I'm a US citizen but living outside the US. So want to clarify if I can still participate in the fund (i.e. is it just US residents that are not allowed, or all US citizens regardless of place of residence)?
Also, what will be the exact procedure for participating in the token sale? Send ETH to some smart contract? Will KYC be required at that time or sometime later before the actual token distribution?
US citizens are restricted from investing, regardless of where they live.
This is for two reasons: (1) If we took one single US accredited investor, we'd be restricted 99 total investors, which defeats the purpose of accessing the global community. (2) The US currently prohibits trading/transferring of private equity interests during a certain period of time, which would restrict everyone's tradability. Hopefully this changes very soon for crypto!
We're using blocktrades.us, which is like ShapeShift. There are 29 different tokens that can be used to purchase MIT, which convert to ETH to send to the smart contract. KYC occurs before the purchase because we need to instantly validate prior to purchase according to KYC/AML and Cayman laws.
Thanks a lot for the info. Shame I can't be a part of it, but I commend you guys for taking such a thorough approach to make sure you're compliant in all the various jurisdictions. I don't think I've ever seen a crypto ICO (or ITO if you prefer) that looks so airtight from a legal perspective.
Frantic last couple of days I imagine eh? In addition to my comments here.