1st NUJS-SAM FinTech Moot Court Competition, 2023

Clarifications

1. Can Soma token be redeemed in bank account or in fiat currency? Yes, the INR value of the
Soma tokens can be credited by AnOther World to user accounts on the site.

2. What is the complete privacy policy of Another world that states that refund on X form will
not be facilitated? Not available. Whether the privacy policy informs the user that
AnOtherWorld does not grant a refund in the case of X-form Soma tokens? Yes. Is this
information publicly available? Yes.

3. Are the four issues given at the end of the moor proposition exhaustive, or do we have the
liberty to frame issues as well? No – please restrict yourself to the issues raised.

4. Page 2 of the moot problem states that Another World’s policies are designed to prevent
“fraudulent and accidental” transactions. What exactly are these policies and how do they
operate to prevent such transactions? No further details are available.

5. Page 4 states that a team of Delhi Police presented a warrant and arrested the officials of
Another World on the charges of IPC as well as the BAC Act. While the complaint under
IPC was filed by Vidyut Reddy, the moot proposition does not mention any complaint being
filed under the BAC Act, so was a suo motu cognizance taken by the session court under the
BAC Act? No response.

6. The moot proposition states that there is a minimum transaction processing cost levied by
Another World, is this is an exchange fee, network fee, or a wallet fee? No response.

7. The moot proposition states that Another World acts as a "master node", does it also fulfill
the functions of a "storage master node"? No response.

8. Whether there is a specified age group restriction to register as a user on the NewTopia
platform? Yes. Adults only, i.e., 21 and above.

9. Is there a legislative intent behind the BAC Act? What is it, if present (regulation of money
laundering, etc)? The Act speaks for itself, and no further material is available.
10. According to the proposition, purchases in the hypermarket are not directly transferred
between users but rather through AnOtherWorld in the form of royalties. While this is
correct, it does not apply to virtual goods that are listed by people who are not Makers – for
example, goods that are being re-sold on the hypermarket by users who themselves
purchased from Makers. For these, purchases may be directly made between users, and no
royalties are payable. How did Vidyut Reddy transact with AnOtherWorld for the goods in
X-form when the proposition on page 3 states that AnOtherWorld does not itself transact in
X-form? Vidyut bought the goods in question from the ‘HyperMarket’.

11. What percentage royalties do Makers receive from AnOtherWorld for selling their products?
Variable. No further details available.

12. Is there a method of transfer of SOMA tokens between users, without the exchange of
goods/services? This is theoretically possible on the private blockchain run by
AnOtherWorld.

13. Are there any KYC/AML guidelines applicable to the moot proposition? All existing laws in
force in the relevant jurisdiction apply.

14. For how long the price of the Soma Token has been fixed? Does AnOtherWorld propose it
to be fixed in the future as well? The price is fixed since inception and there is no
information available regarding any future price variation.

15. What all laws/legislations, apart from BAC Act are applicable to the moot proposition? All
existing laws in force in the relevant jurisdiction apply.

16. Did the business operations of AnOtherWorld get hampered because of the proceedings?
No response.

17. It is said that Soma is used only for consumptive use as a means of exchanging value on and
in connection with NewTopia. What does the operative phrase “in connection with” mean,
considering that AnOtherWorld does not promote or support the trading or listing of Soma
tokens on any third party trading platforms? No response. The phrase speaks for itself.

18. What are the circumstances where a transfer can be invalidated and how is it done? There is
no exhaustive list of circumstances under which a transfer can be invalidated. Transfers have
 been invalidated previously on grounds of illegality, and fraud proven to the satisfaction of
the company. The blockchain is a private permissioned ledger run by AnOtherWorld, which
therefore permits AnOtherWorld to invalidate transfers.

19. What is the oversight for illegal transactions that are done using Soma tokens? How long
does a verification process on the same take to invalidate such transfers? No response.

20. Are X form and S form sub tokens of Soma or are they individual tokens on their own?
They are forms in which the token can be used. They are not individual tokens of their own.

21. Is the system decentralized form of cryptocurrency such that all users are able to see the
legder, or can only AnOther World privy to the ledger? The blockchain is a private
permissioned ledger visible to AnOtherWorld.

22. Can other users download the blockchain or only the Masternode has access to it. See
response to previous question.

23. The Soma token is based on a private blockchain built by AnOtherWorld off the Ethereum
network. Does “off” imply that it is a similar technology or is it implemented on Etherium?
No further response.