Can DNX be considered a security in different jurisdictions. Our analysis suggest not ***.

10 Jun 2023, 19:37

Can DNX be considered a security in different jurisdictions? Our analysis suggest not *** The US Security and Exchange Commission has put the financial world on notice. With almost $400 million in liquidations, the last 24 hours showed no mercy to Bitcoin and altcoin traders. We reviewed the applicable regulations in multiple jurisdictions to assess the risk of DNX being considered a security. US regulators including SEC agree that Bitcoin isn't a security. It was started by an unknown person and does not exist as a way to raise money for a specific project. The UK's Financial Conduct Agency regulates digital assets it considers investments that come with rights to repayment or a share in profits, while 'payment tokens' like BTC or 'utility tokens' that provide access to a service are unregulated. Singapore considers coins that are digital representations of other assets to be securities. European lawmakers new common cryptocurrency legal framework is equally in line with the UK regulators. Looking at DNX: - An independent legal opinion from a reputable lawfirm classifies DNX to be a utility coin in all major jurisdictions; - As there was no ICO, no IEO, no pre-mining, no VC funding and no private sales, DNX does not exist as way to raise money for the project; - DNX provide customers access to run computations on the Dynex platform; and - having no staking mechanism, DNX is a pure Proof-of-Useful-Work mineable coin Considering the above we are confident that DNX is not at risk of being categorised as a security and remains a safe native level one coin for all participants.