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*Edited for clarification — please see bottom*

Hey community, first of all, we’d like to thank you for your continued support and patience as we develop a rewards system that is appropriate for all of you.

Over the past eight months and amidst the uncertainty in the regulatory landscape, we have consulted numerous reputable law firms and sought advice on how to best ensure compliance with all applicable regulations while staying true to TenX’s vision, mission, values and promises.

We are pleased to announce that we are, together with our legal advisors, currently exploring the feasibility of various methods to reward the TenX community, including the targeted airdrop of a new token, and are in the process of ironing out key details.

As the TenX community is at the heart of our proposed solution, we welcome your feedback on the points below, which will play a significant role in the structuring of the rewards given to all of you:

  • Will the TenX community accept that the proposed new token may not be listed on cryptocurrency exchanges (assuming the rewards are in the form of a new token)?
  • Is the TenX community agreeable with giving their personal details within a specified timeframe to complete the required know-your-customer (KYC) checks prior to receiving any proposed rewards?
  • Would the TenX community prefer for us to issue the proposed new token as soon as reasonably possible, or wait until new token standards for rewards are being adopted (assuming the rewards are in the form of a new token)?

We are confident that with your valuable input, we will be able to develop and implement a viable solution that complies with all applicable regulatory requirements and satisfies the multi-faceted desires of our TenX community.

We are acutely aware of the need to resist the temptation of resorting to stop-gap measures and strive instead to develop a solution that provides sufficient flexibility to withstand the rigours of the rapidly evolving regulatory landscape.

While the above points cannot and do not delve into the full specifics of the potential solution, we hope they have provided some degree of comfort that we are actively and relentlessly pursuing a viable solution. As we have come to realise (in all aspects), doing things the “right” way often takes a great deal more time than initially considered.

Please do not hesitate to engage with us on the TenX subreddit or on the TenX 
Rocket.Chat should you have feedback or additional queries.

This statement is for informational purposes only and the implementation of any proposed solution remains subject to the finalisation of key details and the satisfaction of other conditions, including compliance with all applicable rules and regulations. Accordingly, nothing herein constitutes an assurance that any considered action will, in fact, take place. The TenX community will be the first to be informed once all details are set in stone.

*Update*

  • We are exploring the potential of various types of rewards (not only connected to transactions). However, we are unable to make any assurances at this point.
  • We want to clarify that we want to keep PAY as a utility token functioning as a loyalty program, therefore not risking any exchanges, partnerships, etc. — That’s why we will have a new token for the rewards.

If you want to keep up with our latest progress: