After passing KYC, you will be asked to sign in step 7 of the checklist. Since it will be displayed in English at that time, I have translated everything using an automatic translation site (DeepL) for those who are not sure what it means. (This is the text as of December 2023. Please note that it may change in the future.)
Translated Content
For the network’s legal compliance, you need to accept this “Acknowledgement to Receive Pi Tokens” before you can migrate to the Mainnet.
PI NETWORK
ACKNOWLEDGEMENT TO RECEIVE PI TOKENS
TO: (Your Name) Recipient
Receipt of PI tokens (the “Tokens”) by the Recipient is subject to the accuracy of the following representations and warranties, as well as the release.
Recipient hereby represents and warrants as follows:
Use of Tokens. Recipient is acquiring the Tokens for the exclusive purpose of using the Tokens for Recipient’s own account, not as a nominee or agent, and not with a view to resale, speculation, or investment, and Recipient has no present intention of selling, granting any participation in, or otherwise distributing the same and is not otherwise acting as an underwriter, dealer or other person participating in a distribution of Tokens. Recipient has no expectation of profits from acquiring the Tokens. Recipient understands that any liquidity for the Token or ability to resell the Token may be limited and that it should not be acquiring the Tokens with an expectation of reselling at a profit. Recipient understands that the Tokens are designed solely for its intended use on the Pi Network. The Tokens do not represent a right to any income stream, distribution, profit share, or other form of pecuniary reward or interest.
Prohibited Participants. (iii) individuals listed on the U.S. Department of Commerce’s Denied Persons or Entity List, the U.S. Department of Treasury’s Specially Designated Nationals or Blocked Persons Lists, the U.S. Department of State’s Debarred Parties List or the sanctions lists adopted by the United Nations and the European Union to such extent such sanctions are extended by the UK Government to its Overseas Territories, or their employers or associated entities. Pi Network may, in its sole discretion, reject or approve any Recipient and will, in its sole discretion, determine the jurisdictions where potential acquisitions may be made.
Restrictions on Transfer. The Tokens are not intended to be securities but there is substantial uncertainty as to the securities classification of digital assets at this time, and no offer, sale or distribution of the Tokens has been registered with the United States Securities and Exchange Commission (“SEC”) or any other authority in any state or other country or jurisdiction. If the Tokens are deemed securities, they may be subject to restrictions on resale and other requirements. The Tokens may not be transferred other than in compliance with applicable law. The Recipient earned the Tokens solely through mining contributions and was not offered or sold the Tokens, directly or indirectly, by means of any form of general solicitation or general advertisement, including (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or (ii) any seminar or other meeting whose attendees had been invited by general solicitation or general advertising.
Recipient Sophistication and Access to Information. Recipient has sufficient knowledge and understanding of cryptographic tokens, token storage mechanisms (such as token wallets), blockchain technology, and appropriate security protocols and financial and business matters to understand and appreciate the risks and implications of acquiring the Tokens. Recipient has obtained sufficient information about Pi Network and the Tokens to make an informed decision to acquire the Tokens.
Compliance with Law. Recipient’s receipt and any prospective usage, sale or transfer of the Tokens complies with the applicable law in Recipient’s jurisdiction, including, but not limited to, (i) legal capacity and any other threshold requirements in such jurisdiction for the receipt, usage, sale or transfer of the Tokens and entering into contracts with Company, (ii) any foreign exchange or regulatory restrictions applicable to such receipt, usage, sale or transfer and (iii) any governmental or other consents that may need to be obtained.
Tax. Recipient understands that Recipient bears sole responsibility for any taxes as a result of the matters and transactions pertaining to the Tokens, and any future acquisition, ownership, use, sale or other disposition of Tokens held by Recipient. Recipient will comply with any applicable tax obligations in its jurisdiction arising from Recipient’s acquisition or use of the Tokens. Recipient understands that Recipient should consult Recipient’s own tax advisor regarding implications of the treatment of the Tokens under applicable tax Law and is relying solely on Recipient’s own tax advisor with respect to the tax implications of the acquisition, ownership and disposition of the Tokens.
