I have been considering the purchase of a few MOB and have been going over the terms and have a few concerns.
As with all experimental cypto I was considering purchase through my MSB (money service business) federally licensed Canadian corporation (vetted and fully reported for KYC, AML and more). I do this to ensure I am in compliance with all regulations, laws and tax reporting requirements. It also eases banking issues that may arise. I know this is not a blanket situation, but I feel the extra paperwork is worthwhile.
However, as with most US based projects the terms and conditions are far reaching and affect jurisdictions outside the project’s scope of operation (not a direct fault of MOB or unique to them).
1- A business may own MOB as long as it does not engage or propose to engage in the business of investing, reinvesting, owning, holding, or trading in securities and/or cryptographic tokens or acting as an exchange or other intermediary.
Since MOB IS a cryptographic token does this automatically prevent buying it? Same for holding it? And if at a future time I would want to sell or trade would I be prevented for the same reason?
2- Restrictions of my future transactions. Once MOBs are in my wallet they fall under my Country’s jurisdictions and my MSB compliance regime. These do not reflect the terms directions ( the re-sell or gifting to US citizens for example).
From past projects involvement I know legally once I have ownership my jurisdiction rules take precedence and others are null and void (a lot of paperwork, but that’s my problem). However, MOB team does have the right to suspend any association they like so this is a bit of a standstill.
Does MOB have ideas of how to resolve this, especially as MOB becomes more publically accessible?
3- The final issue is tracking. Terms dictate buyers cant utilize any virtual private network, proxy service, or any other third-party service, or network for the purpose of disguising or misrepresenting your IP address or location . This is to ensure that no one in violation of the terms (ex: US citizens) can take part in the MOB sale or wallet use, but seems to run counter to the privacy first goals of the project.
This taken alone with the need to ensure we do not in turn re-sale, trade, gift or donate MOB to others means at the very least the necessity of legal tracking if not software.