<SEC-DOCUMENT>0001193805-24-000678.txt : 20241025
<SEC-HEADER>0001193805-24-000678.hdr.sgml : 20241025
<ACCEPTANCE-DATETIME>20240517161518
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193805-24-000678
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEALSQ Corp
		CENTRAL INDEX KEY:			0001951222
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		AVENUE LOUIS-CASAI 58
		CITY:			COINTRIN
		STATE:			V8
		ZIP:			1216
		BUSINESS PHONE:		212-336-2039

	MAIL ADDRESS:	
		STREET 1:		CRAIGMUIR CHAMBERS, ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			VG 1110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEAL (BVI) Corp.
		DATE OF NAME CHANGE:	20221019
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SEALSQ CORP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Avenue Louis-Casai 58</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cointrin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Switzerland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 50%">May 17, 2024</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Bradley
Ecker</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Evan Ewing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N. E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 10%"></TD><TD STYLE="width: 5%; text-align: left">Re:</TD><TD><B>SEALSQ Corp</B>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Registration Statement on Form F-1 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Submitted April 15, 2024 (File No. 333-278685)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>CIK No. 0001951222</B></P>

<B></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P>Dear Mr. Ecker and Mr. Ewing:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.8pt">This letter responds to the
letter dated April 29, 2024 (the &ldquo;<U>Comment Letter</U>&rdquo;) containing comments from the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) resulting
from the Staff&rsquo;s review of the Registration Statement on Form F-1 of SEALSQ Corp (the &ldquo;<U>Company</U>,&rdquo; or &ldquo;<U>we</U>&rdquo;)
initially submitted to the Commission on April 15, 2024 (the &ldquo;<U>Initial Registration Statement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.8pt">We are filing with the Commission
via EDGAR concurrently herewith an amended Registration Statement responding to the Staff&rsquo;s comment (as amended, the &ldquo;<U>Registration
Statement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.8pt">For your convenience, your
original comments appear in bold text, followed by our responses. Page references in our responses are to the Registration Statement<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.8pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 151.05pt 0pt 0"><B><U>General</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 151.05pt 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="padding-right: 5.85pt"><B>Provide us supplementally a detailed legal analysis as to whether SEALCOIN is a security as defined
by Section 2(a)(1) of the Securities Act. In responding to this comment, please include a materially complete description of the token
and the related ecosystem, as well as the manner in which the token will be offered and sold, including the following:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>The material technical characteristics of SEALCOIN including the terms of any smart contract and
any other documents governing the terms of the SEALCOINs and the rights of holders, as well as an explanation of whether and how modifications
to SEALCOIN&rsquo;s smart contract can be made;</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Transfer capabilities and restrictions including whether there are any limits on the transfer of
SEALCOIN by holders or transfer prerequisites, the material features of whitelisting procedures, including AML/KYC procedures, and whether
holders can dispose of their SEALCOINs other than by transacting with the platform;</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>The material characteristics of the network in which SEALCOIN will exist, including SEALCOIN&rsquo;s
use or role such as purchasing goods or services, allocating resources, performing governance functions, and/or otherwise securing the
network or application, any fees for transacting on the network or application, including how they are assessed and who pays and receives
such fees, and a description of the various roles that exist in connection within the network, such as users, on-chain service providers,
developers, transaction validators, and governance participants; and</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Where and how SEALCOIN private keys will be stored, and by whom. Explain whether you will provide
a digital wallet to holders, and if so, who will control the wallet.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment, we note
the following: &lsquo;SEALCOIN&rsquo; is a code name for an internal SEALSQ Corp R&amp;D project that involves significant technical innovation
that could potentially lead to a future creation or adoption of a dedicated cryptocurrency in the form of a token associated to a device
that is secured with a digital certificate. For now, we are exclusively working on a technical Proof-of-Concept (PoC) and a dedicated/proprietary
Service Platform. This PoC contemplates the use of a secure token that would enable our technology to automate the settlement of a device&rsquo;s
transaction against the use of a service (including the use of the SEALCOIN Service Platform). This would be achieved with a cryptocurrency
