PIPE in the UK is registered under the EIS/SEIS scheme, although there are no guarantees that subsequent tax relief will be agreed by HMRC. Investments are made across the EU and PIPE is an EU Business where various tax incentives exist in different regions. It is sensible to assume there will be no tax relief, although PIPE is investigating how regional tax efficiencies can be utilised to the benefit of DAO investors. Under some circumstances you may benefit more via EIS/SEIS as a HNWI co-investor (UK projects) than as a PGF token holder, the choice is yours.