"Onasander will pay dividends to our token holders" is this mean that your token is a security token. What is you legal status of the project?
Gslgroup, Yes, Onasander token is a security token. We are a financial company, and we promise financial gains and rewards for our clients. That is a classic example of a securities token in United States. All investment banks and investment funds operating in U.S.A. have to obey the U.S.A Securities Exchange Act. For the most part, the rest of the world is not guarded by similar laws.
As far as legal status:
The company for now will be registered as an LLC. The plan is to be a United States company, fully compliant in United States by the end of the PRE-ICO. Hence the $50,000,000 Cap.
In case we can not become fully complaint with the SEC by the end of the PRE-ICO, the company will become a European company, and be registered in a country that will have least amount of restrictions
for us and for our investors.
Why are we undecided?
In the current moment, countries are rewriting their ICO law. Therefore, we want to give ourselves as much time and flexibility as possible until the law becomes more stable, so we can plan ahead.
For example: As of right now, all tokens sold in any ICOs, and later on resold on a crypto exchange trigger U.S.A Securities Exchange Act by default due to "promised" gains on a token price from the time of ICO to the exchange. Since we sell our tokens in ICO and promise to trade them on an exchange, we can be questioned by the SEC based on that promise alone. In order not to cause any disruption in our ICO, and wanting to have United States as an option, we decided to wait as long as we can on the finalized legal structure.
Once the incorporation is finalized, we will attach all incorporation documents as an Appendix on our
Whitepaper.
I hope I answered all your questions, and if anything please feel free to ask. On our
Timeline, the legal structure is the next task we will tackle.
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