in the form of a token associated to a device that is secured with a digital certificate where the token&rsquo;s smart-contract will interact
with our software to securely organize and execute transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have organized this project in two streams:<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">Our SEALCOIN PoC is at present an internal SEALSQ Corp innovation R&amp;D project focusing on the technical
feasibility of our most advanced semi-conductor (VIC 408) validating<FONT STYLE="color: red">, </FONT>verifying and authenticating a transaction
while simultaneously &lsquo;signing&rsquo; a transaction (e.g. agreeing on the terms of the transaction) on a Decentralized Ledger Technology
(DLT).<BR>
<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">This PoC, once technologically validated, would then lead to the development of industrial and professional
service applications for which we are starting to craft a dedicated SEALCOIN Service Platform. The SEALCOIN Service Platform would enable
our corporate and professional clients to access enhanced services deriving from the current cybersecurity products they purchase from
us (such as devices, certificates). In turn, this would open-up new markets and use-cases globally for existing and new customers. Conceptually,
access to the SEALCOIN Service Platform would be granted via a utility token, to be named &lsquo;SEALCOIN,&rsquo; dedicated to IoT manufacturers
and professional market participants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Only upon completion of the above internal technical feasibility research
(at the semiconductor level) and of the development efforts of a proprietary Service Platform would SEALSQ Corp be able to delineate and
clarify the technical characteristics of the applicable SEALCOIN token. Our innovation department is currently documenting the technical
findings and potential applications that will then lead to a detailed description of terms, limitations and governance of the applicable
smart contract and the related platform. In other words, the technology PoC must be completed before the application in the form of a
Service Platform can be dimensioned, and only after those two steps are completed can SEALSQ Corp delineate the nature of the token that
would give access to the Service Platform to our industrial and professional client base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At present, we are not planning any fundraising involving investors
to participate in our costs of developments as this is an exclusive SEALSQ project, self-funded and intended to position our company at
the forefront of innovation in cybersecurity practices. Our service applications of the SEALCOIN platform and token would be crafted for
existing and prospective corporate and professional entities, as we do not plan to directly serve private individuals at this stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The completion of our SEALCOIN PoC is planned for July 2024 and completion
of the design of the associated Service Platform (and related token) is planned for Q4 2024. Any roll-out of the Service Platform (and
the related token) to customers would be conditioned on the satisfactory completion of significant legal and regulatory due diligence
for the jurisdictions where the services (and the related tokens) would be marketed and where the customers and end users are located,
as more fully described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="padding-right: 5.85pt"><B>Regarding the SEALCOIN you are developing:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Please disclose the policies and procedures that you will use to determine whether SEALCOIN is a
security for purposes of the federal securities laws, or is likely to be deemed a security, and specifically disclose that any determination
that you make in that regard is a risk-based judgment by the company and not a legal standard or determination binding on any regulatory
body.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Include a risk factor related to such policies and procedures that addresses the specific risks inherent
in any policies and procedures for determining that any crypto asset is not a security and describe the potential regulatory risks under
the U.S. federal securities laws if SEALCOIN or any other crypto assets you create or hold are determined to be securities, such as whether
the company could become subject to regulation under the Investment Company Act or as a broker-dealer under the Securities Exchange Act
or involved in the unregistered offer and sale of securities under the federal securities laws.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment, we note
the following:<BR>
<BR>
The SEALCOIN token features cannot yet be finalized for the reasons mentioned above (that is, completion of the technological PoC and
development of service applications).<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our R&amp;D efforts involve an evolving PoC, leading to a proprietary
Service Platform with ultimately a platform-dedicated cryptocurrency having the following potential attributes:<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">A <I>utility feature</I> intended to provide access digitally to an application or service provided
on the proprietary platform by means of a blockchain-based infrastructure.<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">A <I>payment feature</I> intended to enable a means of payment for acquiring goods or services, as well
as a means for transferring money or value.<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the above R&amp;D attributes of SEALCOIN cryptocurrency,
