Regulatory Framework
고지 사항: 이 백서는 영어 버전이 공식 문서입니다. 다른 언어 버전은 참고용입니다。
Jurisdictional Strategy
섹션 제목: “Jurisdictional Strategy”Structure Overview
섹션 제목: “Structure Overview”┌─────────────────────────────────────────────────────────────────┐│ CORPORATE STRUCTURE │├─────────────────────────────────────────────────────────────────┤│ ││ PIPO Operating Ltd ││ (Singapore / BVI) ││ └── Platform operations, technology ││ │ ││ │ 100% ownership ││ ▼ ││ PIPO Holdings Ltd ││ (Cayman Islands) ││ └── SPV holding company ││ │ ││ │ Subsidiaries ││ ▼ ││ SPV-001, SPV-002, etc. ││ (Cayman Islands) ││ └── Individual company share holdings ││ │└─────────────────────────────────────────────────────────────────┘Regulatory Classification
섹션 제목: “Regulatory Classification”Product Classification
섹션 제목: “Product Classification”| Product | Classification | Rationale |
|---|---|---|
| Call Warrant | Structured product / Derivative | Derivative of private valuation |
| Put Warrant | Structured product / Derivative | Cash-secured derivative |
| LP Token | Utility token | Represents pool share |
| Points | Loyalty points | Non-transferable, no value claim |
NOT Securities
섹션 제목: “NOT Securities”Why Warrants Are NOT Securities:
1. No equity ownership in underlying companies2. No voting rights or dividends3. Cash settlement (no share transfer default)4. Issuer is platform, not underlying company5. Structured product classification
Legal opinion: [To be obtained from qualified counsel]Jurisdictional Approach
섹션 제목: “Jurisdictional Approach”Permitted Jurisdictions
섹션 제목: “Permitted Jurisdictions”| Region | Status | Notes |
|---|---|---|
| Asia (ex-China) | Open | Primary market |
| Europe (non-EU) | Open | Switzerland, UK |
| Middle East | Open | UAE, Bahrain |
| Latin America | Open | Most countries |
| Africa | Open | Most countries |
Restricted Jurisdictions
섹션 제목: “Restricted Jurisdictions”| Region | Status | Reason |
|---|---|---|
| United States | Blocked | SEC, CFTC complexity |
| China | Blocked | Crypto ban |
| EU (MiCA) | Under review | Regulatory clarity needed |
| North Korea | Blocked | Sanctions |
| Iran | Blocked | Sanctions |
Compliance Framework
섹션 제목: “Compliance Framework”KYC/AML
섹션 제목: “KYC/AML”KYC Requirements:
Retail (<$100K):├── Wallet connection only└── Basic geoblocking
Large Users ($100K+):├── Identity verification (Jumio/Onfido)├── Sanctions screening (Chainalysis)└── Source of funds (>$500K)
VIP (KYB):├── Entity verification├── Beneficial ownership├── Director identification└── AML policy reviewOngoing Monitoring
섹션 제목: “Ongoing Monitoring”Transaction Monitoring:├── Chainalysis integration├── Suspicious activity flags├── Large transaction review├── Sanctions list screening└── Regular compliance auditsRegulatory Engagement
섹션 제목: “Regulatory Engagement”Proactive Approach
섹션 제목: “Proactive Approach”Regulatory Strategy:├── Obtain legal opinions in key jurisdictions├── Engage with regulators where appropriate├── Monitor regulatory developments├── Adapt structure as needed└── Maintain compliance-first culture