JASMY Coin (JASMY) - Crypto Asset Statement

PLEASE READ THIS CAREFULLY. BY PROCEEDING TO TRANSACT IN JASMY, YOU ACKNOWLEDGE AND ACCEPT THE STATEMENTS SET OUT BELOW.

About this Summary

Ndax Canada Inc. (“Ndax ”, “we” and “our”) believes that our users should understand the crypto assets that they are able to trade and stake using our crypto trading platform (the “Platform”). One of the crypto assets we offer on the Platform is JASMY. We created this summary to help you understand the basics of JASMY as well as some of the risks involved in trading in JASMY. While we tried to describe the key features of JASMY, this summary isn’t meant to tell you everything you’d want to know before investing in JASMY. You should also do your own research on JASMY to make sure you are comfortable investing in it.

Description of JASMY

History of JASMY

JasmyCoin (JASMY) was launched by Jasmy Corporation, a Tokyo-based Internet of Things (IoT) provider, founded in 2016 by former Sony executives. The project aims to create a decentralized platform to address the growing concerns over data security and privacy in the IoT industry. JasmyCoin was officially listed for trading in 2021. The company’s mission is to democratize data by providing a platform where users can securely manage and monetize their personal information.

What is JASMY used for

JASMY is primarily used within the Jasmy platform to power its decentralized data exchange system. The token facilitates transactions on the platform, compensates users for sharing their data, and incentivizes data security measures. Users can also stake JASMY tokens to earn rewards, participate in governance decisions, and access premium features within the ecosystem. By enabling secure data sharing between IoT devices, Jasmy aims to create a robust environment for data exchange that benefits both individuals and enterprises.

How JASMY works

JASMY operates on a decentralized network that allows users to control and monetize their data. The platform uses blockchain technology to secure data transactions and ensure users retain ownership and control over their information. JASMY tokens are used to compensate users for data sharing, facilitate transactions, and reward participants in the ecosystem. The Jasmy platform employs smart contracts to automate processes, ensuring transparency and efficiency. Additionally, Jasmy's data marketplace enables businesses to access valuable data while respecting user privacy and security, creating a mutually beneficial ecosystem.

Risks

Before entering into an agreement (a “Crypto Contract”) with Ndax to buy or sell any crypto assets through the Platform, it is important to understand the risks. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Like other crypto assets, there are some general risks associated with investing in JASMY. Each of these risks are described in more detail in the Risk Statement provided to you at the time that you open your account with us and is also available online on the Ndax website and app. You should review the Risk Statement.

In addition to the general risks set out in the Risk Statement, we also point out other specific risks to JASMY below:

Regulatory Risks  

The regulatory status of JasmyCoin and similar digital assets is unclear or unsettled in many jurisdictions. Changes in laws or regulations governing digital assets could adversely impact the utility, value, and legality of JASMY.

Market Risks  

The market for digital assets like JASMY is volatile and can be affected by factors such as technological advancements, regulatory changes, and market sentiment. The price of JASMY may fluctuate significantly over short periods, impacting your investment.

Security Risks  

While blockchain technology provides security advantages, it is not immune to risks. Cyber-attacks, vulnerabilities in the blockchain code, or failures in the underlying technology supporting JASMY could result in loss of assets.

While we have tried to describe the key risks associated with JASMY here and in our Risk Statement, we emphasize that this Crypto Asset Statement is not exhaustive of all of the risks associated with trading in JASMY. You should also do your own research on JASMY to make sure you are comfortable investing in such a crypto asset.

Regulatory Information  

Ndax is offering Crypto Contracts in accordance with the terms of a pre-registration undertaking dated March 23, 2023 that we entered into with the Canadian securities regulators, while our application for registration in certain Canadian jurisdictions is reviewed. Please note that Ndax is not currently registered under securities or derivatives legislation of Canada and there is no guarantee that registration will be granted.

The statutory rights of action for damages and the right of rescission in the securities legislation of each province and territory of Canada would not apply in respect of a misrepresentation in this Crypto Asset Statement.

Prior to offering a Crypto Contract on JASMY, Ndax assesses whether JASMY is a security and/or a derivative under the securities and derivatives laws of Canada. Ndax’s assessment includes a review of the history of JASMY (such as how it was created and its governance structure), its characteristics, its market capitalization and any regulatory concern regarding JASMY. Based on its assessment, Ndax concluded that JASMY is not a security or a derivative. However, there is a risk that this conclusion could change in the future. In that case, Ndax may be required to halt or withdraw JASMY from trading on the Platform and stop any future trading of Crypto Contracts based on JASMY, and users holding JASMY may be required to liquidate their positions, potentially at a significant loss. In this event, users holding positions in JASMY will be notified via the Platform or other electronic means and advised of the options available to them and any applicable period to sell or withdraw their positions in JASMY.

No Canadian securities regulatory authority has expressed an opinion about JASMY, including an opinion that JASMY is not itself a security and/or derivative.

Last Updated: 19-Dec-24