we are studying the following Swiss FINMA guidelines
https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-ico.pdf:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt"><I>&ldquo;3.2.1 Payment tokens / cryptocurrencies: There are various legal opinions as to whether tokens
of this kind constitute securities. Some assert that all types of tokens should be considered as securities; others disagree. Given that
payment tokens are designed to act as a means of payment and are not analogous in their function to traditional securities, FINMA will
not treat payment tokens as securities. This is consistent with FINMA's current practice (e.g. in relation to Bitcoin and Ether). If payment
tokens were to be classified as securities through new case law or legislation, FINMA would accordingly revise its practice.&rdquo;<BR>
</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt"><I>&ldquo;3.2.2 Utility tokens: Utility tokens will not be treated as securities if their sole purpose
is to confer digital access rights to an application or service and if the utility token can actually be used in this way at the point
of issue. In these cases, the underlying function is to grant the access rights and the connection with capital markets, which is a typical
feature of securities, is missing. If a utility token additionally or only has an investment purpose at the point of issue, FINMA will
treat such tokens as securities (i.e. in the same way as asset tokens).&rdquo;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is of the utmost importance for our company that, prior to any dedicated
token issuance to allow the access of an up and running associated Service Platform that is currently in R&amp;D phase, the following
be completed:<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">Jurisdictional due diligence analysis, based on our existing and targeted geographical activities and
operations, to identify the most appropriate legal and regulatory parameters and the level of acceptance by applicable regulators, including
without limitation, the Commission and its Staff should the roll-out include the United States of America<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">Once validated by our current R&amp;D efforts, identify which of our group companies will be best suited
to issue the SEALCOIN, or establish a new entity and other potential JV with third parties to carry such activities<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">Once chosen, establish a thorough set of guidelines to ensure that the dedicated SEALCOIN cryptocurrency
would not, at any point in time, be issued in breach of applicable securities regulations<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">Assess all related legal and regulatory risks related to the SEALCOIN Service Platform and related token,
and establish such policies and procedures as are appropriate to address the specific risks inherent with a crypto asset</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We acknowledge that the Commission is concerned
about any offer and/or sale of a cryptocurrency that may constitute an offer and/or sale of a &lsquo;security&rsquo; in violation of the
registration requirements of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), if such offer and/or sale
involves regulated activity in the United States and/or persons in the United States. Consistent with our responses above, we endeavor
to complete rigorous legal and regulatory due diligence (including, without limitation, seeking advice from reputable U.S. counsel) before
we offer and/or sell any SEALCOIN token within the United States or to any &lsquo;U.S. person&rsquo; (as defined in Regulation S under
the Securities Act) to ensure such actions do not constitute an offer and/or sale of a &lsquo;security&rsquo; (as defined by the Securities
Act) in violation of the registration requirements of the Securities Act (specifically reserving for the right to rely on applicable exemptions
from registration under Securities Act, including (without limitation) transactional exemptions under Section 4 of the Securities Act
and under Regulation D and/or Regulation S under the Securities Act, exemptions for instruments and interests not constituting &lsquo;securities&rsquo;
within the meaning of the Securities Act, and exemptions for &lsquo;securities&rsquo; exempt from the Securities Act under Section 3 of
the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risk Factors, page 18</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>To the extent material, please address the following risks as related to SEALCOIN:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Risks relating to your planned SEALCOIN business operations, such as risks relating to implementation, technology, cybersecurity
and adoption, as well as any reliance on another network, application, or off-network code or entity;</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Risks relating to the unique characteristics of SEALCOIN including digital form, the rights of holders
or their lack of rights, liquidity, supply, and custody;</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Regulatory challenges of securities, tax, and AML/KYC regulations; and</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Impact of technological developments on the value and functionality of SEALCOIN over time.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment, we note
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEALCOIN project is currently in the R&amp;D
stage &ndash; that is, as noted above, research of the technical feasibility and analysis of the development of potential service applications.
