> For the complete documentation index, see [llms.txt](https://blog.emoney.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://blog.emoney.io/faqs/emyc-to-scallop-equity-conversion-frequently-asked-questions.md). # EMYC to Scallop Equity Conversion Frequently Asked Questions This document answers the most frequently asked questions regarding the proposed EMYC to Scallop equity conversion. Following a joint strategic decision by the Boards and Management Teams of E Money Network and Scallop, eligible EMYC holders will be offered the opportunity to convert the value of their eligible EMYC holdings into Scallop equity upon completion of Scallop’s ongoing equity fundraising. Participation in the conversion process is entirely voluntary. Holders who choose not to participate may continue to sell or transfer their EMYC throughout the 45-day conversion period. Following completion of the conversion process and the delisting of EMYC from supported exchanges, the EMYC smart contract will be permanently frozen and E Money Network will begin an orderly wind-down of its operations. The questions below explain why this decision has been made, how the conversion process will work and what eligible holders can expect throughout the transition. This FAQ is provided for information purposes only and does not constitute financial, investment, legal or tax advice. Participation may be subject to jurisdictional restrictions.\ Holders should seek independent professional advice before making any decision.
### The Transition, Why & What **1. Why is E Money Network transitioning EMYC holders into Scallop equity?** Over the past few years, liquidity and market activity across the digital-asset industry have become increasingly concentrated around a smaller number of established ecosystems, while running and continuously developing an independent blockchain has become far more resource-intensive from a technical, operational, financial and regulatory perspective. After an extensive strategic review of all available options, the Boards and Management Teams of E Money Network and Scallop jointly concluded that offering eligible holders a route into Scallop equity is the strongest long-term path forward. The transition was agreed by both organisations and can only proceed with the participation of both. **2. What is being offered to EMYC holders?** Eligible holders will have the opportunity to convert the value of their eligible EMYC holdings into Scallop equity, allowing them to participate in Scallop’s long-term growth through equity ownership. Under the proposed conversion structure, the conversion value of eligible EMYC holdings will receive a 50% uplift as part of the proposed equity conversion. This additional allocation has been approved by the Boards and Management Teams in recognition of the support shown by the EMYC community throughout the development of the E Money Network ecosystem. The final number of Scallop sub-class shares allocated will be determined using the final EMYC conversion value together with Scallop’s final equity valuation. Further details regarding the final conversion structure and eligibility requirements will be announced before the conversion process begins. **3. Is participation mandatory and what happens if I do nothing?** Participation is entirely voluntary. Following the publication of this announcement, a 45-day conversion period will begin.\ During this period, the average EMYC market price will be established for the purpose of determining the final EMYC conversion value. Following the delisting of EMYC from KuCoin and Gate.io, the EMYC smart contract will be permanently frozen. Freezing the smart contract ensures that the token supply and market value can no longer change, allowing the final EMYC conversion value to be determined using the established 45-day average market price. Holders who choose not to participate will retain ownership of their EMYC. However, once the smart contract has been frozen, EMYC can no longer be transferred or traded. Eligible holders will continue to have the opportunity to convert their eligible EMYC holdings into Scallop equity until the conversion process has been completed. \
### Timing, Trading & Process **4. How long is the conversion period, and can I still sell my EMYC?** Following the publication of this announcement, a 45-day conversion period will begin. During this period, the average EMYC market price will be established for the purpose of determining the final EMYC conversion value. Throughout this period, and until EMYC is delisted from KuCoin and Gate.io, holders may continue to trade, sell or swap their EMYC through supported centralized exchanges (CEXs), decentralized exchanges (DEXs), the E Money Network Wallet and the Scallop App, where available.\ Following the delisting from both exchanges, the EMYC smart contract will be permanently frozen, as described in Question 3. The opportunity to convert eligible EMYC holdings into Scallop equity will remain available after the 45-day period and following the smart contract freeze. The final deadline for completing the conversion will be announced separately before the conversion process concludes.\ \ **5. What happens to my staked EMYC or SCLP tokens?** If your EMYC or SCLP tokens are currently staked, or if you have unclaimed staking rewards, there is no need to take any action at this time. Over the coming days, we will publish a separate announcement explaining how holders will be able to claim their staked tokens and rewards before the original staking period ends. To facilitate this process, the staking contracts will be frozen and a dedicated claiming process will be made available.\ \ Please wait for our upcoming announcement, which will provide full details and step-by-step instructions.\
**6. How does the conversion process work, and when will the portal open?** Conversion will be completed through a dedicated online portal. Participants will be required to complete identity verification (KYC) before any equity allocation can be finalised, in line with applicable regulatory requirements. Full details, including the portal provider, step-by-step instructions, any wallet verification or proof-of-ownership requirements (if applicable), and the portal opening date, will be published in a separate announcement before the conversion portal opens. **7. Which countries are eligible to participate in the conversion process?** The conversion process will be available to holders from most jurisdictions. However, due to applicable legal and regulatory requirements, participation cannot be offered to residents of certain restricted jurisdictions. The current list of restricted jurisdictions includes: \* Afghanistan \* Albania \* Belarus \* Bosnia and Herzegovina \* Burundi \* Central African Republic \* Cuba \* Democratic Republic of the Congo (Kinshasa) \* Republic of the Congo (Brazzaville) \* Ethiopia \* Guinea \* Guinea-Bissau \* Haiti \* Iran \* Iraq \* Kosovo \* Lebanon \* Liberia \* Libya \* Mali \* Moldova \* Montenegro \* Myanmar \* Nicaragua \* Niger \* North Korea \* North Macedonia \* Pakistan \* Russia \* Somalia \* South Sudan \* Sudan \* Syria \* Trinidad and Tobago \* Tunisia \* Ukraine \* Venezuela \* Western Sahara \* Yemen \* Zimbabwe If you are a resident of one of these jurisdictions, we regret that we are unable to offer you the opportunity to convert your EMYC holdings into Scallop equity. In this case, we recommend selling or transferring your EMYC before the token is delisted and the EMYC smart contract is permanently frozen.
