The Materials on this Site are for Information, education, and non-commercial purposes only. Although Bitcoin Enhanced may provide data, information, and content relating to its token, you should not construe any such information or other content available through this Site as legal or tax advice. You alone will bear the sole responsibility of evaluating the merits and risks associated with the use of any Materials on this Site in relation to your own personal circumstances before making any decisions based on such Materials.
To the extent permitted by law you agree not to hold Forecast Services Limited (NZ), trading as Bitcoin Enhanced or its third party information providers liable for any possible claim for damages arising from any decision you make in relation to your individual circumstances based on the Materials made available to you through this Site. General advice warning
The information on this website is general information only and does not take into account your individual objectives or financial situation. Before making an investment decision or recommendation, you should consider your objectives, financial situation and needs.
Purchases of Bitcoin Enhanced tokens are not guaranteed to rise in value, to trade at the published Target Price, and may decrease in value. Past performance is not an indication of future performance.
Except where required by law all purchases are non-refundable.
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Bitcoin Enhanced makes no representation that materials in or accessible through the site are appropriate or available for use in other locations or that access to them where their content is located is not illegal and prohibited. Those who choose to access the site from other locations do so at their own risk and are responsible for establishing the legality of any information or materials under any or all jurisdictions and the compliance of that information or material with local laws, if and to the extent local laws are applicable.
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The Bitcoin Enhanced tokens represent a new category of belief-based asset. As such they have features which we believe mean they are unlikely to be subject to security laws or AML/KYC requirements. The following is based upon New Zealand law. While we expect the laws in other jurisdictions would be similar we do not make any representation that this is the case and we provide no warranties of any kind. Nevertheless we hope this short summary helps to clarify their position.
Bitcoin Enhanced tokens are belief-based assets. This means that their value, if any, is conferred upon them by token-holders. Token holders demonstrate the value they give the tokens through trading them on exchanges. Forecast Services Limited, as the issuer of the tokens, plays no part in any value conferred. While the company may offer tokens at a given price, market forces (i.e. the value token-holders themselves give the token by trading them on an exchange) ensure that new sales only take place if the market price is equal to or greater than the price offered by the company.
Currencies, fiat and crypto, real estate and commodities are currently the most pervasive examples of belief-based assets. With no other assets underlying them, the value of these assets is self-generated by market participants.
Because token holders, not the token issuer, confers value on the tokens, they are likely to fail the fourth aspect of the US Howey Test, namely that the expectation of profits comes from the efforts of the promoter or third party. For an asset to be classed as a security under the Howey Test in the United States it must pass all four of the criteria.
We base these comments on our current understanding of the US position but again, we make no representations or offer any warranties concerning this view. People must take their own advice to clarify the position.
By way of example of how the tokens may be viewed in other jurisdictions, under New Zealand law the tokens do not fall into accepted categories of a financial product, namely:
debt securities – there is no promise or obligation on the part of the promoter to provide any form of reward such as interest or repayment of principle to token holders.
equity securities – the tokens do not represent a share in Forecast Services Limited or any other enterprise.
managed investment products – the tokens do not hold any underlying assets which the promoter is managing on behalf of token holders.
derivatives – there is no agreement that at some future time the promoter is required to provide consideration of a particular kind to token holders.
Using New Zealand law as an example, the only possible category where the tokens could trigger the need for AML/KYC disclosures would be if Forecast Services Limited was seen to be in the business of “issuing or managing a means of payment”.
The purpose of the Bitcoin Enhanced tokens is to be a store of value for token holders, not a means of payment. This is explicit in the website and all supporting documentation. The fact that the tokens are not intended as a means of payment is also demonstrated by their limited supply of 4 million for each token. If the tokens were intended as currencies there would be a far larger number issued.
While it is conceivable that the tokens could be used as a means of payment in certain circumstances this does not in itself make them a means of payment. The same can be said of almost any product including apples and oranges.
Because the Bitcoin Enhanced tokens are not intended as a means of payment we believe AML/KYC disclosures are not required for token holders.