Cap. 590 ст. 10Civil liability for misstatements in whitepaper, advertisementsand website.

(1) The issuer shall be liable for damages sustained by a person as a direct consequence of such person having bought virtual financial assets, either as part of an initial VFA offering by such issuer or on a DLT exchange, on the basis of information contained in the whitepaper, website or advertisement by reason of any untrue statement included therein:

Provided that a statement included in a whitepaper, website or advertisement shall be deemed to be untrue if it is misleading or otherwise inaccurate or inconsistent, either wilfully or in consequence of gross negligence, in the form and context in which it is included: Provided further that a statement shall be deemed to be included in a whitepaper if it is contained therein or in any document or information referred to therein or issued therewith.

(2) No person shall be liable under this article if -

(a) he proves that he believed and had reasonable grounds to believe, that the statement was true; or

(b) on becoming aware of the untrue statement, he immediately gave reasonable public notice in terms of article 9(2) of the untruthfulness of the statement.

(3) No person shall be liable for statements made in the summary referred to in the First Schedule, including the translation thereof, except when such statements are misleading, inaccurate or inconsistent, when read together with the other parts of the whitepaper, or if it does not provide, when read together with the other parts of the whitepaper, key information in order to aid investors when considering whether to invest in such virtual financial assets. The summary shall contain a clear warning to that effect.