REGULATIONS OF PASSIMPAY EARN SERVICE

1.    Whenever the following expressions are used in the Regulations, they shall be understood in the sense given below, unless the context of their use clearly indicates otherwise:

1)    Regulations - these Regulations of the Passimpay Earn Service.

2)    Terms of service - the document governing the technical terms and conditions for the provision of all Passimpay services on the Passimpay Platform, located at: https://passimpay.io/en/terms

3)    Passimpay - the entity holding the rights to the Passimpay Platform and providing access to it, PASSIMPAY GLOBAL limited liability company with registered office in Warsaw, Marcina Kasprzaka 29/318, 01-234 Warsaw, registered in the Register of Entrepreneurs, National Court Register, kept by the District Court for the Capital City of Warsaw in Warsaw, XIII Economic Department of the National Court Register, under KRS: 0001110267, NIP: 5273116193, REGON:528876309, having an entry in the Register of Virtual Currency Activities under number: RDWW-1473. represented by: Ewelina Klepacz - CEO.

4)    Passimpay Platform - an online platform operating at: https://passimpay.io/en. 

5)    Passimpay User - an individual or legal entity, or any other entity with legal capacity under the laws applicable to it, registered on the Passimpay Platform, which has Passimpay's Merchant status - understood in accordance with the Terms of Service i.e. which has passed the entire identity verification process on the Passimpay Platform (AML and KYC/Know Your Customer Policy). 

6)    AML and KYC/Know Your Customer Policy - the mandatory process of identifying and verifying the identity of a Passimpay User, carried out by Passimpay, including both during registration and at the further stage of having an Account on the Passimpay Platform, involving, among other things, the acquisition of the Passimpay User's personal data.

7)    Passimpay User Account / Account - a set of resources and permissions within the Passimpay Platform assigned to a specific Passimpay User. The Passimpay User accesses the Account through a panel using an email address and password. The Passimpay User logs into his/her Account after registering on the Passimpay Platform.

8)    Passimpay Earn Service/ PE Service - the service provided by Passimpay on the Passimpay Platform as referred to in 2.1 of the Regulations.

9)    Agreement - an agreement for the provision of the Passimpay Earn Service concluded between the Passimpay User and Passimpay upon acceptance by the Passimpay User of these Regulations, with the content corresponding to this document. 

10)    Digital Asset - a digital representation of a given value or a given right, processed and stored in a virtual database, the integrity and correctness of which is secured through cryptographic methods. Within Digital Assets, we can distinguish, among others: cryptocurrencies, tokens, NFTs, contracts; the full list of Digital Assets that are covered by the Passimpay Earn Service, respectively, is available on the Passimpay Platform and is properly displayed in the Account, each time before a Passimpay User uses a specific Passimpay Service.

11)    Password - a string of characters allowing access to the Passimpay Platform, set by the Passimpay User in accordance with security guidelines. 

12)    Subscription - an offer directed by Passimpay to Passimpay Users to make Digital Assets available to Passimpay for an indefinite period of time, in exchange for the Rewards specified therein, under the Passimpay Earn Service. The Subscription shall be deemed active when the Digital Assets made available by the Passimpay User are still contributed or have not yet been refunded.

13)    Redemption Date – on the seventh day following the request for withdrawal, during which the Digital Assets made available may be redeemed from the Subscription.

14)    Awards - Digital Assets due to a Passimpay User in exchange for his/her contribution to the Subscription. The amount of Awards granted may vary daily during the Subscription and is accrued for each full day of contribution.

15)    Passimpay Wallet - the individual identifier of the Passimpay User's Account on the Passimpay Platform, which allows transfers and storage of Digital Assets.

2.    Passsimpay also uses definitions in the Regulations that are consistent with the definitions in the Terms of Service.

1.    The Regulations set forth the terms and conditions for the provision of the Passimpay Earn Service by Passimpay to the Passimpay User. 