### Value & Equity Terms **8. How will the value of my EMYC be calculated, and why use a 45-day average?** The EMYC conversion value is calculated using the average EMYC market price over the full 45-day conversion period, with CoinMarketCap used as the reference source. Using a 45-day average smooths out short-term volatility and reduces the influence of price movements in a lower-liquidity market, providing a more representative basis for the conversion. Daily price swings therefore do not directly determine the final conversion value. Following the application of the approved 50% uplift to the EMYC conversion value, the final number of Scallop sub-class shares allocated will be determined using Scallop’s final equity valuation. **9. How is Scallop’s equity valuation set, and when will the final share allocation be determined?** Scallop’s final equity valuation will be established upon completion of its current equity fundraising round. The final number of Scallop sub-class shares allocated will be determined once that valuation is confirmed, together with the final 45-day average EMYC market price and the approved 50% uplift.
**10. How will my Scallop equity be held?**\ \ Upon completion of the conversion process, eligible participants will receive Scallop sub-class shares (B-ordinary or similar) through a regulated third-party provider, subject to successful completion of the required KYC process. Sub-class shares represent a specific class of shares within Scallop's equity structure. Participating holders will retain the economic interest associated with their allocated sub-class shares in accordance with the final terms of the conversion. The legal shares will be held and administered by the appointed third-party provider on behalf of participating holders in accordance with the final legal structure. Further details regarding the third-party provider, the rights attached to the sub-class shares and the final legal structure will be announced before the conversion process begins.
**11. What is the EMYC conversion ratio?** The conversion value of eligible EMYC holdings will receive a 50% uplift as part of the proposed equity conversion. The final number of Scallop sub-class shares allocated will be determined using the final EMYC conversion value together with Scallop’s final equity valuation. This additional allocation has been approved by the Boards and Management Teams in recognition of the support shown by the EMYC community throughout the development of the E Money Network ecosystem. \
### Eligibility, Wind-down & About Scallop **12. Who is eligible to participate?**\ \ Participation is expected to be available to holders who complete the required KYC process and meet the minimum EMYC holding required for eligibility. Additional eligibility requirements, if applicable, will be announced before the conversion process begins.
**13. What happens to EMYC and E Money Network after the conversion process?** Following completion of the conversion process and the delisting of EMYC from supported exchanges, E Money Network will begin an orderly wind-down. The EMYC smart contract will be permanently frozen, the E Money Network blockchain will be shut down, the E Money Network Wallet and card services will be discontinued, and the official communication channels and social-media accounts will be retired.
**14. What is Scallop building?** Scallop is building a regulated financial platform that combines multi-currency banking, digital assets, global payments and Banking-as-a-Service infrastructure for individuals, businesses and enterprise partners. **15. Where can I get support during the conversion?** Throughout the conversion period, E Money Network will continue to publish announcements and updates regarding the conversion process. Holders are encouraged to review these updates together with this FAQ. If you require additional assistance, please contact the E Money Network Support Team at . **16. Clarification: How is the 50% uplift applied?** The approved 50% uplift applies to the conversion value of your eligible EMYC holdings, not directly to the number of EMYC tokens you are holding. For example, assuming: * 45-day average EMYC market price: $0.001 * EMYC circulating supply: 300 million * 45-day average EMYC market valuation: $300,000 * Following the approved 50% uplift: $450,000 The same methodology applies to your individual holdings. For example, if the value of your eligible EMYC holdings based on the final 45-day average market price is $1,000, the approved 50% uplift would increase your conversion value to $1,500. You would therefore receive $1,500 worth of Scallop equity, with the final number of Scallop sub-class shares determined based on Scallop’s final equity valuation. Scallop’s final equity valuation will be established upon completion of its ongoing fundraising round. Whether that final valuation is $5 million, $10 million, $50 million or another amount, the $1,500 conversion value in this example remains the same; the final valuation determines the number of Scallop sub-class shares allocated for that value. This example is provided for illustrative purposes only. All prices, valuations, circulating supply figures and calculations used above are hypothetical and do not represent the final EMYC conversion value, Scallop valuation or resulting share allocation.
### Security Notice Please remain vigilant throughout the conversion process. As with any significant announcement involving digital assets, malicious actors may attempt to impersonate E Money Network or Scallop in an effort to steal funds or personal information. For your security: * Only use the official conversion portal announced through E Money Network’s official communication channels. * E Money Network and Scallop will never contact you first via direct message (DM) to request participation in the conversion. * We will never ask for your wallet’s recovery phrase, seed phrase, private keys or passwords. * Never share your KYC documents with anyone other than the official conversion portal. * Never send EMYC or any other digital assets to an address provided via social media, direct messages or unofficial websites. * Always verify that you are using the official website and official communication channels before taking any action. * If you are ever unsure whether a message or website is legitimate, please contact the E Money Network Support Team at before proceeding. Your security is our priority. Please stay cautious and only trust information published through E Money Network’s official channel.