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due diligence, product governance, suitability
Token
Token Identifiers
Classification
We analyse the regulation, interpretations and case-law to help you make informed decisions about the crypto.
FINMA cease-and-desist order against Dohrnii Foundation (May 17, 2023): FINMA classifies the DHN token as a hybrid token, as it has characteristics of all three possible token categories: utility tokens, asset tokens and payment tokens. The DHN token was planned as a utility token, but was never usable as such. As a pre-functional token, it served as an investment in advance, which is why FINMA qualifies it as an investment token and the DHN tokens consequently as securities. And finally, the DHN tokens were also intended to be used as a means of payment on the Dohrnii platform and thus had characteristics of payment tokens.
Technical Analysis
We analyse the code and legal documentation to provide you with useful information about its mechanisms and risks.
Tether Terms of Service (Dec 7, 2023): The composition of the Reserves used to back Tether Tokens is within the sole control and at the sole and absolute discretion of Tether. [...] Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves.
Issuer identifier
Issuer Identifiers
Licenses
Corporate disclosures
We monitor the crypto issuers and report on their regulatory and media announcements.
Circle (USDC) valued at $9B in New Transaction Terms Agreed with Concord Acquisition CorpNew (Feb 17, 2022): Circle Internet Financial, a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes and is the issuer of USD Coin (USDC), announced today that it has terminated its existing business combination and agreed to new transaction terms with Concord Acquisition Corp (NYSE:CND), a publicly traded special purpose acquisition company. The new agreement sets Circle’s enterprise value at $9 billion, increased from the $4.5 billion originally announced in July 2021.
Adverse media screening
We screen the media and inform you before your reputation suffers.
FinCEN and OFAC settlement with Binance (Nov 21, 2023): Binance never reported transactions with websites devoted to selling child sexual abuse materials, including Dark Scandals.
Documentation
Offering documentation
Public disclosures
We monitor the cryptos and report on their regulatory and media announcements.
Ethereum EIP-3675 (Sep 15, 2022): The Paris upgrade was triggered by the proof-of-work blockchain passing a terminal total difficulty of 58750000000000000000000. This happened at block 15537393 on 15th September 2022, triggering the Paris upgrade the next block. Paris was The Merge transition - its major feature was switching off the proof-of-work mining algorithm and associated consensus logic and switching on proof-of-stake instead. Paris itself was an upgrade to the execution clients (equivalent to Bellatrix on the consensus layer) that enabled them to take instruction from their connected consensus clients. This required a new set of internal API methods, collectively known as the Engine API(opens in a new tab), to be activated.
Summary of disclosed risks
We inform you about the main and unique risks of the consensus mechanism, redemption mechanism and security infrastructure.
Ripple XRP Consensus Protocol (Feb 1, 2024): If more than about 20% of validators are unreachable or not behaving properly, the network fails to reach a consensus. During this time, new transactions can be tentatively processed, but new ledger versions cannot be validated, so those transactions' final outcomes are not certain. In this situation, it would become immediately obvious that the XRP Ledger is unhealthy, prompting intervention from human participants who can decide whether to wait, or reconfigure their set of trusted validators.
Distribution
Transfer restrictions
Cross-border rules
We monitor the local regulation and provide you with actionable advice for cross-border provision of services.
The People's Bank of China Notice on Further Preventing and Resolving the Risks of Virtual Currency Trading and Speculation (Sep 16, 2021): Provision of services by overseas virtual currency exchanges to residents in China via the internet is also considered to be an illegal financial activity. The domestic staff members of overseas virtual currency exchanges and those legal persons, unincorporated organizations, and natural persons that know or should have known that such exchanges are engaging in virtual currency-related business but still provide marketing, advertising, payment, settlement, technical support, or other services will be held accountable in accordance with the law.
Transfer restrictions
We inform you about the transfer restrictions such as whitelisting, blacklisting, transfer limits and protocol-level permissions.
PayPal USD Terms and Conditions (Oct 21, 2024): If you do not agree with any changes to these Cryptocurrency Terms, you must sell or transfer your Crypto Assets and stop accessing your Cryptocurrencies Hub. If there is a hold on your account you may be able to sell, but not transfer, your Crypto Assets. Please note that there may be tax consequences when you sell, and in certain situations when you transfer or receive Crypto Assets.
