Neo
$21.51 -1.25%
NEO · 37w

Greenlight for Investors: Start Buying NNN (NEP5 variant) Gold-Backed Tokens from Novem Gold AG Soon

Legal Status in Lichtenstein Clarified

Novem Gold AG’,s, a blockchain-based publicly regulated company that digitizes gold on the ideals of safety and regulatory compliance, has received a request for clarification from the Financial Market Authority (FMA) of Liechtenstein. 

Liechtenstein FMA clarified that the gold-backed token NNN is not a security under the laws of Liechtenstein. This is due to the fact that whilst the NNN Token represents ownership of a certain amount of Gold, it represents neither ownership of the company itself nor any debt security. Therefore, NNN investors don’t get to participate in the company’s earnings, although they might profit from changes in the future gold price.

This clarification is another milestone for Novem Gold AG who is committed to comply with laws and regulations in its target markets. The company has been waiting for a decision for a while and Novem has been withholding the launch of its NNN token until the authorities had clarified its legal status in Novem Gold AG’s home market.

Consequently, Novem Gold AG is now free to list the NNN as a utility token worldwide and market it with its specific advantages together with the underlying security of a gold-backed token.

What Is the NNN Token?

The NNN Token represents a co-ownership share in a certain quantity of 999.9 LBMA-certified gold. With the purchase of an NNN token, investors acquire a corresponding quantity of gold. Token holders can also redeem 1 gram of gold for 100 NNN tokens.

Gold can be stored by Novem Gold AG as custodian for and on behalf of all NNN token holders. It is stored in a collective deposit, in a high-security facility in Liechtenstein, under a standardized Management and Storage Agreement.

Owners of NNN gold-backed tokens stand to benefit and can:

Instantaneously sell unlimited amounts of LBMA-certified physical gold anytime, anywhere. Enjoy fractional ownership of gold. Eliminate middlemen, tra...
Continue on blog.novemgold.com
Recent news
NEO -1.25% · medium.com · 8h

"Important Announcement" regarding FLM Mint Rush

The Flamingo team decided to pause current Mint Rush due to technical issues related to the Neoline wallet. We thank you for your patience and please be assured that all you assets are secured, and…