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MiCA Redemption Policy

MiCA Redemption Policy

Last Updated: December 20, 2024


This Redemption Policy will be attached to the DOZ white papers, as referred to in Article 51 of MiCAR.

This Redemption Policy aims to provide information on the right of redemption of the Digital Ounce Holders (as defined below) as well as the procedure and conditions for the exercise of such right as provided in Article 51.6 and Annex III of MiCAR.

This Redemption Policy aims to provide for conditions and processes for redemption of DOZ and within the European Union and EEA. This Redemption Policy is attached to the  DOZ white papers of Paiblock A/S. DOZ white paper is  available to the Paiblock’s website. 

‍Holders of DOZ located outside of EEA, shall refer to the specific Coinstable User Agreement applicable to them: https://coinstable.io/terms_of_use for redemption of DOZ.

General

Paiblock A/S is a company incorporated under the laws of Denmark with registration number 32 30 45 32 and its registered office at Engager 2 – 4, 2605 Brøndby (“Paiblock”). Paiblock is licensed by the Danish Financial Supervisory Authority (FSA) as an Virtual Assets Service Provider (VASP? 

Words commencing by a capital letter in the Redemption Policy shall have the meaning provided in the  DOZ white papers.

In the Redemption Policy, Digital Ounce is designated as “DOZ Coins”. Holders of Digital Ounce (DOZ), is designated as “DOZ Holders”. Among the Digital Ounce Holders, an individual natural person who is acting for purposes which are outside that person’s trade, business, craft or profession, that holds DOZ is referred to as “Retail Holder”.


1. Right of redemption of the Digital Ounce

1.1. Pursuant to Article 49 of MiCAR , all Digital Ounce Holders have a right of redemption of their Digital Ounce at any time and at par value, subject to the conditions set out in the present policy.

1.2. Paiblock’s Customers, i.e. holders that agreed to the Terms of Use of the Coinstable Account or sign a Master Services Agreement with Paiblock (the “Customers”) shall exercise their redemption right in compliance with the Terms of Use of their Coinstable Account and/or the applicable Master Services Agreement  directly with Paiblock.

1.3. Digital Ounce Holders other than Customers shall exercise their redemption right with respect to the Digital Ounce against Paiblock in accordance with the following Sections.

2. Procedure and conditions for the exercise of the right of redemption of Digital Ounce

At any time, Digital Ounce Holders may buy and/or sell the Digital Ounce via retail exchanges accepting DOZ trading such as Coinstable.

If the Digital Ounce Holder has previously attempted to redeem at a retail exchange and has been denied, or specifically wishes to redeem its Digital Ounce with Paiblock, it shall comply with the present policy.

2.1. Digital Ounce Holders (other than Retail Holders)

To redeem their Digital Ounce, Digital Ounce Holders, other than Retail Holders, shall open a Coinstable Account to access redemption only service and agree to the Terms of Use of the Coinstable Account of Paiblock A/S.

Digital Ounce Holders, other than Retail Holders, shall meet the criteria to open a Coinstable Account to redeem their Digital Ounce, including but not limited to the previous KYC and KYT as further specified in this policy.

2.2. Retail Holders

Retail Holders may redeem the Digital Ounce with Paiblock by registering to the Coinstable platform.

Retail Holders shall meet the criteria further specified in the present Redemption Policy to redeem the Digital Ounce. Paiblock shall assess eligibility of the relevant Retail Holder for redemption based on the information provided in such form, and in accordance with the criteria set out in Section 4 below.

Upon confirmation of eligibility, Paiblock shall perform the mandatory verifications of identity of the Retail Holder.

2.3. Eligibility criteria for redemption request of Retail Holders

Paiblock has to abide by different regulations and Applicable Laws depending on the location of the Retail Holder.

In order to ensure compliance with Applicable Laws, including the anti-money laundering (“AML”) and counter-terrorist financing (“CTF”) requirements, redemption of Digital Ounce will be performed if the Retail Holder can provide accurate information for the KYC and KYC verifications to be performed and validated.

