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B. Inside Information

1. Inside Information means information of a precise nature, which has not been made public, and which, if it were made public, would reasonably be expected to affect the price of a Virtual Asset or would affect the investment judgment of a reasonable individual in respect of a transaction involving that Virtual Asset. The information need not be the determining factor behind any given transaction, but should have a material impact on the decision of any reasonable investor as to whether to carry out such transaction [Inside Information].
2. For the purposes of Regulation VIII.B.1, information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or which may reasonably be expected to come into existence, or an event which has occurred or which may reasonably be expected to occur, where it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the price of a Virtual Asset.
3. An Entity may possess Inside Information as a result of, but not limited to—
  a. being a member of the administrative, management or supervisory bodies of any Issuer;
  b. being an investor in any Issuer;
  c. having access to the Inside Information through any employment, profession, volunteering, contribution or duties;
  d. being involved in illegal or criminal activities; or
  e. any circumstances where the Entity knows or should reasonably have known that any information is Inside Information.