Staking Policy and Terms & Conditions.
This is an agreement between Mobicryp and User, which is binding and requires mandatory compliance by User. To prevent misuse of the platform, Users are required to strictly comply with the terms contained herein, which forms part and parcel of the User Terms of Service.
Users are required to read, review, understand and then agree to the terms hereunder for using or availing of the Mobicryp, before clicking the “I Accept” option.
This Staking Policy and Terms & Conditions (herein after referred to as the “Staking Policy and Terms & Conditions”) supersedes and replaces all prior oral or written understandings or agreements between Mobicryp and the User with respect to the Staking policy Terms & Conditions.
Staking Policy:
- Staking Mechanism:
- Staking refers to the act of holding and securing cryptocurrencies or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time in a designated wallet or platform (including Cex & Dex) for a specific period to support the network’s operations and earn rewards.
- Users may stake their eligible cryptocurrencies or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time through our platform to participate in the staking program.
- Eligibility:
- the eligibility criteria for individual or separate legal entity for staking includes:
- Be a resident of a country that allows staking. Not all countries allow staking, so it’s important to check the rules in your jurisdiction before you start staking.
- Have a minimum amount of cryptocurrency or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time. Mobicryp platforms require you to have a minimum amount of cryptocurrency or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time before you can start staking. This minimum amount can vary depending on the hub value.
- Stake your cryptocurrency or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time. Once you have staked your cryptocurrency or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time to the platform, you will start earning rewards. The number of rewards you earn may vary time to time.
Here are some additional things to keep in mind when staking crypto:
- Staking rewards are taxable income. In India, the income you earn from staking is considered as ‘Income from Other Sources’ for taxation purpose and is subject to tax at normal slab rates. You will need to report your staking rewards on your tax return.
- Staking can be illiquid. Once you’ve staked your cryptocurrency or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time, it will be locked up for specific period of time. This means that you won’t be able to sell it or use it for other purposes until the staking period has ended.
- Staking can be volatile. The price of cryptocurrency or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time can be volatile, so the value of your staked cryptocurrency can go up or down.
- Users must meet the eligibility criteria (specified in clause 2(a)) specified by the platform to participate in the staking program time to time.
- Eligible cryptocurrencies or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time for staking will be determined by the platform and may be subject to change without prior notice.
- Staking Rewards:
- Staking rewards will be calculated based on various factors, including the staked amount, duration, and network performance.
- The platform will specify the expected staking rewards, but these rewards are not guaranteed and may vary.
- Staking Period:
- The staking period refers to the duration for which users commit to stake their Eligible cryptocurrencies or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time or as may be prescribed by platform time to time.
- Users will not be able to withdraw their staked Eligible cryptocurrencies or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time before the completion of the staking period, unless otherwise specified by the platform.
- Staking Fees:
- The platform may charge staking fees, which will be deducted from the staking rewards or the staked amount.
- The staking fees will be clearly stated and communicated to the users prior to their participation in the staking program.
- Risks and Disclaimers:
- Users acknowledge that staking Eligible cryptocurrencies or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time involves risks, including the potential loss of the staked amount and rewards.
- The platform does not guarantee the security, availability, or profitability of the staking program and will not be held liable for any losses incurred.
Terms and Conditions:
- Account Registration:
- Users must create an account and provide accurate and up-to-date information during the registration process.
- Users are responsible for maintaining the confidentiality of their account credentials and for all activities conducted under their account.
- Compliance with Laws:
- Users must comply with all applicable laws, regulations, and policies while using the platform and participating in the staking program.
- The platform reserves the right to restrict or terminate the account of any user found to be engaging in illegal activities.
- Limitation of Liability:
- The platform will not be liable for any direct, indirect, incidental, or consequential damages arising out of or in connection with the use of the platform or participation in the staking program.
- Users agree to indemnify and hold the platform harmless from any claims, losses, or damages incurred as a result of their use of the platform or participation in the staking program.
- Modification of Terms:
- The platform reserves the right to modify or update these terms and conditions at any time.
- Users will be notified of any changes, and their continued use of the platform or participation in the staking program after the modifications constitute acceptance of the updated terms.
- Termination:
- The platform may terminate or suspend a user’s account and access to the staking program at its discretion, without prior notice or liability.
- Users may terminate their participation in the staking program by following the platform’s specified procedures.
- Entire Agreement
- This policy constitutes the entire agreement between the Mobicryp and users with respect to staking Eligible cryptocurrencies or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time on the platform. No representations or warranties, express or implied, not contained herein shall be binding on the market.
- Disclaimer
- This is not financial advice.
- You should always do your own research before investing/staking in any cryptocurrency.
- It is important to note that staking is a risky investment. There is always the risk that you could lose your cryptocurrency or virtual digital asset or web3 money or any other name as may be prescribed by authority time to time if the staking platform or the cryptocurrency itself fails. If you are considering staking, you should do your research and understand the risks involved.
- If you are considering staking crypto, you should carefully weigh the risks and rewards before you decide.