I. Opinion Conclusion
Harneys LLP has concluded that $WRTH, as currently structured and marketed, does NOT constitute a "security" under the BVI FSC framework, provided that:
- Utility Framing: $WRTH is offered and described as a consumptive digital utility tool, not an investment contract.
- Marketing Compliance: Marketing and documentation do not promise or imply profit or appreciation expectations.
- Operational Consistency: Weritas Council Ltd. maintains the described allocation and vesting schedule.
- Protocol Accessibility: The protocol remains operational and accessible to $WRTH holders.
II. Opinion Scope & Limitations
This opinion addresses BVI law only and does not constitute legal advice regarding:
- Regulatory classification in other jurisdictions (e.g., US, Canada, EU).
- Tax treatment of $WRTH ownership or transfer.
- Securities law compliance in Canada (CIRO/CSA), US (SEC/CFTC), or EU (MiCA).
- Secondary market trading or exchange listing compliance.
III. Assumptions
This opinion assumes that facts as represented by Weritas Council Ltd. are accurate and complete. If material facts change (marketing language, allocation structure, operational capability), the opinion may no longer apply.
Full Legal Opinion
The full legal opinion is available to accredited investors upon request. To request a copy, please contact our legal department.
legal@weritas.io