As such, we are not in a position to meaningfully assess the risks that would be associated with the SEALCOIN project once implemented,
and the materiality of some or all of such risks from the perspective of our shareholders. For example, at the present time we do not
know if we will choose to issue a new cryptocurrency or build out the project implementation with pre-existing cryptocurrency to tokenize
access to the SEALCOIN Service Platform, or if we will decide to create a new entity to issue the tokens, or line up a third party to
issue the tokens. It is only when the SEALCOIN project is further along in its development that the assessment of risks and their materiality
will be meaningful. At present, we anticipate that our future analysis of the risks associated with the implementation of the SEALCOIN
project will include an assessment (and applicable disclosure in securities filings) of, <I>inter alia</I>, the following risk-related
factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Development delays and cost overruns<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Regulatory compliance including delays in securing regulatory approvals and engagement with regulatory
bodies in multiple jurisdictions<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Scalability and interoperability challenges, and technological obsolescence that could limit the SEALCOIN
platform&rsquo;s functionality and longevity<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Cybersecurity affecting user data and trust, such as data breaches, smart contract vulnerabilities, and network attacks<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Adoption obstacles hindering growth and market acceptance including difficulties in achieving market
penetration, building user trust, and reliance on third-party platforms<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Reliance on external entities &ndash; e.g. dependency on Hedera can introduce additional vulnerabilities
related to external changes and regulatory shifts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, we have revised our disclosure in the Risk Factors section
on page 20.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Business Strategic Outlook for 2024 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>3. SEALCOIN, page 85</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 31.5pt"><B>4.</B></TD><TD><B>Please revise so that your disclosure is consistent with your public statements and promotional materials, including in any white
paper, relating to material aspects of SEALCOIN. For example only and without limitation, please clarify and describe the use cases for
SEALCOIN and the items referenced in your recent news releases, including:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>The SEALCOIN ecosystem and platform;</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>The purchasing and tokenization of certificates to be introduced with the SEALCOIN platform launch;
and</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>The role of Hedera, the Hedera network and the material terms of any related agreements.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment, we note
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our current SEALCOIN R&amp;D activities include, as noted above, the
development of industrial and professional service applications for which we would craft a dedicated SEALCOIN Service Platform. The SEALCOIN
Service Platform would enable our corporate and professional clients to create enhanced services deriving from the current cybersecurity
products they purchase from us (such as devices, certificates). This process involves the creation of a set of parameters relating to
material aspects of the SEALCOIN project, its intended ecosystem, its intended clients and partners, and any commercial features that
will be required by our industrial and professional customers and prospects, and making sure the intended innovations are clearly outlined,
explained and understood by its intended customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our current R&amp;D activities focus on enhancing the products and
services we currently offer, and relate to the usage, purchase and life cycle management of devices (Secure Elements) or certificates.
The integration of smart contract capabilities would support and improve our core services, enabling new generation interactions within
a secured IoT ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we do not plan to create any specific blockchain or equivalent Decentralized
Ledger Technology for the usage of smart contracts, we are planning to collaborate with Hedera and its subsidiaries to leverage from its
pre-existing Decentralized Ledger Technology. This collaboration is intended to ensure that our solutions will not only constitute a state-of-the-art
set of functional innovative services, but also provide us with external recognized expertise in our various duties, including and not
limited to our jurisdictional analysis review, validation of the nature of the intended dedicated cryptocurrency as a Payment and Utility
token, and facilitate the access to relevant, regulated and professional partnerships with potential blockchain providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, we have revised our disclosure in the Business section
on pages 85-87.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><B>5.</B></TD><TD><B>Please address the following regarding specific disclosures in this section:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Refer to your statement at the top of age 85 that &ldquo;SEALCOIN is currently in its pre- registration stage&hellip;.&rdquo; Please
revise to explain what you mean by &ldquo;registration&rdquo; and also tell us what the &ldquo;Pre-Registration Invitation for SEALCOINS&rdquo;
portion of the website entails.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>We note your statement on page 85 that SEALCOIN &ldquo;is expected to be available on various exchanges
by the end of Q2 2024.&rdquo; Clarify exactly what you mean by &ldquo;exchanges&rdquo; and explain whether there will be any geographic
or other limitations on sales of the token. Also advise us of the status of that process.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt"><B>Disclose exactly what you mean by &ldquo;individual trading&rdquo; on page 86.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment, we note
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">The term &quot;pre-registration&quot; in the context of the SEALCOIN project refers to an initial phase
where we introduced the concept and potential application of the SEALCOIN project to stakeholders during an event at Davos organized by
SEALSQ. This phase involved collecting from interested parties forms designed to allow respondents to officially express their interest
in SEALCOIN&rsquo;s services and to receive updates and further information as the SEALCOIN project progresses. The reference to &lsquo;pre-
registration&rsquo; was not and is not intended to the registration process under the Securities Act or any solicitation of investment
in the SEALCOIN project or any SEALCOIN token.<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">As such our reference that &quot;SEALCOIN is currently in its pre-registration stage...&quot; on page
