Regulatory Legal Notice

U.S. Legal Notice

This circular has been provided for informational purposes only and does not constitute investment advice, an offer to sell or purchase securities, or an offer to sell or purchase any regulated commodity instrument.

Recipients of this circular acknowledge that nothing herein constitutes investment “advice” with respect to any asset class, including, but not limited to, commodities and digital assets.

GSR has ascertained that the transactions described herein are generally not regulated in the United States; however, GSR makes no legal representation to you in stating such.

Moreover, relevant legal restrictions or considerations may apply in your particular circumstances (including those based upon the risks of investing in cryptocurrencies), therefore, you are advised to consult with your legal, accounting, and other professional advisors prior to engaging in any transactions or services described herein. GSR is not a broker or dealer under the Securities Exchange Act of 1934, nor are any transactions proposed or described in this circular purported or intended to be conducted through a regulated commodity trading entity under the Commodity Exchange Act of 1936.

GSR holds certain licenses and registrations in various jurisdictions, however, such may not be applicable to the transactions or services described herein — even if listed expressly. By retaining or utilizing the information in this circular, you agree to the foregoing, and agree not to hold GSR liable for claims founded upon assertions to the contrary.’


Trading from Singapore


The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider.

Before you pay your DPT service provider any money or DPT, you should be aware of  the following.

  1. Your DPT service provider is exempted by MAS from holding a licence to provide DPT services. Please note that you may not be able to recover all the  money or DPTs you paid to your DPT service provider if your DPT service  provider’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This  includes how the DPT is created, and how the DPT you intend to transact is  transferred or held by your DPT service provider.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should  buy DPTs only if you are prepared to accept the risk of losing all of the money  you put into such tokens.
  4. You should be aware that your DPT service provider, as part of its licence to  provide DPT services, may offer services related to DPTs which are promoted  as having a stable value, commonly known as “stablecoin”.



United Kingdom – Investment Professionals

GSR’s communications are directed at persons having professional experience in matters relating to crypto asset investments.  Any persons who do not have professional experience in matters relating to crypto asset investments should not rely on any such GSR communications and therefore, you are advised to consult with your legal, accounting, and other professional advisors prior to engaging in any transactions or services described herein.   Specifically, services provided by GSR in the United Kingdom are intended for institutional persons only and are not suitable for retail persons in the United Kingdom.  Investment professionals (“Investment Professionals”), for our purposes, include authorised persons, such as banks or investment firms, exempt persons, such as the Bank of England or clearing houses, and persons whose ordinary activities involve dealing on own account.  By accessing this information you are attesting that you have sufficient experience and understanding of the transactions and services envisaged to assess the suitability of such investments and services and are aware of the risks involved, and are not covered by the protections afforded to retail clients under the rules of the Financial Conduct Authority.   You should be aware that as an Investment Professional, you would lose any right to take action for damages under sections 71 and 150 of the Financial Services and Markets Act 2000 and you will not have access to the Financial Services Compensation Scheme or the Financial Ombudsman Service in the United Kingdom.