MetaGround _EN

Exemption clause

KAPT/APT exemption from responsibility and announcement of general business details
KAPT/APT is regulated by Singapore Laws. In addition, it is not guaranteed to obtain permission, licenses and approvals in all jurisdictions (countries and regions) where KAPT, APT are used.
KAPT/APT operates in full compliance with relevant laws and regulations, making an effort to obtain licenses and approvals required for operation. KAPT/APT-related services are influenced by the regulations and policies of each country, and no complete guarantee can be offered as to whether they are licensed or approved. Therefore, in case where an appropriate license failes to be obtained within the service jurisdiction, the KAPT/APT service may be restricted or rejected in the App Store or web service.
  1. 1.
    The value of virtual currency changes every day. Transactions or balances of virtual currency can rise or fall sharply. It is important to keep in mind that there is a possibility of which the price of virtual currencies such as KAPT/APT can transform to zero.
  2. 2.
    Depending on the policies of the virtual currency exchange, the decision to suspend trading or delist the KAPT/APT can be made. KAPT/APT shall not take any responsibility for this situation.
  3. 3.
    Transactions of KAPT/APT may fail or become difficult due to decreased enthusiasm among users. In addition, depending on the market conditions or size, the transaction price can be made at a significantly hostile price. This can lead to a risk of trading liquidity.
  4. 4.
    KAPT/APT trading is possible only when the trading counterparty has a similar price. In other words, it can be made only at specific times when there is an appropriate level of trading.
  5. 5.
    If the user loses his/her KAPT/APT account key or password, he/she may not be able to access his/her KAPT/APT account.
  6. 6.
    KAPT/APT shall not take any responsibility for this situation. KAPT/APT operates services and platforms both in the Cloud and IDC. We do our best to carry out security inspection, security patch, and service checks pursuant to each country's security regulations. Nevertheless, there may be difficulty in service access or failure due to security vulnerabilities, zero-day attacks, and DDoS. In this case, KAPT/APT shall not take any responsibility.
  7. 7.
    There is a risk that the business may encounter difficulty continuing the operation due to factors such as changes in the external environment. In this case, the business operation cannot continue. Therefore, all proceedings, including customer assets shall be interpreted in accordance with Singapore Laws and shall be conducted pursuant to the Bankruptcy Act, Corporate Act, Corporate Rehabilitation Act, Personal Rehabilitation Act and other relevant laws.
  8. 8.
    Tax and income tax : Regarding virtual currency laws and tax regulations, they have not yet been determined at the global level, including Singapore. Each user is required to consult with his/her country's law firm, tax accountants, or qualified professionals to verify the relevant information. Acquisition and loss of capital produced by the trading of KAPT/APT can be attributed to the Capital Acquisition Act and the Tax Act. KAPT/APT shall not be responsible for any customer's tax payment. For additional information regarding tax payment, each user is required to consult with his/her country's relevant tax advisors or qualified professionals. KAPT/APT shall not be responsible for any personal tax payment. According to the regulations of virtual currency established in each country, KAPT/APT may withdraw its business from the corresponding country or terminate KAPT/APT.
  9. 9.
    Securities Token Exclusion : KAPT/APT Whitepaper and supplementary documents are not investment prospectus or financial services proposals. Regardless of country, it cannot be treated (handled) as a securities investment product or regulated product. This Whitepaper and supplementary documents must not be used for purchase or purchase proposals for KAPT/APT and service products. KAPT/APT owners are not entitled to claim any rights to KAPT/APT operators and their related companies, including income, such as royalties, profits, and revenue regarding share, stocks, bonds and capital related to companies or intellectual property in connection with KAPT/APT.
  10. 10.
    Management and operation of KAPT/APT : The operation and management of KAPT/APT (hereinafter referred to as “KAPT/APT Steering Committee”) shall be conducted by the main wallet as well as wallet for each business purpose through a multi-signature wallet. The multi-signature private key of the KAPT/APT Steering Committee shall be stored, managed, and operated by the corporation above mentioned, and cannot be sold, transferred, secured (held), or seized. The “KAPT/APT Steering Committee” shall take effect immediately after posting this document on the website.
  11. 11.
    SAFT : KAPT/APT can proceed with the sale of unissued coins because it is under the Simple Agreement for Future Tokens (“SAFT”). SAFT-related detailed contracts shall be concluded through the KAPT/APT Steering Committee and professional legal advice. The terms of this contract may not be disclosed to the external world depending on the contract.
  12. 12.
    Block deal and IEO : Block Deal and IEO of KAPT/APT may sell unissued coins according to the decision of the KAPT/APT Steering Committee. Relevant detailed contracts shall be concluded through the KAPT/APT Steering Committee and professional legal advice. The terms of this contract may not be disclosed to the external world depending on the contract.
  13. 13.
    Translation : This Whitepaper and supplementary materials are published in English. All translations are for informational (reference) purposes only and shall not take any legal liabilities. No guarantee can be made with respect to accuracy and completeness of the translation. If there is a difference between the translated version and the English version of this Whitepaper and supplementary documents, the English version shall have the right of legal basis.
  14. 14.
    Transmission restrictions : It is not allowed to bring or send this Whitepaper to a region or country where the distribution or dissemination of this Whitepaper and supplementary documents are prohibited or restricted. If this document and Whitepaper was opened online, KAPT/APT has comprehensive immunity rights. Transmission is restricted in the People’s Republic of China, where ICOs are banned.
  15. 15.