Release. Recipient, on behalf of itself and its successors, assigns and other legal representatives, hereby absolutely, unconditionally and irrevocably, releases and forever discharges Pi Community Company, SocialChain Inc. and the Pi Network (together, the “Company”) and each of its past, present and future affiliates, owners, members, directors, managers, officers, employees, consultants, representatives, and each of its and their successors, assigns and representatives (the “Releasees”), from any and all claims, demands, proceedings, actions, causes of action, suits, orders, obligations, contracts, agreements, executions, judgments, duties, debts and liabilities whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity, which Recipient now has, has ever had, or may hereafter have, against the Releasees arising from or related to the Tokens, including the Company’s provision thereof to Recipient.
BY CLICKING ON THE “I ACCEPT” BUTTON BELOW YOU (A) ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTAND THIS ACKNOWLEDGEMENT; (B) REPRESENT AND WARRANT THAT YOU HAVE THE RIGHT, POWER, AND AUTHORITY TO ACCEPT THIS ACKNOWLEDGEMENT; AND (C) ACCEPT THIS ACKNOWLEDGEMENT AND AGREE THAT YOU ARE LEGALLY BOUND BY ITS TERMS.
IF YOU DO NOT AGREE TO THESE TERMS, PLEASE SELECT THE “I DECLINE” BUTTON BELOW. IF YOU DO NOT ACCEPT THESE TERMS, YOU MAY NOT RECEIVE PI ON PI MAINNET BLOCKCHAIN.
DATE: __________
Summary of the Above
This “Acknowledgement to Receive Pi Tokens” explains the conditions and provisions for receiving Pi tokens. The main points are summarized below:
- Use of Tokens: The tokens are intended for use in your own account. They are not intended for resale or speculation. Also, the tokens do not represent a right to monetary rewards or profits.
- Prohibited Participants: Individuals or entities listed on certain sanctions lists are prohibited from receiving tokens.
- Restrictions on Transfer: The tokens are not intended to be securities, but if they are deemed securities, restrictions on resale and other requirements may be imposed.
- Recipient Sophistication and Access to Information: The recipient understands the risks and implications of acquiring the tokens and makes an informed decision to acquire them based on sufficient information.
- Compliance with Law: The recipient complies with legal requirements related to the receipt, use, sale, or transfer of tokens.
- Tax: The recipient is solely responsible for taxes related to the tokens.
- Release: The recipient releases Pi Community Company, SocialChain Inc., Pi Network, etc., from any and all claims.
If you agree to these terms, click the “I Accept” button. If you do not agree, select the “I Decline” button. If you do not accept these terms, you will not be able to receive Pi on the Pi Mainnet blockchain. This concludes the summary of the Pi Token Receipt Acknowledgement. For specific details, it is recommended to consult a professional.
Original English Text
JA
For the network’s legal compliance, you need to accept this Acknowledgement to Receive Pi Tokens before you can migrate to the Mainnet.
PI NETWORK
ACKNOWLEDGEMENT TO RECEIVE PI TOKENS
TO: 自分の名前 (the “Recipient”)
Receipt of PI tokens (the “Tokens”) by the Recipient is subject to the accuracy of the following representations and warranties, as well as the release.
Recipient hereby represents and warrants as follows:
Use of Tokens. Recipient is acquiring the Tokens for the exclusive purpose of using the Tokens for Recipient’s own account, not as a nominee or agent, and not with a view to resale, speculation, or investment, and Recipient has no present intention of selling, granting any participation in, or otherwise distributing the same and is not otherwise acting as an underwriter, dealer or other person participating in a distribution of Tokens. Recipient has no expectation of profits from acquiring the Tokens. Recipient understands that any liquidity for the Token or ability to resell the Token may be limited and that it should not be acquiring the Tokens with an expectation of reselling at a profit. Recipient understands that the Tokens are designed solely for its intended use on the Pi Network. The Tokens do not represent a right to any income stream, distribution, profit share, or other form of pecuniary reward or interest.
