Common use of Virtual Currency Business Matters Clause in Contracts

Virtual Currency Business Matters. (i) The Token Issuer does not intend to operate in the state of New York or any other state that requires a license to conduct a virtual currency business. The Sponsoring Parties believe the Token Issuer is not engaged in unlicensed virtual currency business activity in states where such conduct is prohibited. If a Purchaser is a resident of a state that requires a license to conduct a virtual currency business, this Purchase Agreement is void and all rights and privileges of the Purchaser hereunder are canceled. If a Purchaser is a resident of a state that requires a license to conduct a virtual currency business, the Token Issuer will not allow the Purchaser to purchase a DDA or the Tokens and participate on the Blockstack Network. Currently, only New York has this type of requirement, but other states may adopt similar requirements. Further, any prohibited DDA or Token transaction inconsistent with this Subsection 2.3(g) may be unable to be rescinded.

Virtual Currency Business Matters. (i) The Token Issuer does not intend to operate in the state of New York or any other state that requires a the Token Issuer to obtain an applicable license to conduct a virtual currency business. The Sponsoring Parties believe the Token Issuer is not engaged in unlicensed virtual currency business activity in states where such conduct is prohibited. If a Purchaser is a resident of a state that requires a the Token Issuer to obtain an applicable license to conduct a virtual currency business, this Purchase Agreement is void and all rights and privileges of the Purchaser hereunder are canceled. If a Purchaser is a resident of a state that requires a the Token Issuer to obtain an applicable license to conduct a virtual currency business, the Token Issuer will not allow the Purchaser to purchase a DDA or the Tokens and participate on the Blockstack Network. Currently, only New York has this type of requirement, but other states may adopt similar requirements. Further, any prohibited DDA or Token transaction inconsistent with this Subsection 2.3(g) may be unable to be rescinded.