Crypto lifecycle
Crypto lifecycle
Corporate actions
Analysis of the token economics: minting, issuing, using, redeeming, and burning events.
Avalanche Native Token Dynamics (June 25, 2022): AVAX has a capped-supply of 720,000,000 (720M) tokens. The genesis block will have 360M $AVAX tokens. The rest of the 360M tokens will be minted according to the Minting Function.
Sustainability
Reporting standards and databases
Public disclosures
We review the content, methodologies and presentation of sustainability indicators and (principal) adverse impacts on climate of the issuers and cryptos.
Circle USDC Methodology to calculate the mandatory sustainability indicators (June 2024): To calculate the total energy consumption of a token that exists on a blockchain, one needs to first understand the energy consumption of the underlying network. Once this data is readily available, one can allocate the total energy consumption to an individual token. CCRI uses the well-established hybrid allocation framework 2 to properly calculate the electricity consumption of the token. [...] The MiCA regulation differentiates between the energy consumption for securing the integrity of the ledger and the energy consumption for validating transactions. This distinction is important, as it highlights the need for a methodology to assess the energy consumption of a single transaction not merely by dividing the total consumption by the number of transactions, as this would indicate that the entire energy consumption is attributable to transactions.
Sustainability assessment
We assess and rate the methodologies as well as the sustainability indicators and adverse impacts of the issuer and cryptos (in collaboration with external rating agencies).
Based on the available data we analyse the energy consumption, greenhouse gas emissions, waste production and impact of the ledger on natural resources and compare it with similar blockchains.
Crypto financial research
Rating
Liquidity and market
We quantify the risks around market and liquidity and report on the possible instances of market manipulation.
Past performance and assumptions
In collaboration with licensed financial institutions, we can provide you with independent financial research on the current and future market conditions.
Tax treatment
Tax qualification
We inform you about the latest (cross-border) interpretation of the tax consequences when purchasing crypto and its lifecycle (in collaboration with external tax law firm).
Tax suitability
We provide you with a risk control activity to mitigate portfolio tax risk (in collaboration with external law firm).
Token
Token Identifiers
Classification
We analyse the regulation, interpretations and case-law to help you make informed decisions about the crypto.
FINMA cease-and-desist order against Dohrnii Foundation (May 17, 2023): FINMA classifies the DHN token as a hybrid token, as it has characteristics of all three possible token categories: utility tokens, asset tokens and payment tokens. The DHN token was planned as a utility token, but was never usable as such. As a pre-functional token, it served as an investment in advance, which is why FINMA qualifies it as an investment token and the DHN tokens consequently as securities. And finally, the DHN tokens were also intended to be used as a means of payment on the Dohrnii platform and thus had characteristics of payment tokens.
Technical Analysis
We analyse the code and legal documentation to provide you with useful information about its mechanisms and risks.
Tether Terms of Service (Dec 7, 2023): The composition of the Reserves used to back Tether Tokens is within the sole control and at the sole and absolute discretion of Tether. [...] Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves.
Issuer identifier
Issuer Identifiers
Licenses
Corporate disclosures
We monitor the crypto issuers and report on their regulatory and media announcements.
Circle (USDC) valued at $9B in New Transaction Terms Agreed with Concord Acquisition CorpNew (Feb 17, 2022): Circle Internet Financial, a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes and is the issuer of USD Coin (USDC), announced today that it has terminated its existing business combination and agreed to new transaction terms with Concord Acquisition Corp (NYSE:CND), a publicly traded special purpose acquisition company. The new agreement sets Circle’s enterprise value at $9 billion, increased from the $4.5 billion originally announced in July 2021.
Adverse media screening
We screen the media and inform you before your reputation suffers.
FinCEN and OFAC settlement with Binance (Nov 21, 2023): Binance never reported transactions with websites devoted to selling child sexual abuse materials, including Dark Scandals.
Documentation
Offering documentation
Public disclosures
We monitor the cryptos and report on their regulatory and media announcements.
