Why cant I buy from the UK or USA?
Last Update vor 7 Monaten
Following substantial legal advice, Pavia Corp, based in Seychelles, decided to exclude buyers from the USA and UK from NFT land sales. This decision was not taken lightly.
USA, regulators appear to rely heavily on the ‘Howey Test’ from 1946 to regulate cryptocurrency assets. We will not comment further on the view of our project or our lawyers concerning this, as we must respect those in the position of authority. Thus US buyers have been strictly excluded in case the regulators one day deem NFTs as security. Please do not buy if you are from the USA.
In the UK, there is no such Howey Test. However, NFTs are not mentioned in the relevant regulations anywhere. It appears they do not fit the definition of a ‘Crypto Asset’ as they are not fungible; however, in case of adverse regulations from the UK in the future, the UK was also excluded.
As this is a long-term project, the team have had to be careful now to protect its longevity. As the regulatory landscape evolves, we will, of course, update our stance accordingly.
The maximum purchase of NFTs was set at 30, significantly below all KYC & AML check levels. In Europe, for example, it is 10,000 Euros. By selecting the maximum purchase amount low, we thank you for allowing us to operate a decentralised sale. Moreover, this has assisted us in completely decentralising the land parcels amongst thousands of global owners and not a tiny handful of ‘whales’.
If you are unsure of NFTs and digital assets regulations in your jurisdiction, please do not purchase Pavia NFTs.