    Third Party Information : This Whitepaper and supplementary documents contain data and reference information obtained from third-party sources. Even though management believes that such data is accurate and reliable, it has not been gone through independent auditing, verification or analysis conducted by professional advisors from the legal, accounting, engineering, or financial field. Therefore, there is no guarantee regarding accuracy, reliability or completeness of the corresponding data.
  16. 16.
    Opinions of KAPT/APT : Opinions other than the viewpoints expressed in this Whitepaper and supplementary documents belong to KAPT/APT and they do not reflect the official policies or positions of the government, quasi-government, authorities, public organizations, and regulatory agencies of all regions under jurisdiction. This Whitepaper has not been reviewed by any regulatory authorities.
  17. 17.
    Risk description : This Whitepaper and supplementary documents inform the users that the purchase of KAPT/APT may involve significant risks and can bring about a substantial amount of loss. Before purchasing KAPT/APT, the users ought to carefully evaluate and consider the related risks, including those listed in any other documents. Therefore, buyers must not purchase KAPT/APT for the purpose of speculation or investment. Users can purchase or trade KAPT/APT only if they accept the risks inherent in KAPT/APT after fully understanding the risks and nature of KAPT/APT and the KAPT/APT business.
  18. 18.
    Klaytn and ERC20 : KAPT is a token based on the Klaytn network, and APT is a token based on the Ethereum network. Within the Metaground platform, KAPT based on the Klaytn network is used, and the token listed on the exchange is APT based on the Ethereum network. KAPT and APT are exchanged on a wallet supported by the platform or Metaground. It counts on blockchain technology. KAPT/APT can constitute a separate blockchain ecosystem and nodes such as Sidechain to reduce transaction speed and handling fees. In addition, data can be stored and preserved in the systems of RDBMS, NoSQL, etc.
  19. 19.
    Professional advice : To decide whether to purchase KAPT/APT, users must consult with lawyers, accountants, tax experts and other professional advisors to suit requirements.
  20. 20.
    Precautions to be taken regarding predictive statements : This Whitepaper and supplementary documents contain not only assumptions and available information about the business operated by KAPT/APT, but also predictive statements based on the beliefs of KAPT/APT. These predictive statements and expectations entail risks and uncertainty by nature. KAPT/APT and its management shall not be responsible for this matter, and the content may lead to results that are greatly different from those expressed in the predictive statements. All predictive statements are based on the date when such statement was made. KAPT/APT and its management shall not be obligated to update or modify any predictive statements to reflect events or situations after the date of such statements or to reflect the occurrence of unexpected events.
  21. 21.
    Security Vulnerability The open source-based Ethereum mainnet is exposed to several security vulnerabilities. Even though ERC-20 and Klaytn, one of the most popular blockchain mainnets, is reliable, it may be exposed to some vulnerabilities that are beyond the reach of knowledge of developers and KAPT/APT development teams.
  22. 22.
    Market Creation : KAPT/APT is not involved in transactions between KAPT/APT owners within the exchange. However, if there is insufficient liquidity in the market or in the exchange, it is possible to stabilize the market by supplying liquidity. Nonetheless, if it is prohibited to create the market by law according to the policies of the country where the exchange is located, KAPT/APT observes the laws of each country.
  23. 23.
    Anti-Money Laundering(AML) and Combating the Financing of Terrorism(CFT) Act : KAPT/APT follows the policies of each country's Anti-Money Laundering (AML) Act and Combating the Financing of Terrorism (CFT) Act. When the funds suspected of AML or CFT is introduced, KAPT/APT is obligated to notify relevant regulatory agencies and legal institutions of the fact within 7 days of the inflow of funds. In addition, according to the obligation to report suspicious transactions to National Police Agency of Singapore and the police of each country, as well as various regulations influencing the Terrorism (Prevention of Financing) Act (cap. 325) and resolutions of the UN Security Council, the selected individuals or groups may be asked to refuse to participate in the ICO and to prohibit the act of providing KAPT/APT services.
  24. 24.
    KAPT/APT ICO Restriction : KAPT/APT limits participation in ICOs for citizens from the People's Republic of China, the USA and ICO-restricted countries where ICOs are prohibited. In addition, pursuant to many regulations influencing the resolutions of the UN Security Council, selected individuals or groups are not allowed to participate in ICOs.
  25. 25.
    Exclusion of relation to capital market product controlled by Singapore financial regulators : KAPT/APT is not a capital market product controlled by Singapore financial regulators (hereinafter referred to as “Financial Supervisory Commission of Singapore”). KAPT/APT is not a financial or capital product regulated by the Singapore Monetary Department such as stocks, unsecured debts, business trusts, securities-based derivatives contracts and collective investment products. KAPT/APT is not in charge of traditional financial dividends. In addition, KAPT/APT owners cannot give or resell issuers options for future value . If an authoritative interpretation is made to KAPT/APT by the Singapore Monetary Authority, it may follow regulatory guidelines of Singapore Monetary Authority, or suspend business or transfer a country of the business base. KAPT/APT is making an effort to meet ICO guidelines of the Singapore Monetary Authority.
  26. 26.
    Server failure compensation : KAPT/APT team shall not be obligated to comprehensively compensate for damages to users caused by delays in the approval of the blockchain, connection interruption, node failures, etc. occurred in KAPT/APT. In addition, KAPT/APT shall not be obligated to comprehensively compensate for cyber attacks, service failures, database loss, and server failures. KAPT/APT shall not be responsible for the risks and services specified above as well as the derived financial risks. KAPT/APT recommends ICO investors and KAPT/APT investors to make a careful evaluation of the risks and receive appropriate advice about tax and legal affairs related to regulations, market changes, and cryptocurrency volatility of each country.
Last modified 1yr ago