(a) Problem the project solves

Jasmy Incorporated addresses the loss of individual data sovereignty in the IoT era, specifically the practice by which centralized corporations capture, control, and monetize user-generated data from connected devices without meaningful user consent or compensation. The project's stated mission is "Data Democracy" — a model in which personal data is treated as the property of the individual who generates it rather than the platform that collects it.

(Source: Jasmy Whitepaper, Jasmy Decentralized ID)

(b) Operational priorities

Jasmy Incorporated's operating priorities are organized around six core platform components: the Jasmy Platform infrastructure, the Personal Data Locker (PDL) for user-controlled data storage, the Secure Knowledge Communicator (SKC) for decentralized personal authentication, the Jasmy Gateway (SG) for IoT device registration via Know Your Machine, JasmyNet (a permissioned consortium network for authorized business participants), and a Developer Program supported by SDKs and APIs. JasmyLab's JasmyChain — a proprietary Layer 1 network — launched in production in 2026 as the primary on-chain execution environment, with JASMY as the gas currency. The Jasmy Initiative drives adoption of IoT, blockchain, and AI services across enterprise and consumer segments.

(Source: Jasmy Whitepaper, Jasmy Personal Data Locker, JasmyChain Mainnet Release)

(c) High-level project overview

At the protocol level, three components work together. The SKC provides decentralized personal authentication and data management, allowing individuals to manage identity and data permissions without relying on a centralized authority. The SG registers IoT devices on a distributed network through a Know Your Machine process, binding physical devices to on-chain identifiers. The PDL stores user data in a secure, permissioned environment where the user controls sharing, monitors for unauthorized use, and optionally enables anonymized sharing with consenting third parties. JasmyChain functions as the execution layer on which these services interact, using JASMY as the native gas token.

(Source: Jasmy Decentralized ID, Jasmy Personal Data Locker, JasmyChain Mainnet Release)

(d) Primary token functions

JASMY is an ERC-20 token on Ethereum. Three token functions are described in Jasmy's public materials. First, enterprises pay JASMY as fees for Jasmy platform services and as consideration when accessing personal or corporate data through the platform. Second, individuals receive JASMY as incentive compensation when they consent to share their personal information via the PDL and cooperating platforms, and may exchange received JASMY for goods or services on those platforms. Third, as of JasmyChain's 2026 mainnet launch, JASMY functions as the native gas currency for on-chain transactions on JasmyChain, directly linking network fee payment to token demand. The token ticker is JASMY; early Jasmy materials also used the notation JMY, which referred to the same token before the JASMY ticker was standardized.

(Source: Jasmy Whitepaper, JMY Payment Notice, JasmyChain Mainnet Release, Kraken UK JASMY Statement)

(e) Control surface reliance

Jasmy does not operate a DAO or on-chain governance mechanism. The control surface is corporate and consortium-based. JasmyNet is limited to authorized consortium member companies, and all rights in the PDL platform and related documentation belong to Jasmy Incorporated or third-party providers that supply services or software to Jasmy. Platform decisions and protocol parameters are governed by Jasmy Incorporated's corporate structure under Japanese law, not by tokenholder vote. No tokenholder governance mechanism or path toward decentralized control has been publicly disclosed.

(Source: Jasmy Whitepaper, PDL Terms)

(a) IP ownership & control

Jasmy does not have a DAO. IP rights are held corporately. The PDL terms state that all rights in the PDL platform and related documentation belong to Jasmy Incorporated or third-party providers supplying services or software to Jasmy. Japan's METI gBizINFO lists 47 patent-office activity records tied to Jasmy's corporate number (5011001110352), comprising 4 patent records, 5 design records, and 38 trademark records; all are registered to Jasmy Incorporated, not to a DAO.

(Source: PDL Terms, gBizINFO Jasmy Profile)

(b) Contract/admin powers

The project does not have a DAO. The control surface identified in public materials is corporate and consortium-based. JasmyNet operates as a permissioned network in which only authorized consortium member companies participate. No on-chain governance executor, multisig pause mechanism, or tokenholder voting authority has been publicly disclosed.