2.    Understanding and accepting the Regulations in their entirety is a prerequisite for the use of the Services referred to in paragraph 1 above The Passimpay User confirms that he has read, understood and accepted these Regulations in their entirety and acknowledges them and hereby agrees to abide by them. 

3.    The Passimpay Earn Service shall allow Passimpay Users to place their Digital Assets in the respective Subscription in exchange for Rewards. 

4.    The Regulations together with the Terms from Service are an integral part of the Agreement. In case of direct inconsistency between them, this document will take precedence. Violation of these Regulations will result in consequences as in case of violation of Terms from Service.

5.    Passimpay may amend these Terms and Conditions (and any other regulation documents incorporated by reference) at any time, and the current version of these documents is always on the Passimpay Platform.

1.    Passimpay shall provide services consisting of:

1)    offering Passimpay Users the opportunity to provide Digital Assets to Passimpay in exchange for Rewards.

2)    storing and administering Digital Assets to enable Passimpay Users to use the service as indicated in (1) above.

2.    Provision of the Passimpay Earn Service shall be made through the Passimpay Platform and shall be free of charge. 

3.    Passimpay provides the PE Service to Passimpay Users who: 

1)    have undergone full AML and Know-Your-Customer (KYC) identification and verification through a Passimpay Account in accordance with the rules described in the Terms of service and have Passimpay's Merchant status;

2)    have set up a Passimpay Wallet in accordance with Passimpay's guidelines in this regard and meet the requirements for the proper use of such service;

3)    are not under the jurisdiction of, or are not citizens or residents of, any of the inadmissible countries, states and jurisdictions, such as the States, Israel and Canada;

4)    are not subject to any sanctions imposed by any country in which Passimpay offers the aforementioned services. 

4.    Passimpay User may not use the Passimpay Earn Service if he/she is located in or is a citizen or resident of any jurisdiction in which Passimpay is not authorized to provide the said services or any jurisdiction in which it would be illegal or otherwise violate any applicable law or regulation of such jurisdiction. Countries not supported by Passimpay: United States, Israel, and Canada.

5.    Passimpay makes no representation or warranty that the services referred to in paragraph 1 can be used in all locations or that the transactions and services described herein are available for use in all jurisdictions or by all parties. Passimpay Users should familiarize themselves with the legal requirements and tax consequences of using the Passimpay Earn Service in all jurisdictions that apply to them. Passimpay is not responsible for the tax consequences for Passimpay Users using the Passimpay Earn Service.

1.    The Passimpay User is obliged to protect his Passwords, email accounts and other data, used for logging into the Passimpay Platform, in particular, not to share them with third parties. 

2.    The Passimpay User shall refrain from any unlawful activity in the use of the Passimpay Earn Service, in particular: 

1)    use directly or indirectly the above-mentioned services for a purpose contrary to the law, these Regulations, rules of social intercourse or good morals;

2)    use of the aforementioned services in a manner that violates the rights of Passimpay or the rights of third parties, including other Passimpay Users;

3)    providing data by or to the Passimpay Platform's ICT system that causes disruption of the work or overload of the Passimpay Platform's ICT system or of third parties directly or indirectly involved in the provision of the aforementioned services, or otherwise violating the regulations of law, these Regulations, the rights of Passimpay or third parties, rules of social coexistence or good morals.

3.    The Passimpay User shall be responsible for:

1)    obtaining access to the data network necessary to use the PE Service

2)    owning and updating compatible equipment or devices necessary to access the Passimpay Platform and use the PE Service.

4.    Passimpay User shall use the Passimpay Platform. Any liability of Passimpay for any loss arising from or related to changes to the Rewards, regardless of whether the Passimpay User was aware of such changes, is completely excluded. The Passimpay User shall not be entitled to any additional Rewards for the period between the termination of the Subscription and the date on which the Digital Assets were returned to the Passimpay User. 

