Topic: [ANN] Blackmoon Crypto Platform for Tokenized Investment Fund - page 5. (Read 24833 times)

Blackmoon team is returning the money to all the Chinese based investors to comply with the Chiense government announcement yesterday!

Question to developers. Whether investors from China ask to return the investments? I can see the outgoing transactions from pre-sale ethereum addresses

It appears that it will be possible for BMC tokens to be purchased without the requirement to register as a "Continuous Contributor."

From the FAQ:

What is BMC token?
BMC token is the token of Blackmoon Crypto Platform. Holders of BMC tokens will be able to register as Continuous Contributors to the Platform and receive a share of all Funds’ tokens that operate on the Platform. Also, Continuous Contributors will have the right to participate in “members-only” discussions regarding the Platform strategy and development plan.
Those Contributors who want to be qualified as Investment Managers and manage funds on the Platform are required to own a specified number of BMCs.

Are BMC tokens securities?
Based on legal advice and opinions we gathered during the preparation process, BMC tokens would not be deemed as securities by SEC based on the famous Howey test. We pay a lot of attention to that matter and are in continuous communications with US attorneys while formalizing our position.

And,

Are Fund tokens securities?
Funds' tokens are going to be securities. And we are going to comply with all necessary regulation regarding that fact.

Right?

BMC tokens and fund tokens are different.

BMC tokens -> platform Blackmoon Crypto tokens
Fund tokens -> tokens of fund tokenized on the platform.

What you say is a little bit different: it regards the fund tokens and not BMC tokens related to ICO/platform.

Yes at the moment US citizens are not allowed to buy during ICO because of current regulatory uncertainty and before additional information is publicly released by the Blackmoon Platform on the matter, green card holders of the United States or citizens or residents (tax or otherwise) of the United States of America, Singapore or China, or other U.S., Singapore Person or PRC Person, are not eligible to register as Continuous Contributors as it’s described in the “Blackmoon Crypto Platform” section below. That limits the ability of U.S., Singapore, PRC persons to utilize BMC tokens and participate in the future development of the Platform as well as in the distribution of proceeds.

At the moment there not seems to be particular problems for US investors, but for now probably Blackmoon do not want to take these risks.

Anyway, based on legal advice and opinions gathered by the company during the preparation process, BMC tokens will not fall under the current notion of securities by SEC based on the famous Howey test. Anyway Blackmoon pays a lot of attention to that matter and is in continuous communications with US attorneys while formalizing its position.

Here is the abstract from the opinion:

"we believe that current iteration of the BMC White Paper describes a digital token that is not likely to be deemed a security under applicable US laws.
We understand that the White Paper may be revised further and recommend that the final BMC token should be structured as follows:

(i) only those holders of BMC tokens should receive compensation from their tokens who are actively using their computational resources, investment advisory competences, and other individual skills and capabilities to enable performance of the BMC tokenized investment vehicles network;

(ii) holders of BMC tokens should receive rights to earn future income by active participation and should not receive an expectation or right to receive passive income; and

(iii) holders of BMC tokens should have a reasonable degree of control / participation over the operations and direction of the BMC tokenized investment vehicles network."

It is just a precaution because the regulatory uncertainty. Anyway in company roadmap one of the goal is to get the license as broker-dealer in US so probably when this happen US citizens can invest in Blackmoon Crypto (according to roadmap present in whitepaper this should happen during May 2018 if everything goes well).