This project describes the conditions under which the SqPay project offers participation in the process of cryptocurrency collection in the preliminary Initial Token Offering (preITO) stage.
The project does not have a legal entity before the start of the Phase of Initial Token Offering (ITO), no tokens have been issued. Cryptocurrencies are collected to the wallet of the Project for further exchange to the tokens, which will be released during the ITO phase. The cost of the tokens offered at the preITO stage is 50% lower than the cost at the ITO stage (preITO is $ 0.5 per 1 token, ITO is $ 1 per 1 token).
The collected cryptocurrencies will be directed to:
• Development of the web-application of the SqPay information system, including a wallet and participant’s private account.
• Organization of a trust as the analogue to the collective investment fund REIT in a jurisdiction with a developed system of Anglo-Saxon law (Hong Kong, Switzerland).
• Establishing of a Managing Company.
• Personnel selection and hire.
• Reimbursement of initial costs to start the business processes.
In case of collection of the cryptocurrencies in the amount less than equivalent to the $ 100,000 at the end of the preliminary phase, they will be returned to the senders less the expenses incurred.
In the event of a business process stop, cryptocurrencies will be returned to the senders less the expenses incurred.
All financial statements and costs incurred will regularly be published on the SqPay.io website, at rarest once a month.
Citizens of the United States, Singapore and their representatives are not allowed to participate in the preITO and ITO processes.
In case of receipt of cryptocurrencies from citizens of the United States, Singapore or their representatives, these cryptocurrencies will be returned to the senders.
For Counter-terrorism and Anti-Money-Laundering reasons, users are identified by phone number, ID, passport, e-mail, physical address of the location.
This information should be provided through the SqPay.io website in conjunction with the transaction code of the cryptocurrency transfer.
The personal data of the participants of preITO and ITO is collected and stored solely for the development of the SqPay project, will not be transferred to third parties, except as required by the legislation of the country of registration of the SqPay project or its participants.
Limited data can be transferred to the courier and postal services.