Terms & Conditions

Terms and conditions for the provision of services and digital content for the use of CRYT Tokens

This agreement was written in English. To the extent that any translated version of this agreement conflicts with the English version, the English version prevails.

Date of last revision: 26 May 2020


1. These terms

1.1. What these terms cover. These are the terms and conditions on which we supply products or services to you, whether these are services or any form of digital content for the purposes of using CRYT tokens.

1.2. What these terms do not cover. These terms and conditions do not cover:

1.2.1. CRYT tokens themselves or their use other than in connection with the Services and Digital Content; or

1.2.2. Your use of CRYT’s website (including the services made available through it, including the offline wallet generator).

1.3. Why you should read them. Please read these terms carefully before you use our products, Services or Digital Content. These terms tell you who we are, how we will provide products, Services or Digital Content to you, how you and we may change or end the contract and other important information.

2. Information about CRYT

2.1. What is CRYT? CRYT Blockchain has created a cryptocurrency called “CRYT”:

2.1.1. CRYT is a type of cryptoasset, a cryptographically stored representation of value which uses distributed ledger technology and which can be transferred, stored or traded electronically.

2.1.2. More specifically, CRYT is an exchange token: it is not issued or backed by any central authority and is intended to function as method of payment or making charitable donation.

2.1.3. CRYT tokens do not provide their holders with particular interests in any business, nor do they provide rights such as asset ownership, repayment of a specific sum of money or entitlement to a share in future profits.

2.1.4. Other than insofar as they can be used as a means of exchange or making charitable donation, CRYT tokens are not redeemable for access to any specific goods or services.

2.1.5. CRYT tokens do not represent tangible or physical assets that exist outside of the CRYT blockchain.

3. Acceptance of terms

3.1. By using the Services or Digital Content, you confirm that you accept these terms and that you agree to comply with them. If you do not agree to these terms, you must not use the Services or Digital Content.

3.2. You accept and acknowledge that where we make additional functionality available to you through the App (for example the purchase of third party goods, services or digital content) additional terms and/or charges shall also apply, including terms required by third party providers or their agents. It is a condition of your use of such functionality that you read and accept such third party terms and/or charges and you acknowledge that we have no liability to you in respect of such third party goods, services or digital content which are only made available to you through the App for convenience.

4. Anti money-laundering and terrorist financing

4.1. Pursuant to our obligations under global anti-money laundering and counter-terrorist financing legislation, we are if necessary required to undertake due diligence, source of funds and “know your client” checks on users of the Services and Digital Content. We may use third party providers to assist us with these due diligence checks.

5. High risk countries

If it appears that you are accessing or attempting to access the Services and Digital Content from a country which is, from time to time, designated as a “high-risk third country” by the European Commission or as a “high risk and other monitored jurisdiction” by the Financial Action Task Force (FATF), we may temporarily or permanently withdraw your right to use the Services and Digital Content (or any part of them) without liability to you.

6. CRYT and blockchain technology

6.1. CRYT is a type of cryptoasset, more particularly described in clause 2.1 above

6.2. The CRYT blockchain is a public ledger of transactions and when you transact with third parties using CRYT (or otherwise transfer CRYT), users of the CRYT blockchain independently verify the validity of your transactions. In doing so the data relating to your transactions, including your public key, is shared with each user of the CRYT blockchain.

6.3. We do not control the ongoing state of CRYT’s blockchain as this is determined by the transactions made between users. Although we facilitate the processing of these transactions through the use of our Services and Digital Content, we are in no way a party to them.

6.4. We are not responsible (and shall have no liability to you) for issues including (but not limited to) slow network speeds and technical errors within the operation of the CRYT blockchain or any node run or maintained by CRYT users.

7. CRYT transactions

7.1. Due to the nature of CRYT blockchain, CRYT transactions cannot be reversed or cancelled. We will not be responsible for any loss or damage suffered by you for transactions executed by you or any third party including (but not limited to):

7.1.1. sending CRYT to the incorrect recipient;

7.1.2. sending a recipient the incorrect amount of CRYT in respect of any transaction;

7.1.3. failing to include a message with a transaction;

7.1.4. the time take to transmit or receive CRYT (because the speed and operation of the network is outside of our control); or

7.1.5. any other error.

7.2. Where you avail yourself of additional functionality as set out in 3.2 above, for example the purchase of third party goods, services or digital content, you irrevocably instruct us to send and receive transfers of CRYT through your Online Wallet on your behalf for the purposes of meeting your obligations under those transactions and you acknowledge and accept that we have no liability to you in respect of such transactions (including without limitation where you suffer loss or damage as a result of any act or omission by a third party agent and/or provider of goods, services or digital content) and that you are primarily responsible for any additional terms and/or charges imposed by such third party agents and/or providers of goods, services or digital content and you shall hold us harmless in respect of the same.

