Below is the conclusion from the Legal Opinion document:
- At this stage of development, the OHO Coin is more likely not to be deemed a “security” under the US, the EU and UK, and other international legislation.
- In the future stages of development, the OHO Coin should maintain the utility legal qualification, based on the team’s business plan and the technical development of the blockchain.
- We have found no signs of fraud and scam, Ponzi scheme, tort, consumer fraud, known schemes of income laundering and tax evasion.
- Coin buyers do not have any rights to the organization’s profit. The OHO Coin don’t give equal rights to their holders. This fact excludes the identification of the Coin as securities.
- The founders of OHO Coin do not possess any ability to affect the Coin price. The market price of the Coin does not influence the organization’s profit, and the company’s profit does not influence the Coin market price.
- All scenarios of the turnover of the Coin are strictly ordered and implemented on the blockchain. No other scenarios are technically feasible. None of the scenarios of utilizing the Coin has the signs of securities rights realizing.