<Extract from Full text of Legal Opinion Hilarium Foundation>
Based on the information in the White Paper, we are of the view that the token distribution is i compliance with Singapore law and not subject to specific regulation.
Based on the information in the White Paper, We are of the view that the Token Exchange will not be subject to regulation, as long as it does not allow the trading of capital markets products.
In our opinion, the Tokens do not amount to a capital market product with the meaning of the SFA.
In particular, they are not a security.
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