8. Transaction (TX) Fees

8.1. Please note that we may apply the TX Fees set out below to any transfer (including the import of CRYT from any offline wallet to any online wallet) of CRYT, regardless of whether:

8.1.1. the wallet was developed by us;

8.1.2. whether the wallet is an online wallet, an offline wallet or any other type of wallet; or

8.1.3. whether the sending and receiving wallets are controlled by the same or different users.

8.2. Each transfer of CRYT is subject to a TX Fee which is set at a minimum of 0.01 CRYT (“Minimum TX Fee”). The TX Fee is based on many factors including the number of blockchain inputs, speed of desired TX on Electroneum’s blockchain and the number of splits required to create a TX of the required size.

8.3. To cover the TX Fee, we will deduct an “Automatic Handling Fee” from the sending user’s wallet when the sender initiates a transfer.

8.4. Transfers of CRYT will be subject to the sending user having sufficient funds in their wallet to meet the Automatic Handling Fee in addition to the amount of CRYT you wish to transfer.

9. Minimum withdrawal limit

Although some cryptocurrency exchanges may support trading prices up to 6 decimal places, the Services and Digital Content do not permit you to withdraw or transfer less than 0.01 CRYT in any single transaction. This is subject also to the Automatic Handling Fee and Minimum TX Fee set out in clause 8.

10. Instant payment system

10.1. “Instant Payment System” it is part of the CRYT blockchain, it is an integrated function that does not require particular implementations, transactions with the CRYT Blockchain are detected in a few seconds, and the first confirmation block that guarantees sending takes place in less than 20 seconds.

11. Trading considerations

11.1. CRYT is traded on cryptocurrency exchanges worldwide. We do not trade CRYT; we provide facilities by which CRYT may be sent and received as between users.

11.2. There are many factors that you should consider before trading CRYT, for example the prospects of price fluctuation, risk to your capital and market illiquidity. Past performance is not an indication of future performance and the value of CRYT may go down as well as up.

11.3. Your use of CRYT on a cryptocurrency exchange will be subject to that exchange’s terms of service, which is out of our control.

11.4. Although CRYT is listed on several cryptocurrency exchanges, we are in no way affiliated with any exchange.

11.5. We shall be in no way liable for any loss or damage you may incur as a result of your use of cryptocurrency exchanges or engaging in trading CRYT.

12. Regulatory status

12.1. CRYT is not an investment product or other type of financial instrument which is currently directly regulated in Italy by bodies such as the Financial Conduct Authority.

12.2. CRYT Group itself does not carry out (nor has it ever carried out) any financial services activity currently directly regulated in Italy by bodies such as the Financial Conduct Authority.

12.3. There is currently no direct regulator of exchange token cryptoassets within Italy. Consequently users of CRYT tokens or the Services and Digital Content do not benefit from protections such as the Financial Services Compensation Scheme or the Financial Ombudsman Service. We do not warrant, represent or guarantee that your use of CRYT tokens, the Services or the Digital Content is legal, appropriate for use or available in your territory (where such territory is outside of Italy). You are responsible for ascertaining and monitoring the legal status of CRYT tokens, the Services and Digital Content in your territory and you do this at your own risk.

12.4. To the extent that such laws are adopted from time to time, we will comply with all relevant laws in Italy which apply to cryptoassets.

12.5. Exchange tokens (such as CRYT and other cryptocurrencies) are only regulated in the IT for anti-money laundering purposes.

13. Taxation

13.1. We make no representation as to the tax status of your use of CRYT or the Services or Digital Content.

13.2. You are solely responsible for determining your tax liability in relation to your use or transfer of CRYT or the Services and Digital Content and must take your own tax and other professional advice in your territory.

14. Information provided by us

14.1. The information provided by us (other than specific technical information) is:

14.1.1. provided in good faith and for general information only. Whilst we take reasonable steps to ensure that it is correct, but we cannot guarantee that it is the most up-to-date information at all times; and

14.1.2. not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of any information generally provided by us.

15. User restrictions

The Services and Digital Content are directed at users aged 14 or older only. Where we have reason to believe you are under the age of 14, we reserve the right to take any of the actions described in clause 31 below.

16. You must keep your account details safe

16.1. When you use the Online Wallet or App, you will be asked to provide a passphrase. You must keep your passphrase and all other information provided as part of our security procedures safe and confidential. You must not disclose this information to any third party.

17. Your wallet ID

For security and technical operational purposes, it is not possible to change the passphrase and consequently the CRYT Public Wallet Address.

