> For the complete documentation index, see [llms.txt](https://adro.gitbook.io/doc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://adro.gitbook.io/doc/adro-protocol/operations-and-roadmap/compliance-and-legal-notice.md).

# Compliance and Legal Notice

> **This document is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or investment advice in any jurisdiction.**

* **Character of ADRO Token :** ADRO tokens are not stocks, bonds, profit-sharing securities, or other financial instruments and should not be construed as securities. This token does not grant ownership of portfolio assets, claims to profit distribution, or other financial rights. The core function of the token is to exercise governance authority within the protocol ecosystem.
* **Notice regarding Profit Expectations :** ADRO tokens should not be purchased or held in expectation of future profits or returns. The appreciation in the value of the protocol is determined by the active governance participation and collective decision-making of all token holders, rather than the efforts of a specific entity. This is fundamentally different from the "expectation of profits arising from the efforts of others" as defined in the Howey test of U.S. securities law.
* **Not Legal Advice :** All participants are responsible for seeking independent professional advice regarding their financial situation and the laws of their jurisdiction. Simple phrases such as "Not financial advice" do not imply a waiver of legal liability.
* **Risk Factors :** The purchase and holding of ADRO tokens involves significant risks, including but not limited to regulatory uncertainty, market volatility, risks inherent in technological investment in IoT sensors and AR advertising infrastructure, technical risks, and lack of liquidity.
* **Jurisdictional Restrictions :** Citizens or residents of certain prohibited jurisdictions, including the United States and mainland China, may not participate in this protocol.