greenblockcoin.io platform and community.
The participation in the ICO is strictly reserved for natural or legal persons acting within the scope of their professional activities. Especially, the professional purchaser claims to have a good knowledge of Blockchain technologies and Cryptocurrency. Any natural person acting on a non-professional basis as a simple consumer within the meaning of EU Directive 2011/83/EU relating to consumer rights is excluded from the ICO. It is the responsibility of each purchaser to determine its non-professional status and, in doing so, to refrain from participating in any way in the ICO. Due to national legislation, participants from the following countries are not allowed to participate in the ICO, except for accredited investors: “US person”, Canada, South Korea and China. This prohibition applies to all types of people (moral, physical, agent, etc.) and to any indirect participation (via a proxy, a name loan, etc.). By participating in the ICO, the purchaser agree on the legal disclaimer and, especially, that he respects the above provisions.
Warning about the ICO inherent risks
ICOs are high-risk operations because of their completely experimental nature. By participating in this operation, participants declare to understand and assume the following risks:
– The lack of regulation: the purchaser agrees not to benefit from any guarantees associated with IPOs on regulated financial markets or other regulated financial investments;
– Capital loss: the purchaser accepts the risk of a total or partial capital loss in Cryptocurrency or in token;
– Volatility or market risk: the value of tokens, just like that of Cryptocurrencies in general, can be extremely volatile and subject to significant, and largely unforeseeable fluctuations. Moreover, the market or markets on which these tokens are traded do not offer the same guarantees that are generally applicable to conventional financial markets. It is also quite possible that no resale market develops for the tokens, meaning that the purchaser may be either unable to sell them or have to sell them on unsatisfactory terms.
– Very early stage project: ICO aim to finance an innovative project based on a new technology and whose future evolutions are unpredictable. Therefore, the buyer accepts the risk of non-fulfillment of the project for technical, economic or legal reasons.
– Ethereum Protocol: the token is developed on the Ethereum protocol which is still at an experimental stage. Therefore, the buyer understands and accepts the risk that an evolution of the protocol renders the token or service unusable.
– Security risk: the buyer understands and accepts the risk of losing his total investment due to a security breach. If the company makes every effort to ensure the ICO safety, the experimental nature of the operation does not exclude the realization of financial or IT damages. It is recommended that the buyer take all measures to ensure the safety of his tokens and cryptocurrencies.
– Legal risk: The ICO have been structured to comply with the current regulations and good practices applicable. Nevertheless, the governing law of ICO is under construction around the world. The company can not be held liable in cases where restrictive regulations, injunctions by regulators, investigation or laws having an impact, in particular, on the issue, management or possession of token were to be adopted. In addition, the rules applicable to cryptocurrencies or tokens are different in each country. This is why buyers are strongly advised to do a legal and tax analysis prior to their participation in the ICO.
– Risk of theft and piracy: The company can not be held responsible for acts of hacking (infiltration, defacement or DDoS) or computer theft that would affect the funds, the distribution of tokens or the smooth roll of the ICO.
– Risk of error or weakness: The Company can not be held responsible for discovering a weakness in the cryptographic processes implemented in the context of the ICO. Similarly, the buyer declares to accept and understand the risk of error in the code of the smart-contract, the trust account (multisig wallet) or the software used for the ICO. Know Your Customer (KYC) and Anti-Money Laundering procedure As part of the Know Your Customer procedure (KYC), anyone who would like to purchase KRL tokens will have to provide to the company the following details via the dedicated ICO website : the declaration of :
- First and last name
- Date and location of birth
- Current address
According to the good practices that the company applies, a process against money laundering is implemented on the ICO. The company reserves the right not to transfer to people whose origin funds have not been verified or will be negative. In this case, the person will be refunded his funds in cryptocurrency. The AML process consists of a check on the global lists of Politically Exposed Persons as well as on the assets freeze list. The company reserves the right, on a case by-case basis, to request additional documents to justify the buyer’s income origin, otherwise to not continue the business relationship.
Country Legal framework Effective date
China Warning from People’s Bank of China (PBC) November 15th, 2017 South Korea Warning from the Financial Securities Commission (FSC) September 28th, 2017 Russia Sets a cap on the amount raised at an ICO August 24th, 2017 Abu Dhabi Regulation of Initial Coin/Token Offerings and Virtual Currencies under the Financial Services and Markets Regulations (FSRA) August 28th, 2017 Germany Warning from the Federal Financial Supervisory Authority (BaFin) November 13th, 2017 Australia Warning from the Australian Securities & Investments
Commission (ASIC) October 26th, 2017
Canada Warning from the Canadian Securities Administrators (CSA) September 5th, 2017 USA Warning from the Securities and Exchange Commission (SEC) August 30th, 2017 European Union Warning from the European Supervisory Market Authority (ESMA) October 27th, 2017 France Discussion paper from the Financial Market Authority (FMA) September 12th, 2017 Hong-Kong Warning from the Securities and Futures Commission (SFC) November 14th, 2017 Israel Warning from the Israel Securities Authority (ISA) September 29, 2017 Japan Warning from Financial Services Agency (FSA) October 27th, 2017 UK Warning from the Financial Conduct Authority (FCA) September 12th, 2017 Switzerland Warning from the Financial Market Supervisory Authority (FINMA) September 29, 2017 Applicable law and jurisdiction
This White Paper and any contractual relationship arising in relation with the ICO are governed exclusively by French law.
The Parties agree to seek an amicable settlement prior to bringing any legal
Please read and accept the following terms:
I have read and accepted the Token sale White Paper terms and especially the legal disclaimer.
Consequently, I have understood & accepted the inherent risk of an ICO or a token sale including a total capital loss.
I am aware of the ICO legal ground enforceable in my country as well as any warning from local authorities.
I am a professional purchaser who understands and is familiar with blockchain technologies and the ICO environment.
I am not a resident or a citizen of the USA, or I am an accredited investor as defined by the SEC under Rule 506(c) of Regulation D.
I am not a citizen or a representative of Canada or I am an accredited investor as defined in National Instrument 45-106.
I am not a citizen or a representative of the following countries: South Korea, China.