Disclaimer
Legal Nature and Token Management
This whitepaper is provided for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security, cryptocurrency, or any other financial instrument. The tokens described herein are intended to serve as utility tokens within the specified ecosystem and are not intended to constitute securities or other financial instruments in any jurisdiction.
Compliance with ADGM Regulations
Our project is committed to full compliance with the regulations of the Abu Dhabi Global Market (ADGM), including adherence to data protection requirements and all relevant regulatory standards. The foundation overseeing this project, including token issuance and governance, operates under the legal framework provided by ADGM's Distributed Ledger Technology (DLT) Foundations Regulations.
Any statements, representations, or advertisements contained within this whitepaper are intended to be truthful and not misleading. We adhere to all content-related requirements as mandated by the United Arab Emirates, the Emirate of Abu Dhabi, and ADGM.
Due Diligence and Investor Responsibility
Potential investors and participants are strongly encouraged to conduct their own thorough due diligence (DYOR) regarding the project's viability, the underlying technology, and the associated risks before making any investment decisions. Consulting with financial, legal, and tax advisors is highly recommended.
Amendment Conditions
The information contained in this whitepaper is subject to change, and the foundation reserves the right to amend the whitepaper and the terms and conditions related to the token at any time. Any amendments will be communicated through official channels and will comply with ADGM regulatory requirements.
Caveats and Disclaimers
No Guarantees: This whitepaper does not guarantee the future performance or value of the token. All forward-looking statements are subject to risks and uncertainties.
Liability Waiver: The foundation, its team members, and associated parties are not liable for any direct, indirect, incidental, or consequential losses arising from the use of this whitepaper or the tokens.
Regulatory Risks: The regulatory status of digital tokens and blockchain technology is evolving, and regulatory actions could significantly impact the project's operations and token value.
Foundation Details
The foundation managing this project is registered under the ADGM DLT Foundations framework. The registration details and number [Foundation Registrar Number Placeholder] will be provided upon completion of the registration process.
Privacy policy
In alignment with this disclaimer, we recommend all users to consult our website's privacy policy for comprehensive insights into the type of personal data required to interact with the ecosystem and how it might be utilised within our ecosystem.
Whitelist and Blacklist Procedures
To ensure regulatory compliance and enhance the security of our token ecosystem, we will implement a comprehensive whitelist procedure. This will include conducting thorough KYC and AML checks to verify the identity and legitimacy of all participants prior to their engagement in any token transactions.
In addition, the DLT Foundation reserves the right to blacklist specific token holders under certain conditions. These conditions include, but are not limited to:
Participation in fraudulent or illegal activities
Breach of terms of service or user agreements
Failure to comply with applicable regulatory requirements
Conduct that negatively impacts the integrity or reputation of the project
Tokens associated with blacklisted individuals or entities will be excluded from open circulation and restricted from participating in the token economy.
Profit Distribution Policy
Based on bitgrit’s fiscal policy, the following provisions are established regarding the distribution of profits and Foundation Assets:
Provisions on Profit Distribution:
bitgrit’s fiscal policy mandates that no profits generated by the Foundation will be distributed to token holders, members, or any third parties. All profits will be retained within the Foundation to further its objectives and sustain its operations.
Non-Distribution of Foundation Assets:
In alignment with the fiscal policy, Foundation Assets, including but not limited to financial reserves, intellectual property, and other resources, will not be distributed to token holders, members, or any third parties. These assets are to be preserved for the long-term growth and stability of the Foundation.
Circumstances Triggering Mandatory Distribution:
Despite the general prohibition on profit and asset distribution, the following circumstances may trigger a mandatory distribution:
Legal or Regulatory Requirements: If a distribution of profits or Foundation Assets is mandated by applicable laws or regulatory authorities, the Foundation will comply accordingly;
Dissolution or Liquidation: In the event of the Foundation’s dissolution or liquidation, remaining assets, after satisfying all liabilities, will be distributed in accordance with the applicable legal framework and the Foundation’s governing documents; or
Exceptional Situations: Other exceptional circumstances as determined by a supermajority vote of the Foundation’s governing body, provided such distribution aligns with legal obligations and the overarching mission of the Foundation.
Service and Organisational Clarifications
The platforms on bitgrit - the competition platform, the AI marketplace and the job board - are owned and operated by an external provider, bitgrit LTD. bitgrit DLT foundation only manages the BGR network.
The bitgrit DLT Foundation does not engage in profit-generating activities. Profit-oriented operations of bitgrit are conducted by external commercial entities (Infrastructure Providers such as bitgrit LTD).
Bitgrit LTD is not operated as a financial entity and does not require authorization to provide financial services.
Last updated