(Source: Jasmy Whitepaper)

(c) Locked-token rights (conditional)

Not applicable. No locking or staking mechanism that grants tokenholders additional governance rights exists. The whitepaper defines JASMY functions as platform service fees, consideration for data use, and exchange value for goods or services — not as governance instruments.

(Source: Jasmy Whitepaper)

(d) Value accrual & holder rights

The project does not operate a DAO. No DAO-level revenue distribution, treasury rights, or tokenholder economic rights have been publicly disclosed. JASMY tokenholders hold no publicly documented rights over protocol revenue, treasury assets, or fee flows.

(e) Dissolution authority

The project does not operate a DAO. No DAO dissolution mechanism exists. Corporate wind-up authority rests with Jasmy Incorporated's shareholder and board structures under Japanese company law.

Blockworks note: The project does not operate a DAO or on-chain governance mechanism. Responses to each sub-item are provided on that basis.

(a) Entity

Jasmy Incorporated does not operate a separate primary foundation entity involved in the issuance of JASMY. The entity directly involved in JASMY's issuance and platform operations is Jasmy Incorporated / ジャスミー株式会社, a Kabushiki Kaisha (joint-stock company) incorporated in Japan. No foundation entity parallel to or separate from Jasmy Incorporated has been identified in any public source.

Because no separate primary foundation exists, sub-items (a) through (f) do not apply.

(Source: Jasmy Company Profile, Legal Notice, NTA Corporate Number Record)

(b) IP ownership & control

N/A

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

N/A

(d) Powers over DevCo

N/A

(e) Contract/admin powers

N/A

(f) Current economic arrangements and distribution policies

N/A

(a) Entity

Jasmy Incorporated is a Kabushiki Kaisha (株式会社, joint-stock company) incorporated under Japanese law. Its registered head office is 東京都港区北青山１丁目２番３号 (Minami Aoyama 1-2-3, Minato-ku, Tokyo). Corporate number: 5011001110352. The operating office address is listed as 青山ビル11階 at the same street address. The PDL service contract specifies that it is governed by Japanese law and that first-instance disputes are submitted to Tokyo District Court or Tokyo Summary Court.

(Source: NTA Corporate Number Record, gBizINFO Jasmy Profile, Japanese Company Profile, PDL Terms)

(b) IP ownership & control

The PDL terms assign all rights in the PDL platform and related documentation to Jasmy Incorporated or third-party service and software providers. METI gBizINFO records 47 patent-office entries tied to Jasmy's corporate number: 4 patent records, 5 design records, and 38 trademark records. Jasmy holds ISO/IEC 27001:2022 / JIS Q 27001:2023 certification (registration number IS 802902) and a JUAS PrivacyMark registration (number 17004992(01), valid through 2026-01-06, renewed through 2027-01-06 per the JUAS grantee list). No public subsidiary entity structure has been disclosed.

(Source: PDL Terms, gBizINFO Jasmy Profile, Japanese Company Profile, JUAS PrivacyMark List)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

No separate DAO, on-chain treasury, or protocol-controlled resource pool exists. Jasmy Incorporated holds administrative authority over the platform, consortium network, and token-related operations by virtue of its corporate structure. No public disclosure of specific token administration multisig addresses, treasury wallet addresses, or on-chain upgrade authorities has been made.

(d) Powers over Foundation

No separate primary foundation exists. This item does not apply.

(e) Contract/admin powers

No public pause, upgrade, or governance-executor authority structure for the JASMY smart contract or platform has been disclosed. The JASMY ERC-20 contract mints the total supply to the deployer address at genesis with no on-chain upgrade mechanism disclosed in the public Solidity source. The JasmyChain network's operational admin authorities have not been publicly specified.

(Source: JasmyCoin Solidity Source, JasmyCoin Deployment Script)

(f) Current economic arrangements and distribution policies

No publicly disclosed governance-approved, contractual, or programmatic mechanism directs protocol-controlled resources, treasury assets, fees, or token distributions from the platform to Jasmy Incorporated's equityholders or contributors as of the date of this filing. The token allocation framework in the whitepaper reserves portions for listing expenditures, business financing, and incentives for corporate contributions, but no formal revenue-sharing or dividend policy has been publicly adopted or disclosed.