Retail Holder shall also provide an IBAN from an EEA Bank Account for transfer of funds.

3. Verification of identity and transactions monitoring

3.1. Prior to the redemption of the Digital Ounce, Paiblock shall perform:

3.1.1. Identification and verification of identity of Digital Ounce Holders in compliance with Paiblock A/S’s AML CFT Policies and Applicable Laws (Paiblock A/S will carry out all relevant internal checks, review and internal processes);

3.1.2. Transaction monitoring verifications;

3.1.3. Verifications related to asset freezing measures;

3.1.4. Any other action required for the purpose of complying with all Applicable Laws.

3.2. In cases where the actions referred to in paragraph 3.1 would (upon Paiblock carrying out all relevant internal checks, review and internal processes) reveal inconsistencies and/or AML CFT risks, the redemption of the Digital Ounce will be subject to further assessment in compliance with the applicable laws.

4. Execution of Digital Ounce redemption

4.1. For Digital Ounce Holders, other than Retail Holders, redemption will be performed on the Coinstable Account open by the Digital Ounce Holders in accordance with the Terms of Use of the Coinstable Account.

4.2. For Retail Holders, Paiblock will request Retail Holders to provide bank details that comply with the Redemption Policy and sign an electronic form to attest that:

  • Their bank account details are correct
  • They are the beneficiary on the bank account
  • If requesting a  redemption, the bank account is able to accept SEPA payments
  • If requesting a DOZ redemption, the bank account is able to accept payments other than Euro. Retail Holders are informed that third party fees may occur when payment in currency other than Euro is performed on their bank account. Paiblock is not liable for any such third party fees.
  • Accept that any potential charges or other fees (e.g. currency conversion or incoming deposit fees) charged by the customer’s bank are not the responsibility or in the control of Paiblock and therefore, the responsibility of the Customer.


Paiblock A/S will provide Retail Holders with a generated unique deposit address. Retail Holder shall deposit the DOZ Coin(s) it wishes to redeem on this address.

Upon receipt of the DOZ Coin(s) on the deposit address, Paiblock will perform relevant verifications on the DOZ Coin(s) including on previous transactions on the DOZ Coin(s). Once verification are performed and all redemption eligibility criteria are met, Paiblock will provide payment to the Retail Holder to their bank account. This process should not take more than 5 business days, unless discrepancies are identified during the redemption process.

5. Limitations of the redemption right

5.1. KYC, KYT, and Asset Freeze

5.1.1. Redemption of Digital Ounce shall be subject to the identity checks, transactions monitoring verifications and other actions referred to in Section 5.

5.1.2. Paiblock is required to prevent restricted persons from holding Digital Ounce. A restricted person means any person that is:

a. not able to provide sufficient or consistent information in order to be identified and verified by Paiblock, in accordance with Applicable Laws;

b. subject or target to sanctions, including persons named at any time in any Sanctions-related list maintained by Denmark and the European Union and in compliance with the Paiblock’s AML CFT Policies; or

c. located, organized or resident in a country, territory or geographical region which is itself the subject or target in the Paiblock Prohibited Countries List; or

d. initiating a suspicious transaction according with the meaning of Applicable Laws; or

e. owned or controlled by any such person or persons listed above.

Together the “Restricted Persons”.

5.1.3. In the event that a Restricted Person has acquired Digital Ounce, in breach of the  and DOZ white papers, Digital Ounce Holder(s) qualified as Restricted Person may not redeem the Digital Ounce.

5.2. Digital Ounce Holders that do not meet redemption requirements as defined in this Redemption Policy will be denied their Digital Ounce redemption request. In case of complaints or dispute with regard to the execution of the Redemption Policy, Digital Ounce Holders shall refer to Section “Complaints & Disputes” of the  or DOZ white papers.