5.    The Passimpay User declares that he/she is aware of the risks associated with fluctuations in the value of the Digital Assets (including the risk of a collapse in their exchange rate) and the uncertainty of the recognition of the Digital Assets under tax law. Thus, by agreeing to these Regulations, he/she waives any potential claims against Passimpay for losses caused to him/her as a result of the loss of value of the Digital Assets provided and the treatment of the rewards obtained by the relevant tax authorities, to the fullest extent permitted by law.

1.    Use of the Passimpay Earn Service is made through the Passimpay Platform, where the Passimpay User makes Digital Assets available to Passimpay for an indefinite period of time in exchange for variable Rewards.

2.    Passimpay grants the User the right to choose the duration for which Digital Assets are provided to Passimpay. 

3.    Regardless of the Subscription time, Passimpay will make the Digital Asset available after 12:00 AM (GMT), i.e. the Digital Asset will participate in the Subscription starting from the following day.

1.    Until the Redemption Date, the Passimpay User shall not be allowed to use the Digital Assets provided by him/her, which shall be treated as transferred to Passimpay. The Digital Assets provided by the Passimpay User shall be returned to the Passimpay User on the Redemption Date in accordance with paragraph 3 below.

2.    Passimpay will return the provided Digital Assets to the Passimpay User within 7 days from the Redemption Date. 

3.    Passimpay shall be entitled to use the Digital Assets made available at its sole discretion. In particular, the Digital Assets made available by Passimpay Users participating in the Subscription may be used for a number of operations conducted by Passimpay or its affiliates, including providing liquidity through delta-neutral strategies, on-chain staking, or offering secured loans, etc. 

4.    The Passimpay User grants Passimpay all rights, necessary in the performance of the service, to use or not use the Digital Assets at Passimpay's sole discretion, provided that the number and type of Digital Assets of Passimpay Users shall be returned to the Passimpay User in accordance with the Regulations. 

1.    The amount of Awards to be granted to Passimpay Users in exchange for Digital Assets made available to the Subscription shall be based solely on factors external to Passimpay's business, such as, but not limited to, the gross value of Digital Assets made available by all Passimpay Users in all Subscription during the billing period and the number of Passimpay Users participating in all Subscription during the billing period. 

2.    The Subscription Digital Asset Submission Rewards will be transferred to the Passimpay Wallet of the Passimpay User within 7 days from the date of application.

3.    Rewards shall be transferred in the same Digital Assets made available by the Passimpay User to the Subscription, unless otherwise noted, and shall be rounded down to the number of decimal places, which may vary depending on the Digital Asset. 

4.    The guaranteed minimum value of Rewards is fixed and based on the same minimum cost, with a fixed Annual Percentage Rate (APR) as shown in the Passimpay User Account.

1.    The Parties acknowledge that the Passimpay Earn Service does not constitute a financial instrument, an electronic payment instrument or an accumulation of funds in an investment fund within the meaning of generally applicable laws.

2.    Passimpay may suspend the Passimpay User's access to the PE Service for both scheduled and emergency maintenance work in reasonable cases. 

3.    However, Passimpay shall make every effort to complete the maintenance work in a timely manner and to minimize any inconvenience related thereto on the part of the Passimpay User.

1.    The Agreement shall expire on the Redemption Date when Passimpay is required to transfer the Awards due to the Passimpay User, subject to paragraph 2 below. 

2.    The Agreement shall expire if the performance of the Agreement has become impossible due to circumstances beyond the control of the Parties. 

3.    Expiration of the Agreement shall result in the transfer of Digital Assets to the Passimpay User's Passimpay Wallet. The Passimpay User may then freely use them in accordance with the separate guidelines in this regard contained on the Passimpay Platform.

1.    The parties may terminate the Agreement in accordance with the regulations. 

2.    The Agreement may be terminated: 

1)    by termination by the Passimpay User with immediate effect, by exercising the early redemption option, except if the Subscription for which the Passimpay User has provided Digital Assets does not have an early redemption option;

2)    by Passimpay, in the cases indicated in the Regulations. 

