KEXCOIN ICO TERMS AND CONDITIONS
Last updated: 6th September 2017
The Kexcoin Initial Coin Offering (ICO) is subject to the following Terms and Conditions (Terms) and these Terms will govern the sale of Kexcoin.
“Blockchain” Means a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
“Burned” Means the destroying of Kexcoin in order that Kexcoin that are Burned will no longer be in existence proof of which will be visible at https://bitshares.openledger.info/account/kexgill-ico/
“Cryptocurrency” Means a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
“ICO” Means Initial Coin Offering which is a method of crowdfunding where a new cryptocurrency is sold in order to raise funds.
“Kexcoin” Means the new cryptocurrency being sold under the terms and conditions of this initial coin offering.
“Kexcoin Limited” Means the company with ownership of Kexcoin and who are the beneficiary of the ICO.
“Participant” Means a legal entity (such as an individual, a company, or partnership) that actively participates in this initial coin offering.
“Terms” Means these terms and conditions.
“Website” Means http://www.KexCoin.com
“White Paper” Means the white paper setting out the concept of Kexcoin which can be found at http://www.KexCoin.com
Kexcoin is a cryptocurrency that is being offered by the Kexcoin Limited under these terms and conditions. Kexcoin is a user issued asset created on the BitShares network
Kexcoin is being offered by the Kexcoin Limited. Any participant is advised to read the Kexcoin White Paper which provides an explanation of the concept of Kexcoin, the purpose of Kexcoin and the unique benefits of holding Kexcoin by a participant.
These Terms and the white paper are not a solicitation for investment and the offering of Kexcoin does not in any way offer any form of security or debenture in any jurisdiction. The ICO is a token sale which enables the Participant to a potential profit only from the sale of Kexcoin at a later date to be determined at the Participant’s discretion.
Participating in the purchase of Kexcoin does not provide the holder with any rights, either express or implied in relation to the Kexcoin Limited. The ICO is to provide the Kexcoin Limited with immediately accessible funds raised from the ICO to develop Kexcoin and this is further explained in the White Paper.
1.1 It is assumed by the Kexcoin Limited that any Participant is of an expert and sophisticated nature and fully understands the workings of crypto currency, the blockchain and how an ICO works.
1.2 In order for a Participant to participate, they agree that: -
i) They are over the age of 18 years (if domiciled in the United Kingdom) or are over the age of consent for a Participant to legally enter into a contract (if outside of the jurisdiction of the United Kingdom)
ii) That they have sought the relevant legal, tax and regulatory advice from a suitably qualified professional as to the legality of an ICO in their jurisdiction.
iii) That they understand that the ICO is not being offered to any Participant that resides in a jurisdiction that is regulated by laws of the countries where transactions with cryptocurrencies are restricted for example the United States of America. The Participant is solely responsible for understanding and complying with any and all laws relevant in the jurisdiction in which they reside. The Kexcoin cannot be held liable for any legal risks and disputes arising from jurisdiction of the Participant.
iv) That they are responsible to determine which, if any, taxes apply to any profits made and to report and remit the correct tax to the appropriate tax authority. The Kexcoin Limited is not obligated to determine which, if any, taxes apply and are not responsible to collect, report or remit any such taxes arising from profits earned by Participants.
v) That they will not participate in the ICO for any purposes related to organised crime, fraud, tax evasion, money laundering and financing terrorism. Participant’s understand that Kexcoin will at all times co-operate with any police, criminal or relevant authority investigation relating to a Participant’s breach of these Terms.
vi) That they are deemed to have the requisite experience to understand cryptocoins, cryptocurrency and blockchain technology.
vii) They understand and agree that nothing in these Terms, nothing in the White Paper and nothing on the Website is intended to provide the Participant with investment, tax, accounting or legal advice or is to be interpreted as a recommendation, endorsement or enticement to participate with regards to Kexcoin. Any decision by a Participant to participate is at their sole discretion and Kexcoin Limited will not be liable for any loss suffered.
viii) That any purchase of Kexcoin is non-refundable and is final.
ix) That when the ICO launches, a public supply of 8,500,000 Kexcoin will be listed for sale on the Bitshares decentralised exchange at https://bitshares.openledger.info/market/KEXCOIN_OPEN.BTC
x) By accepting these terms and conditions I certify and commit to any future participant identification which may be possible and legally required under money laundering regulations.