Ethereum EIP-3675 (Sep 15, 2022): The Paris upgrade was triggered by the proof-of-work blockchain passing a terminal total difficulty of 58750000000000000000000. This happened at block 15537393 on 15th September 2022, triggering the Paris upgrade the next block. Paris was The Merge transition - its major feature was switching off the proof-of-work mining algorithm and associated consensus logic and switching on proof-of-stake instead. Paris itself was an upgrade to the execution clients (equivalent to Bellatrix on the consensus layer) that enabled them to take instruction from their connected consensus clients. This required a new set of internal API methods, collectively known as the Engine API(opens in a new tab), to be activated.
Summary of disclosed risks
We inform you about the main and unique risks of the consensus mechanism, redemption mechanism and security infrastructure.
Ripple XRP Consensus Protocol (Feb 1, 2024): If more than about 20% of validators are unreachable or not behaving properly, the network fails to reach a consensus. During this time, new transactions can be tentatively processed, but new ledger versions cannot be validated, so those transactions' final outcomes are not certain. In this situation, it would become immediately obvious that the XRP Ledger is unhealthy, prompting intervention from human participants who can decide whether to wait, or reconfigure their set of trusted validators.
Distribution
Transfer restrictions
Cross-border rules
We monitor the local regulation and provide you with actionable advice for cross-border provision of services.
The People's Bank of China Notice on Further Preventing and Resolving the Risks of Virtual Currency Trading and Speculation (Sep 16, 2021): Provision of services by overseas virtual currency exchanges to residents in China via the internet is also considered to be an illegal financial activity. The domestic staff members of overseas virtual currency exchanges and those legal persons, unincorporated organizations, and natural persons that know or should have known that such exchanges are engaging in virtual currency-related business but still provide marketing, advertising, payment, settlement, technical support, or other services will be held accountable in accordance with the law.
Transfer restrictions
We inform you about the transfer restrictions such as whitelisting, blacklisting, transfer limits and protocol-level permissions.
PayPal USD Terms and Conditions (Oct 21, 2024): If you do not agree with any changes to these Cryptocurrency Terms, you must sell or transfer your Crypto Assets and stop accessing your Cryptocurrencies Hub. If there is a hold on your account you may be able to sell, but not transfer, your Crypto Assets. Please note that there may be tax consequences when you sell, and in certain situations when you transfer or receive Crypto Assets.
Crypto lifecycle
Crypto lifecycle
Corporate actions
Analysis of the token economics: minting, issuing, using, redeeming, and burning events.
Avalanche Native Token Dynamics (June 25, 2022): AVAX has a capped-supply of 720,000,000 (720M) tokens. The genesis block will have 360M $AVAX tokens. The rest of the 360M tokens will be minted according to the Minting Function.
Sustainability
Reporting standards and databases
Public disclosures
We review the content, methodologies and presentation of sustainability indicators and (principal) adverse impacts on climate of the issuers and cryptos.
Circle USDC Methodology to calculate the mandatory sustainability indicators (June 2024): To calculate the total energy consumption of a token that exists on a blockchain, one needs to first understand the energy consumption of the underlying network. Once this data is readily available, one can allocate the total energy consumption to an individual token. CCRI uses the well-established hybrid allocation framework 2 to properly calculate the electricity consumption of the token. [...] The MiCA regulation differentiates between the energy consumption for securing the integrity of the ledger and the energy consumption for validating transactions. This distinction is important, as it highlights the need for a methodology to assess the energy consumption of a single transaction not merely by dividing the total consumption by the number of transactions, as this would indicate that the entire energy consumption is attributable to transactions.
Sustainability assessment
We assess and rate the methodologies as well as the sustainability indicators and adverse impacts of the issuer and cryptos (in collaboration with external rating agencies).
Based on the available data we analyse the energy consumption, greenhouse gas emissions, waste production and impact of the ledger on natural resources and compare it with similar blockchains.
Crypto financial research
Rating
Liquidity and market
We quantify the risks around market and liquidity and report on the possible instances of market manipulation.
Past performance and assumptions
In collaboration with licensed financial institutions, we can provide you with independent financial research on the current and future market conditions.
Tax treatment
Tax qualification
We inform you about the latest (cross-border) interpretation of the tax consequences when purchasing crypto and its lifecycle (in collaboration with external tax law firm).
Tax suitability
We provide you with a risk control activity to mitigate portfolio tax risk (in collaboration with external law firm).