UREEQA: CORPORATE UPDATE
Volatile markets and an unpredictable and evolving legal environment has been the norm during the infancy of the cryptocurrency industry. However, those unsettled waters were instructive to UREEQA during the development of its soon to be launched platform for protecting, managing and monetizing creative work.
The constant change in the crypto industry continued on Monday, March 29, 2021 when on the brink of UREEQA holding its Token Generation Event (TGE), the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published their long-awaited notice outlining securities law requirements that apply to crypto asset trading platforms (CTPs) and how they may be tailored by regulators for the CTPs business model.
Although UREEQA is currently evaluating the effect which these new securities laws and regulations may have on its strategic business launch plans, UREEQA is pleased to confirm that its progress continues.
Here’s how.
1. UREEQA’s objective is to be legally-compliant in all aspects of its business
Legislation governing the crypto space is rapidly evolving and UREEQA is working with and represented by the international law firm of Gowling WLG who are advising UREEQA to take a cautious and legally conservative approach towards compliance in its business in order to avoid any potential legal quagmires associated with its TGE and everything that has come before and will come after that pivotal event.
2. UREEQA has implemented a thorough and disciplined validation process
Anyone who receives a token from UREEQA directly is required to undergo a Know Your Client (KYC) verification check via platform partner Blockpass. It’s a multi-step process that requires early investors and users of the UREEQA platform to verifiably identify themselves by providing critical personal information and official documents. This requirement protects UREEQA, its product, its investors, its Creators, its Validators and its Protectors.
3. UREEQA’s private sale was open only to qualified investors
During the pre-sale process, potential UREEQA investors were required to review and sign a lengthy legal agreement that included a declaration that they were sophisticated investors according to the laws of their country of residence who are entitled to make investments pursuant to an exemption from compliance with the securities laws of their home jurisdiction. This approach to securing investments in UREEQA seeks to ensure that all tokens are distributed in a manner that can withstand regulatory scrutiny.
4. UREEQA is working with the OSC
UREEQA is in ongoing discussions with the Ontario Securities Commission LaunchPad regarding UREEQA’s novel blockchain and crypto currency based business.
5. UREEQA token liquidity
UREEQA has applied for and is engaged in the listing process prescribed by a centralized crypto asset trading platform and anticipates obtaining the necessary approvals to complete the listing process in the short term. In an effort to keep UREEQA and its participants safe and secure, UREEQA will not create a liquidity pool on a decentralized exchange (DEX), nor will it endorse liquidity pools. However, because it is impossible to prevent liquidity pools from forming, UREEQA will protect its community by providing a Contract Address so that DEX investors know they are buying genuine UREEQA fungible tokens.
6. FED not FUD
Those pushing fear, uncertainty and doubt in regard to crypto projects are known in that environment as sharers of “FUD.”
UREEQA’s deliberate roll-out of its business should not be mistaken as a sign of FUD. On the contrary, UREEQA believes it as a sign of FED — foresight, execution and diligence. By paying close attention to laws and regulations now, UREEQA is reducing risk and increasing the odds of long-term success. UREEQA’s strategic plan is being executed in a diligent fashion, which often comes at the expense of short-term expediency.
UREEQA INTENDS TO PROVIDE REGULAR CORPORATE UPDATES
Statements in this Corporate Update, including statements relating to UREEQA’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in technology development and commercialization. As a result, actual results may vary materially from those described in the forward-looking statements.
About UREEQA
The UREEQA platform strives to protect Creators’ work, their rights and their revenue by harnessing the power of blockchain technology.
Established in Canada in 2020, UREEQA will modernize the inefficient and bureaucratic systems currently in place for copyright, patent, industrial design and trademark protection. By building a robust and compelling Package of Proof for source creative work, UREEQA only mints Validated NFTs to represent creative rights. This helps keep buyers safe by giving them confidence that the work they are purchasing was minted by the smart contract approved by the creator of the work and is therefore authentic.
UREEQA provides value and opportunities for its Creators, Validators and Tokenholders via URQA, the token at the heart of the UREEQA ecosystem.
For more information on UREEQA and upcoming announcements please visit our website UREEQA, join our Telegram channel here, and follow us on Twitter here.