18. Unsolicited transfers to us

18.1. Where unsolicited transfers of CRYT or any other cryptocurrency are made to any Online Wallet or wallet owned or operated by us, we are under no obligation or duty to return such CRYT or other cryptocurrency and such funds may be retained, suspended or isolated in some other way at our discretion, pending investigation and/or resolution of the underlying reasons for that unsolicited transfer.

18.2. Where we have reason to believe that an unsolicited transfer of cryptocurrency may involve an attempt to conduct unlawful activities, we will report such transfers to the relevant legal, regulatory or enforcement authorities. We will co-operate with those authorities during any subsequent investigation or prosecution.

19. Private key and wallet security

19.1. CRYT can be stored in Online Wallets, offline wallets and in other types of wallet not developed or provided by us. You can access your Online Wallet via the App or Official cryt.org’s website.

19.2. You:

19.2.1. must keep your passphrase safe at all times and must not disclose or transfer (or permit to be disclosed or transferred) such keys to any third party than in the course of transferring CRYT into an Online Wallet;

19.3. We cannot warrant, represent or guarantee the security of your Online Wallet or use of the App. If any third party gains access to passphrase, your CRYT may never be recovered.

20. CRYT Rewards

20.1. Our Team offers some reward available for users,like faucet, games or specific marketing campaigns.

21. Selfie authentication for CRYT Rewards

21.1. CRYT Rewards is a FREE Public Service, and no-one ask for any personal informations about you, and never require your passphrase to receive FREE CRYT.

22. Digital Content downloads

22.1. We make the Digital Content available for use and download from our website (https://cryt.org) which links to the Google Play Store and Apple App Store (“Approved Marketplaces”). You must only use the Services or download the Digital Content via CRYT’s website link to the Approved Marketplaces. Digital Content does NOT include any third party content or plug-ins which may be linked to from our website.

22.2. All Digital Content made available by us on Approved Marketplaces is described as being developed by us. If you wish to download the Digital Content, you should do so only after following links contained on our official website. We do not endorse and are in no way affiliated with any other platforms or software which purport to provide access to, or integrate with, the Services or Digital Content.

22.3. Whilst we make reasonable efforts to get taken down from the Approved Marketplaces or elsewhere any malicious fake, scam or cloned mobile applications, software, websites or other content which purports to be affiliated with us, we shall be in no way liable for any loss or damage you may incur as a result of your use or download of such mobile applications.

23. Licence

23.1. In return for your agreeing to comply with these terms you may:

23.1.1. access and use any of the Digital Content on a non-exclusive, non-transferable basis without the right to grant sub-licences; and

23.1.2. use the Services for your own use but not on behalf of any third party, regardless of whether this use is for commercial gain or otherwise.

24. Licence restrictions

The licence granted under clause 23 above are subject to the following restrictions:

24.1. Your use of the Digital Content is restricted to use in object code form only.

24.2. You may make copies of the Digital Content for back-up purposes.

24.3. Except as stated in clause 24.2 above or otherwise permitted by law in your jurisdiction, you have no right (and must not permit any third party) to copy, adapt, reverse engineer, decompile, disassemble, modify, adapt, run emulations of, or make error corrections to the Digital Content in whole or in part except to the extent that any reduction of the Digital Content to human readable form (whether by reverse engineering, decompilation or disassembly) is necessary for your lawful use of the Digital Content.

24.4. You must not use the App or CRYT Rewards on any device other than a mobile phone.

24.5. We only permit one Online Wallet per individual user. You must not register, or attempt to register, for more than one Online Wallet.

25. New releases and updates

25.1. We may provide to you free supplementary software code or updates of the Digital Content. If we do so, you must install all such supplementary software code or updates promptly upon release. We cannot ensure the integrity and correct functionality of the Services and Digital Content if you fail to do this.

25.2. We only support the current version of the Digital Content. If we make supplementary software code or updates available to you in order to address security or other issues which we (at our absolute discretion) deem necessary, you must install such supplementary software code or updates.

25.3. If you choose not to install such supplementary software code or updates you will not be able to continue using the Services or the Digital Content via the App due to the security risks posed by the use of out-of-date software. You should still be able to access the Services through cryt.org.

25.4. We plan to upgrade our network at least twice per year and may do so more regularly in certain circumstances. Where we do upgrade our network, we will communicate instructions on what users must do to implement updates via our website.

26. System requirements

26.1. You are responsible for ensuring that your phone / device meets the minimum operating requirements for the Digital Content. Please refer to the Best Practice guidance set out on our website.

27. How we use your personal information

We will use the personal information you provide to us in accordance with our Privacy and Cookies Policy.