6. Copies, Forks & Advanced Protocols Not Supported

6.1. As a result of the decentralized and open source nature of Digital Ounce Blockchain, it is possible that a party unaffiliated with Paiblock may create an asset and purport that such asset is collateralized by or otherwise incorporates Digital Ounce into its design (a “Wrapper”). Paiblock supports only Digital Ounce and is under no obligation to support any Copies of Digital Ounce or Wrappers and assumes no responsibility for any value that might be lost as a result of this lack of support of Copies of Digital Ounce.

6.2. As a result of the decentralized and open source nature of the DOZ Blockchain, it is possible that a party unaffiliated with Paiblock could create an alternative version of the blockchain (a “Fork”). Note that in the event of a Fork of the Blockchain, Paiblock may be forced to suspend all activities relating to DOZ Coin for an extended period of time until Paiblock has determined in its sole discretion that such functionality can be restored (“Downtime”). This Downtime will likely occur immediately upon a “Fork”, potentially with little to no warning, and during this period of Downtime Digital Ounce Holders will not be able to conduct various activities involving  DOZ. In the event of a Fork of the DOZ Blockchain, Paiblock A/S shall, in its sole discretion, determine which Fork it will support, if any.

7. Amendments

7.1. Paiblock may amend any provision of this Redemption Policy at any time by posting the revised version of this policy with an updated revision date on Paiblock’ web page and following the processes described in Section 4.2. of the  and DOZ white papers.

7.2. The changes will become effective, and shall be deemed accepted by Digital Ounce Holders, the first time they access or use /DOZ after the initial posting of the revised Redemption Policy and shall apply on a going-forward basis with respect to transactions initiated after the posting date. In the event that a DOZ Coin Holder would not agree with any such modification, such DOZ Coin Holder’s sole and exclusive remedy will be to terminate its use of the /DOZ Services and terminate its Coinstable Account (if any). Digital Ounce Holders agree that Paiblock A/S shall not be liable to them or any third party as a result of any losses suffered by any modification or amendment of the Redemption Policy.

7.3. If the revised Redemption Policy includes a material change, Paiblock shall provide the Digital Ounce Holders with prior notice via Paiblock’s webpage before the material change becomes effective. For this purpose, a “Material Change” means a significant change other than changes that (i) are to the Digital Ounce Holders’ benefit, (ii) are required to be made to comply with Applicable Laws and/or regulations or as otherwise required by one of Paiblock’s regulators, (iii) relates to a new product or service made available, or (iv) otherwise clarifies an existing term.

7.4. If any significant new factor, any material mistake or any material inaccuracy that is capable of affecting the assessment of the Digital Ounce is made in the Redemption Policy, Paiblock shall notify the revised policy to the competent authorities.

8. Recovery and Redemption Plans

8.1. This Redemption Policy may be automatically amended or suspended by implementation of the Recovery Plan and/or the Redemption Plan in accordance with Article 55 of MiCAR.

8.2. In this scenario, Digital Ounce redemption will be managed as defined in the Paiblock Recovery or Redemption Plans (as appropriate) to ensure the timely implementation of recovery actions.

8.3. Digital Ounce Holders shall refer to Sections 4.3 and 4.4. of the  and DOZ white papers.

9. Applicable Laws and Regulations

9.1. This Redemption Policy shall be governed by and interpreted in accordance with the laws of Denmark (the “Applicable Laws”). Any dispute under the Redemption Policy shall be brought exclusively in the courts of Glostrup, Denmark except where prohibited by Applicable Laws.

9.2. This Redemption Policy shall be subject to the laws, regulations, and rules of any applicable governmental or regulatory authority, including, without limitation, all applicable tax, AMF CFT provisions and sanctions. Digital Ounce Holders agree to act in compliance with, and to be legally bound by, this Redemption Policy and all Applicable Laws and regulations. This Redemption Policy is conditional on Digital Ounce Holders’ continued compliance at all times with the Redemption Policy,  and DOZ white papers and all Applicable Laws and regulations.

1 As defined in MiCAR for “retail holder”.

2 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (“MiCAR”)

3 Terms of Use and Master Services Agreement are contractual documents agreed on between Paiblock and its Customers.

4 https://coinstable.io/signup 

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