The Full Text of Legal Opinion

We release the full text of Legal Opinion of Hilarium foundation. 

• Based on the information in the White Paper, we are of the view that the token distribution is in compliance with Singapore law and not subject to  specific regulation.

• Based on the information in the White Paper, we are of the view that 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. (Extract from legal Opinion)