FTX fund’s compliance with international regulations are a priority. FTX Fund offers the prospect of a blockchain economy backed up by real estate assets and supported by financial tools. Providing individuals the ability to hold a unit of tokenised real estate assets using crypto currency to make purchase;. FTX funds objective is to make tokenised assets accessible to more people.
FTX Fund has successfully obtained an MSB FINTRAC License M21807676 : check here for full details. We are committed to bringing products and services of the highest standards to our customers. The MSB FINTRAC license authorizes FTX Fund to offer these services:
• Performing foreign exchange dealings
• Performing money transfers
• Issuing or redeem money orders, traveller’s cheques
• Dealing with crypto currencies.
Being a global services we have sought the best legal advice to ensure our services can operate legally across jurisdiction.
On the 14th June, 2021 FTX Fund received a full review and audit by Legal Kornet Law Firm LLC (Kornet Law), an international team of lawyers and consultants who provide full legal support for IT projects and online businesses.
Kornet Law offered their expertise is ICO/STO/IEO, and their legal opinion on the Howey test, GDPR, Intellectual property, as well as Legal structuring of international business. This was reviewed against different jurisdiction, different laws, and against different token types that might be traded.
It is hope that Kornet Laws opinion can help our clients better understand how FTX can operate legally.
To quote from the report from Kornet Law “in this analysis we shall investigate and provide our legal opinion as to whether the FTXF Token is a type of an investment vehicle that triggers relevant federal security laws provisions of the United States” (Kornet Law , 2021).
Here is a summary of the reports findings
1. FTX fund is working towards inclusivity and access to better financial services access. The analysis from Kornet Law will give everyone confidence that this is now possible.
The FTXF Token satisfies the first part of the Howey Test.
2. The second part of the Howey Test is more difficult to determines. However, our analysis has concluded that this element is not satisfied under both theories applied by the federal courts.
3. The third part is more likely to be satisfied.
4. The fourth part of the Howey Test is not satisfied.
To conclude, since not all the parts of the Howey Test are satisfied, in our opinion, the FTXF Token does NOT meet the legal definition of security under United States law. Nevertheless, it should be noted that the Howey Test has not yet been directly applied by courts to any utility tokens. As it stands only a U.S. court may definitively determine whether the FTXF Token is security, based on its opinion and regulatory enforcement.
FTX Fund legal opinions provided by Kornet Law. Consult; https://tinyurl.com/ftxfundcanadalicense
FTX fund legitimacy under the law is valid despite not yet have the full requirement to satisfy Howey regulation. Regardless of this FTX will comply with prevailing protocols, laws, or regulations of the appropriate jurisdiction where business is conducted. FTX funds goal of building a comprehensive and multi-functional ecosystem remains the focus.