Good news for residents of the US, China and to-whom-it-may-concern crypto enthusiasts: UKT was examined by a NY License Attorney and considered to be a utility.
“Hi, I’m a US resident, what is your token status?” is quite a regular question in uKit ICO Telegram group and other social media channels. Since UKT is used as a payment and reward agent in our website personalization ecosystem, it shall be considered as utility — and there should be no restrictions for residents of the US or other countries .
Seeing is believing, right? It’s especially important at the main ICO stage. So, during the past month we’ve been working on getting an independent legal opinion on UKT: we found the NY Licence Attorney Nikita Tepikin from ICOLaw, provided all the information he required and asked him to examine our token.
Yesterday we received the conclusion. The document itself contains 9 pages, so here are the most important extracts from it:
Let’s start with the most crucial part. The decision itself says we’re utility judged on Howey test results:
And here are the reasons why lawyers came to such decision. First, it’s based on UKT token design…
… and our ecosystem concept:
UKT token design and our ecosystem are both described in details in our White Paper and translated to global languages so people in the US, China and all around the world can get all the information and make their own opinion about our token. It’s unlikely that any regulator will ever have reasons to call our token other than a utility.
We believe there’s no need to worry about the UKT token status now.
You can buy our tokens and make next step in the history of the web with them!
P.S. But if you’re still in doubt, we recommend to talk to your advisers.