85, is a technical reference to the early phase of engagement with interested parties &ndash; industrial / corporate entities etc. by
collecting expressions of interest in terms of intended application development and access to SEALCOIN&rsquo;s platform services prior
to the full public launch of the product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">The &quot;Pre-Registration Invitation for SEALCOINS&quot; on our website is a dedicated section where
potential interested parties can sign up to receive detailed information about the project. This includes updates on development milestones,
description of the technology and use cases, and insights into the strategic direction of the SEALCOIN project. This section serves as
a portal to connect with the SEALSQ development team, providing them with the necessary resources to evaluate their potential involvement
in the project effectively.<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">The term &quot;exchanges&quot; mentioned on page 85 refers to cryptocurrency trading platforms where
the dedicated SEALCOIN token will be eligible for trading with pre-existing and regulated players. The exact platforms have not been finalized
yet as the SEALSQ project is in the R&amp;D stage. Our aim is to ensure the SEALCOIN project and its activities are compliant with all
applicable rules and regulations before the SEALCOIN token it becomes available on multiple platforms, promoting a decentralized trading
model. This could lead to geographical or regulatory limitations on where the token can be distributed, depending on the varying regulations
of different jurisdictions. As part of the ongoing diligence, we are currently consulting with legal and regulatory experts and beginning
preliminary discussions with potential &lsquo;exchanges&rsquo; and partners. Our aim is to make the SEALCOIN token &lsquo;exchange&rsquo;-eligible
once all relevant activities can be clarified and all applicable regulatory approvals have been obtained.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">The term &ldquo;individual trading&rdquo; on page 86 was meant to mean individual transactions&mdash;meaning
that the SEALCOIN token will be designed to enable multiple transactions autonomously actioned by a secured device and with a utility
purpose, opposed to speculative tokens.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, we have revised our disclosure in the Business section
on pages 85-87.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><B>6.</B></TD><TD><B>Explain how SEALCOIN relates to the semiconductor/chip products that you discuss. Also clarify whether such hardware is part of
SEALCOIN, or a separate but related product. As a related matter please revise the first three numbered paragraphs on page 86 to clarify
how the matters discussed relate to SEALCOIN.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment, we note
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">The SEALCOIN project is intended to enhance interactions between IoT devices and platforms through secure
transactions and data exchanges. Utilizing blockchain technology, the SEALCOIN project is intended to enable IoT devices, which are embedded
with semiconductor chips, to autonomously perform transactions, exchange data, and verify certifications. This integration would ensure
secure, transparent, and efficient operations across IoT ecosystems, leveraging the capabilities of semiconductor technology.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">SEALCOIN is not itself a piece of hardware but rather would act as a component of the SEALSQ semiconductor
verification process. This process is crucial for verifying the identity of semiconductors involved in transactions with one another.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We envision SEALCOIN&rsquo;s role and usage as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="padding-right: 5.85pt">Verification Role: SEALCOIN could be used within the SEALSQ product framework to facilitate and secure
the identity verification of semiconductors when they interact and transact. The aim is to ensure that only authorized and authenticated
devices can interact and transact, thereby enhancing the security of the entire system.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="padding-right: 5.85pt">Digital Token: SEALCOIN could involve the use of a digital token that can operate within pre-existing
Decentralized Ledger Technology infrastructure, to enable cryptographic transactions and data exchanges that are tamper-proof and transparent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, while SEALCOIN is part of a broader digital and technological
ecosystem involving SEALSQ Corp, it is distinct from the actual semiconductor hardware. Instead, it is intended to support an enhanced
software layer that manages and secures interactions between these hardware elements.<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, we have revised our disclosure in the Business section
on pages 85-87.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 31.5pt"><B>7.</B></TD><TD STYLE="padding-right: 5.85pt"><B>Please refer to your statement on page 86 that &ldquo;it addresses and mitigates vulnerabilities
inherent in current blockchain systems.&rdquo; Clarify whether you are referring to SEALCOIN or a separate product or technology here.
Also clarify whether the product you are discussing here will have its own blockchain that addresses and mitigates these vulnerabilities,
or whether you are saying that the product will make other existing blockchains less vulnerable. Additionally, explain in further detail
how it will reduce such vulnerabilities.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s comment, we note
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reference on page 86 is to &lsquo;Digital Certificates&rsquo; to
be issued as part of the SEALSQ Root of Trust to provide a crucial layer of security for blockchain or Decentralized Ledger Technology
(DLT) systems, in an effort to address several current inherent vulnerabilities of the IoT as part of DLT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Authentication and Trust</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">- Reliable Verification: By ensuring that every participant
or device on the blockchain or DLT infrastructure has been authenticated by a trusted authority, digital certificates prevent unauthorized
access and activity. This is crucial for maintaining the security and integrity of the data or services exchanged within the network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">- Enhanced Trust: The involvement of a trusted authority
in issuing digital certificates helps build trust among users and stakeholders by guaranteeing that all participants are who they claim
to be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Integrity and Non-Repudiation<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">- Data Integrity: Digital certificates help ensure that data
has not been altered in transit. They use cryptographic techniques to secure data, maintaining its accuracy and consistency throughout
its lifecycle.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">- Accountability: With digital certificates, transactions
can be traced back to specific, verified entities, ensuring that actions can be attributed to participants and participants are held accountable.