(Source: Jasmy Whitepaper)

Blockworks note: Jasmy Incorporated / ジャスミー株式会社 is the primary DevCo — the legal entity directly involved in the issuance of JASMY and the development and operation of the Jasmy platform.

(a) Launch supply totals

All 50,000,000,000 JASMY were minted at genesis in a single pre-mine event; no new tokens can be minted by protocol. The JASMY ERC-20 smart contract was deployed on Ethereum in December 2019. The token launched commercially on BITPOINT Japan on 2021-10-26. As of June 2026, approximately 49.44 billion JASMY (98.9% of the total supply) are in circulation, with approximately 560 million JASMY remaining outside public circulation. All previously scheduled institutional vesting concluded by October 2023; the residual non-circulating balance is attributable to the ecosystem allocation released on a discretionary business-growth basis with no fixed end date. (Source: Jasmy Whitepaper, CoinMarketCap JASMY, Kraken UK JASMY Statement, MEXC JASMY Tokenomics)

(b) Recipient categories & use of funds

Two allocation schedules exist in public sources and they conflict. The Jasmy whitepaper (2020–2021 primary source document) discloses six categories. CoinMarketCap and multiple exchange-sourced disclosures describe a different four-category breakdown that is more widely cited as current. Both are reproduced below with the conflict noted.

Whitepaper allocation (primary Jasmy source document):

• Holding by Business Companies | 15,000M JASMY / 30% | Rewards to individual users for allowing enterprises and other third parties to use IoT data.
• Developer Program | 9,100M JASMY / 18% | Rewards and ecosystem development for students, individuals, entrepreneurship, and R&D.
• Listing Expenditures | 7,000M JASMY / 14% | Business operating funds, IR returns, legal/tax consulting, exchange commissions, blockchain transformation.
• Business Financing | 10,123M JASMY / 20% | Commissions and service charges, including principal and interest, to business financiers.
• Air Drop | 6,377M JASMY / 13% | Liquidity for investment institutions and foreign companies; promotion of individual investors; stimulation of investor demand.
• Incentive | 2,400M JASMY / 5% | Incentives for corporate business creation, platform development, financial activity, listing, and other business contributions.

Exchange-sourced allocation (CoinMarketCap / Kraken / MEXC, post-launch revisions):

• Ecosystem Fund | 24,000M JASMY / 48% | Platform development, partnerships, incentives, community programs; distributed as business grows with no fixed schedule.
• Funds and Institutional Investors | 13,500M JASMY / 27% | Early backer allocation; began daily vesting in October 2021 and was fully distributed by October 2023.
• Contributors and Community | 10,000M JASMY / 20% | Team, advisors, and community builders; fully unlocked at genesis in October 2021.
• Incentive Program | 2,500M JASMY / 5% | New user onboarding and ecosystem incentive programs.

The two schedules cannot be reconciled from public sources. The whitepaper is Jasmy Incorporated's original disclosure document; the four-category schedule is the version reported by major data providers and exchanges. The project has not published a public reconciliation or retraction. (Source: Jasmy Whitepaper, CoinMarketCap JASMY, Kraken UK JASMY Statement, MEXC JASMY Tokenomics)

(c) Initial price per token (if applicable)

JASMY did not conduct an ICO. KuCoin's 2021 listing notice reported a reference issue price of $0.01 per JASMY as of 2021-10-26. No project-run token sale or fixed TGE offering price was set; JASMY's price at launch was determined by exchange market activity on BITPOINT Japan beginning 2021-10-26. (Source: KuCoin Listing Notice)

(d) Ticker / market symbol

The current standardized ticker is JASMY. Early Jasmy communications also used the notation JMY; JMY was the ticker used at BITPOINT Japan at launch on 2021-10-26. JASMY is the ticker used on all major exchanges as of the date of this filing. (Source: Jasmy Whitepaper, JMY Payment Notice)

