Means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the virtual financial assets to be offered, so as to enable an investor to decide to purchase or subscribe for those virtual financial assets. This definition also applies to the placing of virtual financial assets through financial intermediaries:
Provided that this definition shall not encompass virtual financial assets unconditionally and irrevocably guaranteed by a jurisdiction or by one of a jurisdiction’s regional or local authorities:
Provided further that, notwithstanding this definition, an issuer shall not be required to draw up and register a whitepaper with the competent authority in relation to any of the following types of offers of virtual financial assets to the public:
(a) an offer of virtual financial assets addressed to fewer than 150 natural or legal persons;
(b) virtual financial assets offered to existing holders free of charge, including inter alia due to hard forks and air drops, provided that the issuer makes public information on the number and nature of the virtual financial assets and the reasons for and details of the offer; or
(c) virtual financial assets offered to existing or former administrators or employees by the issuer or by an affiliated undertaking provided that the issuer makes public information on the number and nature of the virtual financial assets and the reasons for and details of the offer.
Provided further that, notwithstanding the above, the Authority may at its own discretion exempt an issuer from any or all of the requirements under the act, on the basis of materiality.
