Understanding the dangers in digital assets
Your prior experience with traditional currencies often works differently than digital assets as it is a new emerging technology. Thus, we, at Tokenize would encourage you to educate yourself of the various risk that comes with digital assets and not to invest money that you cannot afford to lose. We have highlighted some of the key risks below:
Generally, Digital Asset transactions are irrevocable. This means if you (i) send Digital Asset to the wrong address, (ii) send the wrong amount of Digital Asset, (iii) send an unsupported Digital Asset which Tokenize is unable to access and return back to you, or if (iv) fraudulent Digital Asset transactions were made from your account, you may not be able to recover the Digital Asset. Please be inform that Tokenize will not be liable to you for any losses resulting either by accident, or fraudulently.
Digital Asset prices are fickle and unpredictable in comparison to local currency, which may result in significant loss over a short period of time. Dealing with Digital Asset may result in a total loss of your funds.
Tokenize is under no obligation to buy back your digital asset in the future and because Tokenize’s Supported digital asset s are not backed by any entity, you have no right of recourse against an issuing entity. BTC and ETH are not legal tenders and are not backed by the government. Accounts and value balances are not subject to any government-backed deposit insurance or any other government protections. Any losses resulting from you trading in cryptocurrency are not covered by the Capital Market Compensation Fund in Malaysia.
Any changes or actions in Legislation and/or regulation at state or international level, may affect the use, transfer, exchange, and value of Digital Asset.
The date or time that you conducted the transaction may not be the same as the recorded time of the transaction in the “blockchain” ledger. However, the digital asset transactions are deemed to be made when it has been recorded in the ledger. Without the willingness of market participants to exchange digital asset for local currency, which drives the value of each Digital Asset, and the demand disappears, it could cause a permanent loss of value of the Digital Asset.
There is no guarantee that a person or business who currently accepts digital asset as payment will continue to do so in the future.
You are solely liable for any tax occurred by buying and selling Digital Asset, and for the tax obligations that comes with.
The nature of digital asset may lead to an increased risk of fraud or cyber-attack. You are responsible for keeping your Tokenize account safe from these types of attacks.
Having technological problems caused by your service provider may prevent access to, or use of your digital asset because of the nature of digital assets. In addition to the measures above, our Malaysian customers, funds are subjected to an independent corporate trustee services provided by a reputable legal firm located in Kuala Lumpur.
In the unfortunate and unlikely event that Tokenize is unable to carry out (or ceases) its operations in one or more of our locations, Tokenize has created robust business continuity arrangements in place to ensure minimal impact is caused toour customers. Having regard to the severity of the situation and the services which may be affected, the following measures may apply (where appropriate) (i)notification to relevant regulatory authorities and compliance with any regulatory instructions issued, (ii) activation of our dedicated response plan, and (iii) provision of regular updates to customers on our web page.
Rest assured that safeguarding our customer fund is our utmost priority in the event Tokenize is unable to carry out our operations or cease business. The Tokenize bank account into which you make fiat deposits is used exclusively for the purpose of holding and processing customer funds. These bank accounts, and our digital asset storage system, are subject to robust controls and regular reconciliations