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Author Topic: Any particular rules for contests where you give away crypto ?  (Read 83 times)
Tipestry
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August 30, 2018, 06:19:40 PM
 #1

For contests sometimes you're supposed to have disclaimers like "void where prohibited" but I was wondering if there's anything specific you need to know for giving away crypto.
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August 31, 2018, 11:33:29 PM
 #2

I guess you are talking about contest or jobs to do to be rewarded in  cryptocurrency, And I think that is not related to what is discussed around this section. You can get that done in the service or marketing section.

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September 01, 2018, 08:31:31 AM
 #3

For contests sometimes you're supposed to have disclaimers like "void where prohibited" but I was wondering if there's anything specific you need to know for giving away crypto.
If you are going to give away your crypto for some jobs then you need to set your own rules for that job to be done,there is no legal thing related to the give away done by personal users.

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September 02, 2018, 11:55:53 AM
 #4

For contests sometimes you're supposed to have disclaimers like "void where prohibited" but I was wondering if there's anything specific you need to know for giving away crypto.
AFAIK there's no certain rules for these contests or anything legal related to it unless your company is registered locally and you are required to do so. When I see ads on television regarding contests there's disclaimer related to it.

But in this case, since there's no strong legality as of now for such contests. It's up to you on how you are going to make the contests rule or certain conditions for your giveaways.

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magneto
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September 03, 2018, 11:48:32 AM
 #5

For contests sometimes you're supposed to have disclaimers like "void where prohibited" but I was wondering if there's anything specific you need to know for giving away crypto.

Generally, just say that you're reserving all rights to change the terms whenever you want when you are conducting a giveaway.

There shouldn't be much legal repercussion once you state this, especially considering that it's a giveaway and not any time of formal work contract. And as long as your actions are justified, in terms of for example, not paying a certain user in the giveaway because he cheated or whatever, then you most likely won't face any issues on this forum either.

Only thing I could think of is if you're giving away your ICO tokens, in which case you may want to check whether or not you need to legally do KYC before you start.

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September 03, 2018, 10:37:44 PM
 #6

For contests sometimes you're supposed to have disclaimers like "void where prohibited" but I was wondering if there's anything specific you need to know for giving away crypto.

By the rule of thumb, from legal perspective - offering cryptos as a prize is the same as offering fiat money. ie. if you're based in US you still can't send cryptos to anyone in restricted country (Iran, Cuba etc) without breaking the law,

So at very least you'd need to construct some T&C and make participants tick to confirm they read it.

It would be useful to know more details on what you're planning to do. What do participants have to do to win? Are prizes of high value? What country are you located?

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September 04, 2018, 06:59:27 AM
 #7

You were only penalized if :
-you are just there to scam people
-you promise something in return like paying them and end up not giving them what you said
-the contest you do is fake and you just want to play with people.
As long as you do not do fraud, you have nothing to worry.
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September 04, 2018, 09:27:20 AM
 #8

...
As long as you do not do fraud, you have nothing to worry.

How about you stay away from 'Legal' board and stop giving people potentially hurtful "advises"? Go bump your post count somewhere else.


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September 05, 2018, 07:40:29 AM
 #9

For contests sometimes you're supposed to have disclaimers like "void where prohibited" but I was wondering if there's anything specific you need to know for giving away crypto.

Not really. As long as your contest is legit and not rigged and your business is completely legal, then it should be fine.

Do be careful with giveaways which involve chance and a deposit from the participant, because in a strict legal sense, that could potentially constitute as unlicensed gambling activity. But I'm fairly sure that most giveaways do not involve this.

Just write out your rules extremely clearly and make sure that you deter the cheaters by having those rules, and as long as the giveaway is actually "free", there really isn't any problems I can foresee happening.

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September 05, 2018, 10:30:22 PM
 #10

For contests sometimes you're supposed to have disclaimers like "void where prohibited" but I was wondering if there's anything specific you need to know for giving away crypto.

By the rule of thumb, from legal perspective - offering cryptos as a prize is the same as offering fiat money. ie. if you're based in US you still can't send cryptos to anyone in restricted country (Iran, Cuba etc) without breaking the law,

So at very least you'd need to construct some T&C and make participants tick to confirm they read it.

It would be useful to know more details on what you're planning to do. What do participants have to do to win? Are prizes of high value? What country are you located?

One of the things we will do is post clues to the location of coins that we have hidden around the world that can be collected through our augmented reality app. Prizes will be small at first but hopefully we'll be able to do some bigger ones in the future. We're based out of the UK.

By the way thank you everyone who responded, it was helpful. In particular I hadn't considered the Cuba, etc. issue before now.
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