TABLE OF CONTENTS
2. DESCRIPTION OF STAKING SERVICE
3. PRODUCT AND SERVICE
5. SUPPORTED ASSETS
6. GENERAL FEEDBACK AND MISCELLANEOUS
This Terms and Conditions for Crypto Staking ("Terms") is a valid, binding and enforceable contract between the User and Fasset (which term shall, unless repugnant to the context, also include Fasset Group).
By accepting this Terms and by accessing and using the Service, the User acknowledges that the User has read, understood, and agree to be bound by all the terms and conditions contained in this Terms along with the following documents:
The Schedules are integral parts of this Terms that are indispensable. Any matter and aspect that is not specifically addressed or regulated within the confines of this Terms shall be governed and subject to the terms and conditions outlined in the Schedules.
Fasset is entitled to amend, add or reduce this Terms as Fasset thinks necessary. The User is required to check this Terms frequently. If the User does not agree to be bound by this Terms and the Schedules, do not access or use the Services.
In addition to the Definitions set on the User Agreement, the terms written with capital letter have the following meanings:
a. Account means an account on the Platform which is exclusively accessible by, and available to, the User for the purposes of availing the Services, and is provided to the User as a result of the User's having been deemed fit to be a holder of said account by having been approved by us, or by any third party that we have designated to approve the User's fitness to be an account holder.
b. AML/CFT means the applicable Anti-Money Laundering and Counter-Terrorist Financing laws.
c. Applicable User Agreement means the User Agreement between the User and Fasset, which the User is bound to upon signing up in the Fasset Platform, as well as its amendments from time to time. For the avoidance of doubt, the User may check a copy of the Applicable User Agreement sent to the User's email upon signing up, as well as the updated version(s) (as applicable) in our website.
d. APR means annual percentage rate, which is an annualized rate of return that the User can potentially earn on cryptocurrency holdings through participation in a staking program.
e. Asset(s) means any digital asset not being a Fiat Currency, that is:
f. Blockchain means a digital ledger in which transactions made with a Digital Asset are recorded chronologically.
g. Fasset refers to the entity in which the User is a user, and bound to under the Applicable User Agreement.
h. Fasset Platform means the crypto exchange that is operated by Fasset under the registration or approval issued by the relevant authority.
i. Fasset Group means collectively Fasset and all affiliates and group companies of Fasset as well as any entities which are in Control of or are Controlled by or are under common Control with Fasset.
j. Fiat Currency means currency, not being an Asset, that is an official currency in a country or territory and has been approved by Fasset for use as such on the Fasset Platform.
k. Nodes means a copy of the distributed ledger which serves as a communication point that executes various essential network functions, such as creating, receiving, or sending information and validating transactions within a Blockchain supported by server hardware and software.
l. Parties means collectively, the User and Fasset, and “Party” is to be interpreted accordingly.
m. Platform means site made, owned, and operated by Fasset accessible through URLfasset.com,fasset.io,fasset.id,fasset.tras well as its change from time to time, and/or mobile apps made, owned, and operated by Fasset accessible in iOS and Android through application called ‘Fasset’.
n. Protocol Rules means all applicable rules of the relevant Blockchain protocols.
o. Service has the meaning given to it in Clause 2.
p. Staking Assets means any Assets that are made accessible within the Staking products offered on the Fasset Platform. Please check the available Staking Assets in Fasset's Staking page.
q. Staking Rewards means any Asset due under the protocols for the relevant Blockchain to the validator as a result of the User's use of the Service, including block rewards, endorser rewards, and transaction fees, and Digital Asset rewards earned by the User and delegators, to the extent the User or delegators have staked their Asset in Fasset Platform.
a. The terms written in capital have the meaning as stated in Section 1.1 and the Schedules.
b. Headings and terms used for definitions are for convenience only and do not affect the interpretation of this Terms.
c. In this Terms, unless repugnant to the context:
1.3. A reference to “law” includes common law, principles of equity and legislation (including statutes, regulations, orders, rules, by-laws, ordinances and proclamations) and includes any consolidations, amendments, re-enactments or replacements of any of them.
2. DESCRIPTION OF STAKING SERVICE
Fasset will provide the User the staking services, which can be more particularly described as the locking, for a fee, or a certain amount of Digital Assets for a certain period within a wallet (or another medium) to validate transactions on the blockchain, based on proof of stake mechanism (“Service”).
2.2. Regulation and License
Staking is subject to regulation and licensing in multiple jurisdictions. Please be assured that Fasset has acquired the required license(s) in the respective country(ies) where our Staking products are made available.
Further, Staking does not constitute any financial and/or investment product, and any action, notice, communication, message, decision, managerial act, or omission of the mentioned is not investment advice and/or an investment recommendation and shall not be understood or interpreted as such.
3. PRODUCT AND SERVICE
3.1. Eligible User
Only users with successful KYC process which hold Staking Assets under the Fasset Wallet can enjoy the Service.
3.2. Permission and Authorization
By utilizing the Service, the User agrees and acknowledges that they are delegating their decision-making authority for running the staking to Fasset or any other party designated by Fasset, which is deemed appropriate and suitable by Fasset.
3.3. Offered Staking Period
3.4. Minimum Staking Amount
3.5. Rewards Frequency
The reward frequency is set at 2.5 days. Rewards will start accumulating after two epochs, with each epoch spanning a duration of 2 to 4 days.
3.6. Staking Activation
The staking activation is 2.5 days. This is the time until the asset is actually staked.