(e) Total supply & supply regime

The total and maximum supply is 50,000,000,000 JASMY. All tokens were minted at genesis; no additional minting is possible by protocol. The supply is fixed with no inflation mechanism. No burn mechanism has been publicly disclosed. As of June 2026, approximately 49.44 billion JASMY are in circulating supply, representing approximately 98.9% of the total supply. JASMY is structurally deflationary in the sense that supply cannot increase. (Source: Jasmy Whitepaper, CoinMarketCap JASMY, Kraken UK JASMY Statement)

(f) Initial vesting / release schedules

Vesting schedules differ between the two public allocation frameworks:

Under the whitepaper's six-category framework, 2,000M JASMY of the Business Financing allocation used for credit repayment carried no lockup, while the remaining Business Financing allocation carried a lockup period. Of the Air Drop allocation, the portion for institutional investors carried a lockup period, while the portion for individual investors carried no lockup.

Under the four-category framework disclosed by MEXC and other exchange data providers: the Contributors and Community allocation (10,000M JASMY / 20%) was fully unlocked at genesis in October 2021. The Funds and Institutional Investors allocation (13,500M JASMY / 27%) began daily linear vesting in October 2021 and completed vesting by October 2023. The Ecosystem Fund (24,000M JASMY / 48%) was locked at genesis and is distributed on a discretionary business-growth basis with no fixed completion date; approximately 560M JASMY of this allocation remains undistributed as of June 2026. The Incentive Program allocation (2,500M JASMY / 5%) vesting terms are not publicly specified beyond an initial two-year post-genesis lockup noted in MEXC's disclosure.

All institutional vesting schedules have completed. The only residual unlock risk is the discretionary release of the remaining ecosystem allocation. (Source: Jasmy Whitepaper, MEXC JASMY Tokenomics, CoinMarketCap JASMY)

• Planned but not yet executed airdrop: Partially applicable. Jasmy described the October 2021 BITPOINT distribution as the first in a planned series of similar campaigns across future phases, including demonstration-experiment participation events. Jasmy has not published a schedule, allocation size, eligibility criteria, or allocation methodology for any subsequent campaign in that series, and has not committed to publishing a recipient wallet list for future distributions or to providing one to Blockworks on a quarterly basis. The initial TGE distribution itself has been executed; see (b).

• Executed airdrop: Jasmy conducted a free token distribution event in connection with the 2021-10-26 BITPOINT Japan listing.

  Covered user segments: BITPOINT Japan exchange account holders. Two tiers applied — account holders received 500 yen worth of JMY for account login, and account holders who deposited 10,000 yen or more in cash received an additional 2,000 yen worth of JMY.

  Allocation method: Fixed yen-denominated amounts by tier rather than a proportional formula. Allocation was determined by exchange account activity — login and cash deposit threshold — not by onchain balance, staking position, or protocol usage.

  Per-address source: None. No per-address CSV, Merkle dump, Dune table, GitHub file, or RPC endpoint for the executed distribution has been publicly disclosed. Distribution was administered by BITPOINT to exchange accounts, so allocation records sit with the exchange rather than in a publicly verifiable onchain claim structure.

  Source: Free Token Distribution Notice

• No airdrop planned or conducted: Not applicable. Jasmy has conducted a distribution, as described in (b).

Blockworks note: This distribution was exchange-administered rather than protocol-administered. Recipients were identified by BITPOINT account rather than by wallet address, which means a per-address source in the form contemplated by this framework may not exist at the point of distribution. That does not remove the disclosure gap, but it changes what a remedy would look like — recovering wallet-level allocation data would require exchange cooperation rather than publication of an existing Merkle tree or allocation file.

Sub-item (a) is scored against the forward-looking series Jasmy announced in the source notice. The company has not published follow-through documentation for subsequent campaigns, so it is not established from the public record whether additional campaigns in that series were executed, modified, or abandoned.

Blockworks note: No market-making agreements, token loans to market makers, or token allocations for market-making purposes have been publicly disclosed by Jasmy Incorporated.