It is currently impossible to verify with any certainty the individual purchasers of Kexcoins by nature of their purchase on-line via bitcoins. The directors of Kexcoin working with their specialist solicitors will endeavour to find a solution to this in due course. KexCoin Limited are committed to ensuring best practice and working in accordance with any future regulatory body overseeing the relatively new space of cryptocurrency.
It is acknowledged that in accepting Bitcoin to participate in the Kexcoin ICO purchasers have undergone anti money laundering processes via an exchange.
xi) They will adhere to these Terms and agree to be bound by them.
2. Timetable for ICO
2.1 Timing of the ICO is as follows: -
i) At (15.00.00 GMT on the 15th September 2017, the ICO will commence for a period of 30 days.
ii) At 23.59.59 GMT on the 14th October 2017, the ICO will close.
iii) At 14.00 UTC on the 15th of October 2017 all Kexcoin not sold in the ICO will be Burned. The Burn will be publicly visible at https://bitshares.openledger.info/account/kexgill-ico/
2.2 Kexcoin reserve the right to extend the ICO for any reason, including, but not limited to, any unforeseen technical difficulties which hamper the original ICO timetable. If all Kexcoin are sold prior to 23.59.59 GMT on the 14th October 2017 then the ICO will close at the point that the last Kexcoin is sold.
3. Burning of Kexcoin
3.1 A unique aspect of Kexcoin is that each quarter, 50% of the net profits earned by the Kexcoin Limited from investing of the ICO funds will be used to buy back Kexcoin directly from the market. Whilst there is no obligation on any Participant to sell their Kexcoin, the purpose of the buy back is that upon Kexcoin Ltd completing the buyback, all Kexcoin subject to being bought back will be immediately Burned. This will result in a continuous reduction of the remaining supply of Kexcoin and should result in a natural increase in the value.
3.2 Proof of burn will be publicly visible on the BitShares blockchain:
3.3 Buyback dates will be announced on the Website, well in advance of the buyback date in order that Participants have the opportunity to list their Kexcoin for sale.
3.4 Participants wishing to sell their Kexcoin may list their Kexcoin for sale on the market at their desired sale price (which will of course be subject to market conditions).
3.5 The buyback process will have a limit of 30 years. This means that after the 14th October 2047 we will permanently cease the process of buying back and burning Kexcoin.
3.5 At the expiry date 2047, 50% of any asset gain in value of the investments purchased will be distributed pro rata to those remaining holders of Kexcoin and the verified initial participants of the ICO. This asset gain will be released on the successful market sale of the Kexcoin investment properties at Market Value. The definition of Market Value will be that as submitted by the Royal Institution of Chartered Surveyors (RICS) prevailing at the time. Marketing of the assets may commence up to one year prior to the 30 year end date but must only legally complete after October 2047.
3.6 In the event that a purchased investment is sold for specific refining of the portfolio prior to the end date all net of sales costs and tax proceeds will be to immediately purchase more income producing property. Full published information outlining the reasons for disposal will be made public via the website and specifically to coin holders if the means to do so is available.
4. Whole agreement
This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all prior oral communications and other written agreements between them.
5. Jurisdiction and Applicable Law
These terms and any dispute or claim arising out of them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales. The English courts will have exclusive jurisdiction over any claim or dispute.
6. Rights of third parties
For the purposes of the Contracts (Rights of Third Parties) Act 1999 and notwithstanding any other provision of this agreement this agreement is not intended to, and does not, give any person who is not a party to it any right to enforce any of its provisions.
7. Force Majeure
A party shall not be liable for any failure of or delay in the performance of this agreement for the period that such failure or delay is
i) beyond the reasonable control of a party,
ii) materially affects the performance of any of its obligations under this agreement, and
iii) could not reasonably have been foreseen or provided against, but
will not be excused for failure or delay resulting from only general economic conditions or other general market effects.
If any part of these Terms is declared unenforceable or invalid, the remainder will continue to be valid and enforceable.
9. Updates to Terms
Kexcoin reserves the right to amend these Terms at any time and a Participant is advised to periodically check these Terms by visiting the Website.
10. For further information relating to this ICO, please visit the Website at http://www.Kexcoin.com