Regulatory risk

The regulatory status of encrypted tokens, including any digital currency and digital assets, is still unclear or unresolved in many jurisdictions. Publication and distribution of this document does not mean that any relevant laws, regulations and rules have been complied with. There is no regulatory agency to review or approve this document. Government authorities' changes to existing laws, regulations and/or rules, or certain business decisions made by financial institutions, may have a material adverse effect and/or damage any related entities mentioned in the document. Individuals need to be aware of such regulatory risks in advance.