Dear STAR Early Purchasers
Thank you for supporting Starbase as early purchasers and actively endorsing us on social media channels.
Last week, the Starbase team has discussed possible regulatory implications of the STAR token with MME, our legal partner in Switzerland, which is specialized in blockchain matters and the conduct of TGE’s. (Token Generation Event).
Due to the current boom of TGE’s all around the world, national regulators will be reviewing closer the involved business models. "Revenue/profit right" tokens may be classified as "securities" in certain jurisdictions. We already received such an opinion from a Singapore law firm.
If the STAR tokens are classified as securities, STAR tokens will have less liquidity, because most exchanges will not list STAR tokens and serious international regulatory challenges may arise for Starbase company and platform, which even could result in the delay or complete default of the release of the Starbase platform.
So after days of internal discussions with MME and within the team regarding the risks and liabilities connected to the revenue function of the STAR token, the Starbase team decided to remove this revenue function.
However, as it is an important aspect of the project that STAR token users benefit from their engagement, the revenue function will be replaced by other attractive functionalities, including new feature of priority and/or discount of token purchase by staking and payment rights for bounty campaign system as a service for project owners.
STAR token holders who stakes STAR tokens to staking contract can priority and /or discount purchase projects tokens issued and sold on Starbase platform.
“Stake” means locking up tokens to a contract in a certain period of time, so stake mechanism will make less supply, and more needs for STAR Tokens.
Please find here our renewed draft of the token terms and condition:
https://s3-ap-southeast-1.amazonaws.com/assets-cdn.starbase.co/docs/2017/07/Starbase_token_terms_v13.pdfPlease look up the "Regulatory Risk" para 37 also.
As per the renewed draft of the token terms and condition, a reward input functionality may be implemented in the future. We will assess this option depending on the blockchain token regulatory landscape.
Our goal is to best serve our stakeholders’ interest and financial objectives.
If you have any questions or opinions, please let us know.
If you don't reply within two weeks from now, you will be considered as agreeing on the new token terms and condition.
Best,
Starbase Early Purchase Team
After big changes like this in theory I can demand to get back my ETH no ? someone can help me maybe ? It's a nice project but that was the first reason I invest in...
