In which country is EQUI registered? On the basis of whose laws the company operates? This is a very important issue.
In the FAQs that are posted on their website and in their whitepaper, there is a question about whether EQUI is considered a security. In the answer they say they have approached this question from a UK regulatory perspective, which is the jurisdiction the future EQUI platform will be subject to.
I add some more information. I consulted the whitepaper, and this is what it says about regulation:
REGULATION
We anticipate that the EQUI platform itself will be considered an Unregulated Collective Investment Scheme (UCIS) as per UK statutory regulation and FCA guidance, which is the opinion shared by our legal counsel. This means the scheme will be operated by an FCA authorised individual, which will give comfort to investors that their rights under the smart contracts to which they commit to investments are being managed correctly.
However, we would like to emphasise that the issue of tokens theselves in the ICO is not a regulated activity in the UK, and the EQUItoken is not considered a security, which is again the opinion shared by our legal counsel. The token's utility is in providing a means of access to the future EQUI platform and does not directly or indirectly provide any return. The tokens may, of course, be traded and such trading remains an unregulated activity.
And this is commented on the Terms & Conditions section of their website:
Jurisdictional issues
Save where otherwise stated, EQUI controls and operates this website from offices within the United Kingdom. EQUI does not claim materials in this site are appropriate or available for use in locations other than the United Kingdom. If a user chooses to access this site from other jurisdictions then the user does so on their own initiative and is responsible for compliance with any local laws.
These terms of use are subject to English law and any dispute relating to or arising from them is subject to the exclusive jurisdiction of the courts of England and Wales.