3.7. Lockup Period
3.8. Procedure to Stake
3.9. Procedure to Unstake
Unstaking occurs under the following circumstances: i) upon the completion of staking period; or ii) when the User decides to unstake early. Unstaking process consists of two distinct steps:
The deactivation of the User's staked asset requires a period of no later than 10 days to be effective. During this time, it is necessary for the User to connect the User's wallet to initiate the deactivation process.
After successful deactivation, User's asset will be automatically withdrawn and transferred to User's wallet. The withdrawal process does not entail any delays, and both the unstaked asset and its accompanying rewards will be promptly transferred to the User's account.
b. Unstaking Upon the Completion of the Staking Period
c. Early Unstaking
Fasset shall not be responsible nor liable for any failure in the Services resulting from, caused by, or attributable to (a) User's delay in or failure to take any actions upon which Fasset's performance is dependent; (b) User's failure to use the Services following Fasset and its appointed third party's requirements; (c) User's failure to act in accordance with the Network Protocol; (d) User's gross negligence, willful misconduct, or unauthorised acts or omissions, unless caused in part or whole by Fasset's gross negligence or willful misconduct; or (e) unauthorised access, breach of firewalls or other hacking by third parties, except to the extent such access, breach or hacking is caused by Fasset's gross negligence or willful misconduct.
3.12. Suspension of Account
3.13. Exclusion of Liability
a. Regulatory changes
In the event of regulatory changes within the blockchain technologies industry, as well as anti-money laundering and financial regulations, Fasset may change its Services to be in compliant with such regulatory changes. The User acknowledges that certain Services, including their availability, could be impacted by one or more regulatory requirements.
The User hereby accepts that the Staking Rewards arising from staking may be considered tax events according to the legislations under which the User is subject to taxation. Consequently, Fasset cannot be liable for any losses in this regard.
Ransomware organisations may attempt to interfere with Fasset products, including service attacks, spoofing, malware attacks etc. Consequently, the User shall acknowledge that Fasset and/or its third party provider cannot manage this and, thus not liable in this case.
Fasset may be subject to the obligation to comply with the criminal and regulatory provisions relating to the fight against money laundering and the financing of terrorism. To complete the creation of an Account and to fully access the Services, the User will be invited to provide identification information and documents. The User understands that Fasset may request additional information required to open an Account if suspicious transactions are detected in the User's Account. Determining the suspicious nature of transactions is left to Fasset's discretion. In the absence of a response to its requests, Fasset may restrict access to the User's Account. Following the applicable Law, Fasset reserves the right to block any Services in case of suspected fraud or violation of applicable AML/CFT measures.
e. Time limit
No action arising from or about this Terms may be brought by the User more than one (1) year after such action has accrued unless the laws and regulations require otherwise.
4. FEES AND PRICING
The User acknowledges and accepts that all fees associated with the staking fee will be borne by the User. The User can access the Staking fees in our Staking page. User agrees that the staking fees and/or penalty may be amended from time to time without prior notification to the User.
5. REPRESENTATIONS AND WARRANTIES
a. Security Account
The User's account's security and private key are the User's sole responsibility at all times. Under no circumstances will Fasset ask for the User's private key. Fasset does not store or act as a custodian for the User's private keys or funds. It is important to be aware of the fluctuations associated with each crypto asset when staking crypto assets. Crypto assets that are staked will be subject to the rules and conditions of the supported Network Protocol.
b. Knowledge & Expertise
The User has thoroughly read, understood, and agreed to the supported Network Protocols. Additionally, the User possess sufficient knowledge and expertise in distributed ledger/blockchain technology, staking, accounts, keys, and the intricacies of supported networks.
c. Due Diligence
Prior to engaging in Staking, the User has conducted the User's own independent, comprehensive, and affirmative due diligence.
d. Staking Risk
The User acknowledges and accepts that staking entails various risks, including liquidity risk, market risk, withholding risk, blockchain risk, and/or other operational risks, as outlined in the aforementioned scenarios.
The User agrees not to violate any laws, regulations, decisions, legal restrictions, tax regulations or obligations, or any orders or decisions issued by any court or government agency while utilizing the Service.
6. SUPPORTED ASSETS
6.1 Our staking products are available only in connection with those types certain Assets that Fasset offers. To access the list of offered Staking Assets, please visit this link: [*]
6.2 In the event that any Service held by the User on the Fasset Platform is no longer supported by Fasset or discontinued for any reason, including but not limited to a hard fork or network upgrade, Fasset will provide the User with a prior 2 (two) weekswritten notice. Within 2 weeks after the written notification, the user is required to liquidate or sell their Asset. In any case the time period has exceeded, Fasset reserves the right to sell the User's Assets at market prices and provide the User with the equivalent Fiat Currency amount to their Wallet after the deduction of relevant fees. The User agrees that Fasset shall not be held liable for any loss or damages arising from the conversion of Asset under these circumstances.
7. GENERAL FEEDBACK AND MISCELLANEOUS
6.1. Miscellaneous: This Terms set forth the complete understanding of the parties with respect to the subject matter hereof and supersedes all prior understandings and Communications relating thereto. No term or condition of any other document provided to Fasset which is different from, inconsistent with, or in addition to the terms and conditions set forth herein will be binding upon the Parties. The User represents and warrants that all information disclosed to Fasset in connection with these terms are true, accurate, and complete.
6.2 Versions: This Terms is effective upon acceptance for users. Fasset maintains a record of past versions of the Terms and if the User wishes to see the previous version of this Terms click here.