Prohibited Participants. (iii) individuals listed on the U.S. Department of Commerce’s Denied Persons or Entity List, the U.S. Department of Treasury’s Specially Designated Nationals or Blocked Persons Lists, the U.S. Department of State’s Debarred Parties List or the sanctions lists adopted by the United Nations and the European Union to such extent such sanctions are extended by the UK Government to its Overseas Territories, as such lists may be amended from time to time. Pi Network may, in its sole discretion, reject or approve any Recipient and will, in its sole discretion, determine the jurisdictions where potential acquisitions may be made.
Restrictions on Transfer. The Tokens are not intended to be securities but there is substantial uncertainty as to the securities classification of digital assets at this time, and no offer, sale or distribution of the Tokens has been registered with the United States Securities and Exchange Commission (“SEC”) or any other authority in any state or other country or jurisdiction. If the Tokens are deemed securities, they may be subject to restrictions on resale and other requirements. The Tokens may not be transferred other than in compliance with applicable law. The Recipient earned the Tokens solely through mining contributions and was not offered or sold the Tokens, directly or indirectly, by means of any form of general solicitation or general advertisement, including (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or (ii) any seminar or other meeting whose attendees had been invited by general solicitation or general advertising.
Recipient Sophistication and Access to Information. Recipient has sufficient knowledge and understanding of cryptographic tokens, token storage mechanisms (such as token wallets), blockchain technology, and appropriate security protocols and financial and business matters to understand and appreciate the risks and implications of acquiring the Tokens. Recipient has obtained sufficient information about Pi Network and the Tokens to make an informed decision to acquire the Tokens.
Compliance with Law. Recipient’s receipt and any prospective usage, sale or transfer of the Tokens complies with the applicable law in Recipient’s jurisdiction, including, but not limited to, (i) legal capacity and any other threshold requirements in such jurisdiction for the receipt, usage, sale or transfer of the Tokens and entering into contracts with Company, (ii) any foreign exchange or regulatory restrictions applicable to such receipt, usage, sale or transfer and (iii) any governmental or other consents that may need to be obtained.
Tax. Recipient understands that Recipient bears sole responsibility for any taxes as a result of the matters and transactions pertaining to the Tokens, and any future acquisition, ownership, use, sale or other disposition of Tokens held by Recipient. Recipient will comply with any applicable tax obligations in its jurisdiction arising from Recipient’s acquisition or use of the Tokens. Recipient understands that Recipient should consult Recipient’s own tax advisor regarding implications of the treatment of the Tokens under applicable tax Law and is relying solely on Recipient’s own tax advisor with respect to the tax implications of the acquisition, ownership and disposition of the Tokens.
Release. Recipient, on behalf of itself and its successors, assigns and other legal representatives, hereby absolutely, unconditionally and irrevocably, releases and forever discharges Pi Community Company, SocialChain Inc. and the Pi Network (together, the “Company”) and each of its past, present and future affiliates, owners, members, directors, managers, officers, employees, consultants, representatives, and each of its and their successors, assigns and representatives (the “Releasees”), from any and all claims, demands, proceedings, actions, causes of action, suits, orders, obligations, contracts, agreements, executions, judgments, duties, debts and liabilities whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity, which Recipient now has, has ever had, or may hereafter have, against the Releasees arising from or related to the Tokens, including the Company’s provision thereof to Recipient.
BY CLICKING ON THE “I ACCEPT” BUTTON BELOW YOU (A) ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTAND THIS ACKNOWLEDGEMENT; (B) REPRESENT AND WARRANT THAT YOU HAVE THE RIGHT, POWER, AND AUTHORITY TO ACCEPT THIS ACKNOWLEDGEMENT; AND (C) ACCEPT THIS ACKNOWLEDGEMENT AND AGREE THAT YOU ARE LEGALLY BOUND BY ITS TERMS.
IF YOU DO NOT AGREE TO THESE TERMS, PLEASE SELECT THE “I DECLINE” BUTTON BELOW. IF YOU DO NOT ACCEPT THESE TERMS, YOU MAY NOT RECEIVE PI ON PI MAINNET BLOCKCHAIN.
DATE: __________