3.    By terminating the Agreement insofar as it uses the Passimpay Earn Service, the Passimpay User waives the Rewards due to it, including those already transferred to its Passimpay Wallet. 

4.    In the event of termination of the Agreement - Digital Assets made available for Subscription shall be transferred back to Passimpay Wallet within 7 days from the date of termination.

5.    Under the Passimpay Earn Service, the Rewards provided to the Passimpay User so far, which he/she has surrendered in accordance with the provisions of paragraph 3 above, will be deducted from the Rewards due and/or Digital Assets made available for the Subscription. 

6.    Passimpay stipulates that after the termination of the Agreement, it is obliged to keep the Passimpay User's billing data in accordance with the tax regulations and anti-money laundering and anti-terrorist financing regulations for the period indicated therein.

1.    Passimpay may temporarily discontinue the PE Service in the event of a reasonable suspicion that a Passimpay User has violated the law, these Regulations, the rights of Passimpay or its affiliates, or the rights of third parties, the rules of social coexistence or good morals. Discontinuation of services may be made until it is clarified whether the violation actually occurred and whether it was material. 

2.    Temporary discontinuation of the PE Service shall prevent a Passimpay User from participating in the Subscription, including receiving Rewards, until Passimpay clarifies whether there has been a violation of the law, these Regulations, the rights of Passimpay or the rights of third parties, the rules of social coexistence or good morals, and whether the violations actually occurred and were material. 

3.    In the situation described in this paragraph, Passimpay shall not be liable for potential losses incurred by the Passimpay User as a result of the inability to participate in the Subscription during the period of this restriction, including the loss of value of the Passimpay User's Digital Assets. 

4.    If any of the above actions is taken, Passimpay shall immediately notify the Passimpay User of the imposed blocking in the form of a message, together with information on the need to contact Passimpay.

1.    If a Passimpay User violates:

1) the law, 

2) these Regulations, 

3) the rights of Passimpay

4) principles of social coexistence or good morals, or if the Passimpay User is not properly identified or verified, Passimpay has the right to terminate the Agreement. Termination of the Agreement shall be effective immediately. 

2.    In the case of violations referred to in paragraph 1 above, the Rewards shall be forfeited and those already collected shall be deducted from the Rewards due or Digital Assets made available for the Subscription. 

3.    Notwithstanding the situations referred to in Paragraph 1 above, Passimpay may terminate this Agreement with immediate effect; however, in such cases, the Passimpay User shall remain entitled to receive the Rewards accrued up to the date of termination.

4.    In the event that the Passimpay User has not been properly identified or verified by Passimpay or has refused to provide documentation or explanations necessary for the application of financial safeguards, the return of Digital Assets upon termination due to inability to apply financial safeguards shall be made to the Passimpay User's Wallet. 

5.    The refund to the Passimpay User's Wallet referred to in paragraph 4 above shall be made within 7 days from the termination of the Agreement or the last Redemption Date on which the Digital Assets were to be received by the Passimpay User (if such Passimpay User has Digital Assets in an active Subscription).

The rules of processing of personal data used and processed by Passimpay, as well as the regulations of the privacy policy are posted on the Passimpay Platform at this address: https://passimpay.io/en/privacy. These documents are an integral part of these Regulations.

1.    The Passimpay User shall be responsible for all its actions taken after logging into the Passimpay Platform. 

2.    The Passimpay User uses the PE Service at his/her own risk, which shall not exclude or limit Passimpay's liability in connection with the provision of the aforementioned services, to the extent that it cannot be excluded or limited by law. 

3.    Passimpay shall be liable to Passimpay Users for the non-performance or improper performance of the PE Service to the extent specified in the Regulations, unless the non-performance or improper performance of such services is a consequence of circumstances for which Passimpay is not responsible. 