This reduces the risk of dispute and fraud within the network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.85pt">Security Enhancement<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">Encryption: Digital certificates enable encryption of data and transactions, protecting sensitive information
from interception or exposure during transmission.<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="padding-right: 5.85pt">Secure Communication: By facilitating encrypted communications, digital certificates ensure that
                                                              only intended recipients can access or decipher the information being transmitted, safeguarding against eavesdropping and
                                                              &lsquo;man-in-the-middle&rsquo; attacks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALCOIN plans to operate on pre-existing blockchain / DLT platforms,
whereas the digital certificate, issued by the SEALSQ Root of Trust, serves a different function and has broader applicability across
various blockchain / DLT platforms. This distinction is key in understanding how each component contributes to security and authentication
in the blockchain space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Digital Certificate Versus SEALCOIN</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- SEALCOIN is envisioned as a digital token that would utilize pre-existing
blockchain or DLT networks to facilitate transactions. Its primary intended role is to facilitate transactions within a specific ecosystem
and services&rsquo; platform.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- Digital Certificate: Unlike the proposed SEALCOIN, the digital certificate
is not tied to any specific blockchain or token. Rather, it is the technology designed to authenticate the identity of entities across
any blockchain platform (including entities exchanging tokens). This makes it a versatile tool for enhancing DLT security across different
blockchain systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>How Digital Certificates Enhance Blockchain Security</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Digital certificates address some of the inherent vulnerabilities in
blockchain systems, primarily around identity verification and the security of transaction data:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. Enhanced Identity Verification:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- Universal Application: Since the digital certificate can be used
on any blockchain or DLT infrastructure, it provides a standardized method of identity verification regardless of the underlying technology.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- Strong Authentication Protocols: Digital certificates incorporate
advanced cryptographic techniques to verify the identity of entities before they can interact on the blockchain, ensuring that only authenticated
users are allowed access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. Reducing Vulnerabilities:<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- Mitigating &lsquo;Sybil&rsquo; Attacks: By ensuring that each certificate
corresponds to a verified identity, the risk of &lsquo;Sybil&rsquo; attacks (where one user masquerades as many to influence the network)
is greatly reduced.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- Preventing Man-in-the-Middle (MITM) Attacks: The use of encryption
and secure communication channels safeguarded by digital certificates prevents unauthorized interceptions, making data exchanges over
the blockchain or DLT more secure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. Secure Data Transactions:<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- Data Integrity and Non-Repudiation: Each transaction that utilizes
a digital certificate can be securely signed, ensuring that the data has not been altered and attributing every transaction to a verified
source. This not only secures the data but also provides a clear audit trail.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">- Encrypted Communications: Digital certificates facilitate the encryption
of data in transit, protecting sensitive information from being accessed by unauthorized parties and ensuring that communications are
only readable by intended recipients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The use of dedicated digital certificates (including cryptocurrencies)
in conjunction with blockchain or DLT services provides a robust framework for securing digital transactions. By enhancing identity verification
and securing data integrity, digital certificates reduce vulnerabilities, making blockchain and DLT networks less susceptible to a range
of security threats and more reliable for carrying out authenticated transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, we have revised our disclosure in the Business section
on pages 85-87.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 31.5pt">We appreciate your comments and welcome
the opportunity to discuss with you our response provided above. Please contact us at 011-41-22-594-3000 or via e-mail at cmoreira@sealsq.com/johara@sealsq.com
or our outside legal counsel from Patterson Belknap Webb &amp; Tyler LLP at 212-336-2301 or via e-mail at hhraspe@pbwt.com, if you have
any questions or require additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 31.5pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Respectfully,&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>SEALSQ Corp</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Carlos Moreira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD>Carlos Moreira</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD>CEO</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John O&rsquo;Hara</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD>John O&rsquo;Hara</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD>CFO</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Herman H. Rasp&eacute;. Esq. (Patterson Belknap Webb &amp; Tyler LLP)</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">14</P>


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