Most recent update: April 25, 2022
This overview provides a summary of certain risks involved with trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or VCAD, that are made available on the Bitvo Platform, including an opinion that VCAD is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of any of your crypto assets, and such changes may be sudden and without notice.
Prior to listing VCAD on the Bitvo Platform, Bitvo Inc. (Bitvo) conducted due diligence and determined that VCAD is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with VCAD including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk, and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Bitvo Platform Risk Statement. Further, is a stablecoin issued by Canada Stablecorp Inc. (Stablecorp). Stablecorp maintains a balance of Canadian dollars equal to the number of VCAD in circulation and a balance of VCAD is published monthly and attested by a third-party. Financial services regulators have provided minimal guidance on the regulatory framework, if any, that might apply to stablecoins like VCAD. It is not clear how a determination that VCAD is subject to an existing or future regulatory framework will impact the future value of VCAD. More information on stablecoins is available in our Bitvo Platform Risk Statement.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading VCAD and we encourage you to conduct your own due diligence to determine whether trading VCAD is right for you.
Bitvo is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Bitvo Inc. dated April 25, 2022. Please be aware that the statutory rights in section 204(1) of the Securities Act (Alberta) and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.
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