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The Crowdsale project is currently under negotiation with the Financial Market Authority (FMA) of Liechtenstein.
A non-profit XCHAINGE Foundation responsible for implementation of the platform and all its subsidiaries will be established in the Principality of Liechtenstein. The XCHAINGE Foundation will make key decisions regarding the platform implementation and operation and supervise the XCH token crowdsale. The XCHAINGE Foundation will operate in full compliance with the laws of the Principality of Liechtenstein, and will issue regular financial reports in accordance with the requirements of the Financial Market Authority of Liechtenstein. An independent audit company will be involved in preparing the reports.
The highest governing body of the XCHAINGE Foundation is the Foundation Council, which will include the founders of xChainge, advisors, independent directors, and representatives of regulatory bodies of the Principality of Liechtenstein. All members of the XCHAINGE Foundation will be determined and listed on the xChainge website before the start of the crowdsale.
The xChainge team pays particular attention to legal issues. Currently the majority of tokens fall under the definition of security tokens. Such tokens are subject to heavy regulation by the government and the authorities, which could result in their delisting from centralized crypto exchanges, inability to enlist new tokens and possible penalties to token holders and the issuing organizations. xChainge token (XCH) is by nature a utility token as ensured by the Financial Market Authority of Liechtenstein thus it doesn’t entitle its holder to a share in the assets of the Foundation or any of its subsidiaries. XCH doesn’t generate passive income and may not be sold back to the xChainge Foundation. Its main purpose is to be used on the xChainge platform.