First of all, we’d like to thank you for your continued support for VeChain.
As you may be aware, last week VeChain Foundation (the Foundation) received information from the Chinese government about the legal status of ICOs and digital token sales. As we expected, the government stated that ICOs and token trading need to be regulated, and called upon companies to refund tokens invested by Chinese citizens.
Token refund progress
Here’s what we have done to date, and what is still in progress:
September 4, 2017: on the same day as the Chinese government’s announcement, we issued an announcement to provide a guideline for refunding VeChain tokens obtained from authorized third-part platforms. After publishing the announcement, the refunding process commenced immediately for Chinese VeChain token holders.
September 8, 2017: we issued arrangements to refund tokens offered from our official website.
We are continuing to take steps to make sure that all Chinese VeChain token holder be allowed to refund their tokens.
Token exchange rate
All VeChain tokens (VENs) have been and will berefunded in terms of Ethereum at an official rate of 4,025 VEN to 1 ETH. This rate is in line with the one set at the early-bird stage.
What happens to the returned tokens?
All returned VeChain tokens will be put in oneparticular address that will later on be made public. The tokens will be destroyed after the final token refunding deadline and the whole process will be monitored and verified by independent third-party professionals.
As a result, very likely, the token value would increase due to the decrease of the total amount of spendable VeChain tokens. The remaining tokens will still be valid and can be used on part of the VeChain platform that runs outside of China.
Token Trading in Future
The Foundation is currently negotiating withvarious international crypto-currency trading platforms and would expect our tokens to be listed and tradable on them in near future.
Independent third party monitoring
We have required the services of top law firms in Singapore, UK, US and China, one of the world’s biggest accounting firms and other high-quality professional service companies. These independent third parties will be invited to monitor the whole token refunding processes and will continue to collaborate with us on an ongoing basis to review and assess risks and help us achieve excellence.
Looking to the future
We will, without any doubt, be committed to achieving the vision and goals of the VeChain platform. To support this, we will actively cooperate with the relevant regulatory bodies to ensure ongoing compliance and transparency.
We are consistently making significant progress in the commercialization of our platform, and will update you very soon some of our new exciting initiatives and industrial partnerships.
We have received enormous support and investment from communities across the world! To better communicate with our fellow communities, we have launched various communication channels, including Twitter, Facebook and LinkedIn and will make additional effort to maintain these channels.
We are very grateful for the support and engagement from the communities thus far, and are looking forward to continuing to build and grow our relationship with you! The Foundation is determined to actively expand our community and organize more meetup activities around the world.
Have questions or concerns? Please contact us on Twitter, Slack or Facebook.