• Exchange Name: BITPOINT Japan
  • Token Allocation Committed: Not publicly disclosed
  • Term Duration: Launched 2021-10-26; active as of filing date
  • Native Token Listing Fees: Not publicly disclosed
• Exchange Name: BitTrade / Huobi Japan
  • Token Allocation Committed: Not publicly disclosed
  • Term Duration: Handling began 2022-07-04 at 15:00 JST; no end date disclosed
  • Native Token Listing Fees: Not publicly disclosed
• Exchange Name: KuCoin
  • Token Allocation Committed: Not publicly disclosed
  • Term Duration: Trading opened 2021-10-27 UTC; active as of filing date
  • Native Token Listing Fees: Not publicly disclosed
• Exchange Name: Binance.US
  • Token Allocation Committed: Not publicly disclosed
  • Term Duration: Deposits opened 2022-05-03; JASMY/USD and JASMY/USDT delisted 2023-03-21; withdrawals remained open
  • Native Token Listing Fees: Not publicly disclosed
• Exchange Name: Coinbase
  • Token Allocation Committed: Not publicly disclosed
  • Term Duration: Listed for US spot trading and Coinbase Custody; commercial engagement marked "Yes" in Coinbase's public digital asset disclosures; no listing term disclosed
  • Native Token Listing Fees: Not publicly disclosed

Blockworks note: The following exchanges are publicly confirmed as having listed or currently listing JASMY. No listing-agreement token economics, native-token listing fees, or specific token allocations for any individual exchange have been publicly disclosed.

The whitepaper allocates 7,000M JASMY (14%) to "listing expenditures" and related business costs, but does not identify individual exchange agreements or native-token payment recipients. Coinbase's digital asset disclosures define "commercial engagement" broadly to include financial, custody, or similar arrangements with an asset or affiliated party; the specific nature of Coinbase's engagement with Jasmy Incorporated is not detailed in the public disclosure.

(Source: Free Token Distribution Notice, BitTrade JMY Handling Notice, KuCoin Listing Notice, Binance.US Listing Notice, Binance.US Delisting Notice, Coinbase Digital Asset Disclosures, Jasmy Whitepaper)

Blockworks note: Jasmy Incorporated did not conduct an ICO. No SAFT, STAMP, SAFE, SAFE+Token Warrant, or equivalent pre-token sale instrument has been publicly disclosed. Tracxn lists Buks Capital as the only identified investor in Jasmy on its funding database, without disclosing round name, date, instrument, token amount, or vesting terms. The whitepaper allocates 13,500M JASMY (27% under the four-category framework) to "Funds and Institutional Investors," and the 10,123M JASMY (20%) "Business Financing" bucket under the whitepaper's six-category framework includes commission and service charge payments to business financiers, but neither source identifies specific investors, round dates, investment instruments, or per-investor vesting terms.

(Source: Jasmy Whitepaper, Tracxn Jasmy Funding Profile)

(a) Date & component affected

No exploits affecting JASMY tokenholders or protocol funds have been identified in public sources as of June 16, 2026. The only publicly disclosed service disruption is a DD Payment smartphone application outage from approximately 2025-01-26 12:00 to 2025-01-28 17:00 JST; Jasmy confirmed recovery and normal operation with no loss of funds reported.

(Source: DD Payment Outage Notice)

(b) Exploit vector summary

N/A

(c) Quantified impact

N/A

(d) Remediation/response taken

N/A

(e) Current status

N/A

(f) References (optional)

N/A

(a) Regulatory, Legal & Tax Risks

Jasmy Incorporated operates from Tokyo, Japan. The PDL service contract is governed by Japanese law, with first-instance dispute resolution assigned to Tokyo District Court or Tokyo Summary Court. Regulatory or legal changes under Japan's Act on the Protection of Personal Information (APPI), the Payment Services Act, the Financial Instruments and Exchange Act, or consumer and platform services rules could affect Jasmy Incorporated's PDL service model, token operations, or ability to maintain exchange listings in Japan and internationally.