4.    Passimpay shall not be liable for the consequences of non-performance or improper performance of obligations undertaken towards Passimpay Users by third parties. 

5.    Passimpay is not responsible for: 

1)    deletion of data entered by Passimpay Users into the Passimpay Platform's ICT system by ICT systems that are beyond Passimpay's control;

2)    the consequences of Passimpay Users sharing their login credentials and Passwords with third parties;

3)    the effects of transactions made on the Passimpay User's Account, if they were ordered or made on the Account after logging in to it in accordance with the procedure for logging in to the relevant Passimpay User's Account using the Passimpay User's login credentials and Password;

4)    the consequences of the actions or omissions of third-party operators or other entities providing services to the Passimpay User, within the framework of access to particular functionalities of the Passimpay Platform;

5)    the correctness of deposits and withdrawals of Digital Assets, if the problems in this regard are on the side of the network of the Digital Asset in question and are beyond the control of Passimpay;

6)    delays in the display of the Passimpay Platform on the devices used by the Passimpay User due to servers other than the Passimpay servers or the devices used by the Passimpay User;

7)    Transaction registration time when debiting the wallets of individual Digital Assets;

8)    Passimpay User's erroneous entry of data for deposit or withdrawal of Digital Assets - if the operation has to be canceled, the Passimpay User will be charged with the cost of bank commission or service provider;

9)    financial losses incurred by Passimpay Users due to the inability to use the Subscription during a technical interruption;

10)    financial losses to Passimpay Users resulting from exchange rate differences arising during the blocking of a given transaction or Account, made in accordance with the Agreement or at the request of state authorities;

11)    technical problems or limitations, including the data transmission speed of the computer equipment, terminal device, data communications system and telecommunications infrastructure used by the Passimpay User, which prevent the Passimpay User from participating in the Subscription;

12)    the consequences of the Passimpay User's use of the Passimpay Platform in a manner contrary to applicable law, these Regulations, rules of social coexistence or good morals. 

6.    These Regulations shall be applied taking into account the rights of consumers under consumer law.

1.    The contract concluded between a Passimpay User and Passimpay shall be governed by Polish law. The above reservation shall not deprive Passimpay Users who are consumers of the protection granted to them by the law of their place of residence. 

2.    Any disputes related to the services described in these Terms and Conditions shall be settled by the common courts having jurisdiction over Passimpay. 

1.    Passimpay shall be entitled to amend these Terms and Conditions at any time, and such amendment shall become effective on the date specified by Passimpay, provided that the effective date of the amendment to the Terms and Conditions shall not be less than 7 days after the amended Terms and Conditions are made available to the Passimpay User. Each Passimpay User shall be informed of the amendment to the Terms and Conditions via an email sent to the email address assigned to his/her Account.

2.    If a Passimpay User does not accept the amendments to these Terms and Conditions, he/she shall immediately notify Passimpay, in writing or via email to: [email protected]. In such case, the Agreement shall be terminated as of the effective date of the amendment to these Terms and Conditions. 

3.    Passimpay reserves the right to amend these Terms and Conditions without observing the time limit for informing the Passimpay User, in the event of the occurrence of even one of the following important reasons:

1)    a change in the generally applicable regulations governing the provision of services by Passimpay, affecting the mutual rights and obligations of the parties, or a change in the interpretation of the law as a result of court judgments, decisions, recommendations or orders of competent authorities competent in a given country (e.g. warnings, recommendations, positions of financial supervisory authorities);

2)    a change in the manner in which the Services are provided electronically, caused exclusively by technical or technological reasons beyond the control of Passimpay (e.g. a change in the terms and conditions of the hosting service);

3)    granting Passimpay Users additional rights without changing the remaining scope of the services provided so far, to which the provisions of the Regulations apply, or granting rights consisting in the introduction of new services and functionalities.