Refund and Return Policy

Right of withdrawal, Article 37 MiCA

  1. Purpose of Withdrawal Right: The withdrawal right is a consumer protection measure aimed at ensuring that individuals who buy crypto-assets have the opportunity to reconsider their purchase if they feel they were coerced or lack full understanding of the risks involved. It’s akin to the cooling-off period often provided for other types of purchases. In the EU, the Consumer Rights Directive (CRD) mandates certain protections for consumers, including the right to withdraw from distance contracts within a specified cooling-off period (typically 14 days). However, this directive applies primarily to consumer contracts and does not automatically extend to transactions involving accredited investors or business-to-business transactions.
  1. Directive 2002/65/EC vs. MiCAR: Directive 2002/65/EC is a European Union directive concerning distance marketing of consumer financial services. However, for businesses dealing specifically with crypto-assets, the withdrawal right is governed by MiCAR, which provides more tailored regulations for crypto-asset service providers.
  1. Withdrawal Period and Conditions: Retail holders, or individual consumers, who acquire certain types of crypto-assets (excluding asset-referenced tokens or e-money tokens) have a specific window of time, usually 14 days, during which they can withdraw from the purchase agreement. This allows them to reconsider their decision without financial penalty.
  1. Reimbursement: If a consumer decides to withdraw from the agreement to purchase crypto-assets, any payments made must be promptly reimbursed. This reimbursement should be completed within 14 days of the issuer or service provider being informed of the withdrawal. The reimbursement should be made using the same payment method that the consumer used for the initial transaction, unless an alternative arrangement is expressly agreed upon.
  1. Exceptions to Withdrawal Right: While the withdrawal right generally applies to most purchases of crypto-assets, there are exceptions. One such exception, outlined in Regulation (EU) 2023/1114 on markets in crypto-assets, states that the withdrawal right does not apply if the crypto-assets in question are admitted to trading on the market before the consumer purchases them. This exception is due to the inherent volatility of such assets, where their value fluctuates based on market demand and other factors.
  1. Application to CPCoin: In the case of CPCoin, it is stated that the right of withdrawal does not apply because CPCoin is admitted to trading and traded on multiple exchanges. Therefore, consumers who purchase CPCoin are not entitled to a right of withdrawal, and all purchases of CPCoin are considered final and non-refundable.
  1. Application to Patic token: Patic tokens are classified as utility tokens and are exclusively offered to accredited investors. Under current EU laws, a cooling-off period is generally not compulsory for offerings directed at this investor category. Accredited investors are considered to possess a higher level of financial sophistication, allowing them to adequately assess the risks and benefits associated with tokens.

The Markets in Crypto-Assets Regulation (MiCA) focuses primarily on consumer protection for retail clients. Given that Patic tokens are intended solely for accredited investors, the specific regulations concerning consumer protection—including any potential cooling-off periods—do not apply. It is important to note that establishing a cooling-off period for accredited investors could hinder market dynamics and potentially restrict the flow of capital into innovative projects.

In summary, the current offering of Patic tokens is designed exclusively for accredited investors, and as such, the regulations surrounding cooling-off periods do not apply. Should the focus shift to include retail investors, a cooling-off period will be implemented accordingly.

Safety : CryptoPerformance operates under the rules of financial, operational and legal safety, as well as AML and KYC regulations. All transactions are processed via encrypted HTTPS connections with the use of safe TLS protocols and encryption algorithms.

Copyright ©️ 2019-2024 CryptoPerformance Group. All Rights Reserved.

Safety : CryptoPerformance operates under the rules of financial, operational and legal safety, as well as AML and KYC regulations. All transactions are processed via encrypted HTTPS connections with the use of safe TLS protocols and encryption algorithms.

Terms

Copyright ©️ 2019-2024 CryptoPerformance Group. All Rights Reserved.