Jasmy has publicly warned that neither it nor its affiliates sell cryptocurrency, that impersonators have solicited cryptocurrency purchases using the Jasmy name, and that recipients of such solicitations should not transfer funds. Binance.US's JASMY delisting notice identified review factors including risk profile, regulatory standing, team commitment, development activity, network safety, and evidence of misconduct — confirming that exchange listings can be terminated by exchange-side reviews outside tokenholder or issuer control.

JASMY tokenholders are responsible for determining their own tax obligations under applicable law in their jurisdiction. Jasmy Incorporated has not published tokenholder tax guidance. Tax treatment of JASMY — as income, property, foreign currency, or otherwise — varies by jurisdiction and may change as regulatory frameworks for digital assets evolve.

Kraken's UK disclosure states that Payward Ltd performed due diligence before listing JASMY for UK users and determined the listing was permissible under UK law as of that review date. Listing status in any jurisdiction is subject to ongoing review and regulatory development.

(Source: Legal Notice, PDL Terms, Privacy Policy, Attention Notice, Binance.US Delisting Notice, Kraken UK JASMY Statement)

(b) Protocol, Technology & Security Risks

The public architecture relies on the interaction of JasmyChain (Layer 1), Ethereum (ERC-20 contract), SKC, SG, PDL, and user-controlled consent and data permission systems. Implementation flaws in identity management, device linking, data storage, consent logic, or audit logging could affect data access, integrity, or user trust. The JasmyCoin ERC-20 contract inherits ERC20 and ERC20Detailed; its constructor mints the full 50 billion supply to the deploying address at genesis with no on-chain upgrade path disclosed in the public source.

Jasmy holds ISO/IEC 27001:2022 / JIS Q 27001:2023 certification, a JUAS PrivacyMark registration valid through 2027-01-06, and its whitepaper notes that Consensys MythX analysis found no issues at the time of that review. These controls do not eliminate implementation, operational, bridge, or third-party service risks. JasmyChain's 2026 mainnet release moved to production after 2025 testnet verification; bridge, rollup, RPC, and operational dependencies on JasmyChain remain active risk surfaces.

The Jasmy Base application privacy policy discloses that the app automatically acquires user information registered in the PDL and uses Firebase Analytics and Firebase Crashlytics. These integrations create third-party telemetry and personal data handling dependencies. The public GitHub repository for the JASMY token contract has not configured a SECURITY.md file, meaning no repository-level coordinated vulnerability disclosure policy is in place for that codebase. The DD Payment application experienced a service outage from 2025-01-26 12:00 to 2025-01-28 17:00 JST; Jasmy confirmed recovery with no reported loss of funds.

(Source: Jasmy Decentralized ID, PDL Terms, JasmyCoin Solidity Source, JasmyCoin Deployment Script, Japanese Company Profile, JUAS PrivacyMark List, JasmyChain Mainnet Release, Jasmy Base Privacy Policy, GitHub Security Policy Metadata, DD Payment Outage Notice)

(c) Token Economics, Unlocks & Incentive Risks

JASMY's utility depends on enterprises paying JASMY as platform service fees and data-access consideration, and on individuals receiving and circulating JASMY in connection with data sharing on the Jasmy platform and cooperating platforms. As of early 2024, Jasmy's team acknowledged publicly that the ecosystem was not yet fully operational and that the primary use of JASMY at that time was for payment, investment, and trading on exchanges. JasmyChain's 2026 mainnet launch adds a network-fee utility as the gas currency for on-chain transactions.

If enterprise adoption, data-sharing incentive participation, cooperating-platform demand, or JasmyChain transaction volume do not develop, the economic case for token utility and circulation weakens. Approximately 98.9% of the total supply is already in circulation as of June 2026; remaining unlock exposure is limited to the discretionary ecosystem allocation release of approximately 560M JASMY. The two public allocation schedules — the whitepaper's six-category framework and the exchange-sourced four-category framework — are inconsistent on the size and purpose of multiple buckets. The project has not published a reconciliation; allocation interpretation depends on which source is treated as authoritative.

(Source: Jasmy Whitepaper, Kraken UK JASMY Statement, JasmyChain Mainnet Release, CoinMarketCap JASMY, MEXC JASMY Tokenomics)