From my understanding, it is currently illegal for exchanges in the usa to trade agi tokens. (I assume because the ico wasn’t setup properly per US law?) This seems like a pretty major block to the project picking up more momentum. Are there any plans in the works about a possible way to make agi tokens a legit crypto per usa law?
Hi Max,
I don’t have much time to answer this in full right now, but will circle back and give you a long hand answer in a bit.
In short, the SingularityNET Foundation is a non-profit organisation and our AGI token is a utility token. As such we abide by the regulations on these points and so cannot and do not directly interact with the speculative secondary market.
When we ran the TGE (token generation event) back in Dec 2017 we were required to operate a KYC to ensure that all those that took part had a legal right to do so and ensure we were compliant with international law.
AGI is a utility token and so US users along with everyone else can in fact gain access to our services through our PayPal payment gateway.
Hope this helps,
All the best,
Tim,
Hi, sorry new here, so essentially, if I don’t own a business there is no way to participate in the project or staking ?
Thank you for your help. I do believe that AGI will in fact be completely in accordance with all US law in the future and that it will be only a matter of time until then. The AGI project is legitimately the most promising project in the crypto world I have come across so far and I do appreciate all the work that goes into it.
However, I seriously, and really, really, really, really would appreciate it there could be a way in which to improve using AGI on singularitynet and staking AGI without having to use Metamask. Lately I have come to discover the voting system and I wanted to participate in it, but I’m having terrible problems with Metamask. I am not being able to access my own wallet because I switched computers; and even when I went through putting in my password and my passcode it gives an error message. At the time not only am I not being able to vote, I can’t even know for sure what is staked and what isn’t, and how much, and am having troubles with the very own AGI tokens on the site because it doesn’t tell me. I hope that these issues can be solved in the future and that Metamask isn’t needed by then.
Either way, Tim, I appreciate all the work that is put into AGI and that work is still being put out into helping spread the message of the positive Singularity for the many. I appreciate it a lot. The fact that there is a concerted effort not only in putting a Cardano infrastructure but also a voting system on AGI is very interesting and helpful. Just as a recommendation for the future, however, I think there has to be a way out of all the Metamask which can unfortunately give a lot of headache for a lot of users, especially for many coming to try out the SingularityNET site. Thank you.
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I agree completely karamazov. I’m new here as well and recently been having trouble staking on MetaMask myself. It charged me 0.006781712 Ether to stake my AGI, only to get a red box saying transaction failed.
I’m waiting for a reply from the support team, but with only hours left to stake it’s not looking like this will be resolved this time around.
Nice to meet you, and to be part of a hopefully fast growing community. Time will tell.
Can someone please explain to me the legalities and tax implications as it stands today and what could change in the future of buying into the Cardano/AGI ADA tokens starting with USD I’ve been trying to research into these matters but not being well versed in the legal field it seems that the deeper I dig the more complicated and complex it becomes. I’m having a very hard time understanding the ways that a utility token such as AGI ADA is taxed and how the taxes might work for a Cardano/AGI ADA exchange in the future. Also on this note what would be the legalities and tax implications of AGI and Cardano token staking?
Thanks for your reply Tim!
I am also interested in purchasing AGI and staking with Singularity but have run into the same issues.
When I went to the PayPal gateway, I only saw options to purchase services like text translation, not an option to purchase AGI tokens. Is there a way to purchase AGI directly through this gateway? Every other option seems dodgy and high in fees as well.
Thanks for your time!
Paul