Terms & Conditions
This terms and conditions (Terms and Conditions) govern the access to, and the use of, the DaChain® Application, created and operated by DaChain (Malta) Limited and/or its parent, subsidiary, or associated companies (collectively, the "Company"), by the User, whether buyer and/or seller of DaChain® NFTs. The Terms and Conditions also apply, in whole or in part, to Users who access the DaChain® Application without opening an account.
In these Terms and Conditions, the following words and expressions indicated with a capital letter shall have the meanings ascribed to them below, irrespective of whether they are used in the singular or plural:
- Application: means the DaChain® native mobile application, accessible through devices such as smartphones, tablets, smart TV personal computers, as well as the DaChain® web-based application, including its subdomains and any other application or web applications through which DaChain® makes its Services available.
- Apps Store: means the virtual shops that allow Users to download and use the Application.
- Intellectual Property Rights: shall mean all intellectual, artistic, and industrial property rights belonging to the Company, extended worldwide and for the entire period of protection recognized by any applicable law, such as, but not limited to, copyrights, trademarks, trade secrets, know-how, inventions, patents, patent applications, moral rights, and all other property rights, whether registered or unregistered.
- Brand Page: service offered in the Application for the purchase of DaChain® NFTs created by DaChain® Partners and introduced for the first time within the Application (the so called "Drops"), in the form of "closed" packages of DaChain® NFTs, which may vary according to the type of DaChain® NFTs they contain and their rarity/scarcity in the DaChain® market as well as the purchase of single DaChain® NFTs.
- Rights underlying the DaChain® NFT: refers to any Intellectual Property Rights of DaChain® and/or DaChain®'s Partners and/or third parties (e.g., patent, image rights, copyrights, trademarks, know-how, etc.) on the multimedia content included in the digital good and/or service and/or material underlying the DaChain® NFT.
- NFT: refers to non-fungible tokens, i.e., cryptographic assets registered on a blockchain with unique digital identifiers that cannot be copied, replaced, or decomposed, composed of metadata that allow the NFTs to be distinguished from each other. The NFT represents the certificate of ownership and authenticity of the multimedia content of a specific good and/or right to use a digital or material service, determining its scarcity and rarity in the market and guaranteeing the transparency of the Services.
- NFT DaChain®: refers to the certificate of ownership of the multimedia content included in the digital good, available within the Application, created in collaboration with DaChain® Partners.
- Partner: means the natural person and/or the legal entity with whom DaChain® has entered into a collaboration agreement for the creation of DaChain® NFTs, the digital contents contained therein and, in general, the Services available within the Application.
- Services: means the services of DaChain® made available to the Users within the Application, as better specified in article 2 of these Terms and Conditions.
- Trade: service offered in the Application that allows Users to sell their DaChain® NFTs.
- Terms and Conditions: these Terms and Conditions constitute a legally binding agreement between DaChain® and the User governing the access, provision and use of the Application and the Services provided therein.
- User: any natural and/or legal person, with full capacity to act, who access the Application and/or has registered an account on the Application and uses the Services available on the Application.
- Utility Token: means a digital resource, issued by DaChain (Malta) Limited through a blockchain-based infrastructure, as a medium of exchange for access to the Services made available on the Application, and which qualifies as a "Virtual Token", under the Virtual Financial Assets Act (Ch. 590 of the Laws of Malta).
- Wallet: means the unique, personal, non-custodial wallet software provided by DaChain® to each User of the Application for the storage, use and management of DaChain® NFTs and Utility Tokens. The Wallet shall be installed on a device owned by the User and is not intended as a private cryptographic key protection tool offered by DaChain® on behalf of the User.
Art. 1 - General information
In compliance with Articles 45 et seq. of Legislative Decree No 206/2005, as amended and supplemented (the "Consumer Code"), and Articles 7 et seq. of Legislative Decree no. 70/2003 (the "E-Commerce Act"), these Terms and Conditions govern the relationship between DaChain® (Malta) Limited, a private company incorporated in Malta with registration number C101600 (hereinafter "DaChain®") and the Users who request the registration on the DaChain® Application, concerning the Services as described in article 2 of these Terms and Conditions.
Article 2 - Object
2.1 DaChain® is a native mobile application, available in the Apps stores (Google Play, App Store, etc.) and downloadable from any smartphone, as well as a web-based application downloadable on Smart TV devices, which allows Users to purchase, trade, play with DaChain® NFTs and to take advantage, in general, of all the Services made available therein.
2.2 These Terms and Conditions apply, without limitation, to the use of the Services accessible in the DaChain® Application by the Users. Therefore, these Terms and Conditions shall be deemed to be accepted in their entirety, without reservation, by the User when creating her/his DaChain® account, in the manner described in article 3. The creation of the account by the User constitutes acceptance, without restriction or reservation, of these Terms and Conditions.
2.3 The Terms and Conditions also apply, in whole or in part, to Users who access the DaChain® Application without opening an account.
2.4 In particular, the Services available and offered through the Application and subject to these Terms and Conditions consist of:
- optional paid services (such as, by way of example and not limited to, the "Brand Page" service within the scope of which it is possible to purchase DaChain® NFTs, both individually and in the form of a "closed" package (i.e., it is not possible to know the specific DaChain® NFTs contained therein, if not after the purchase of the package)).
- Trade service within which the Users may exchange among them, without the intermediation of DaChain®, against payment and at the contractual conditions negotiated from time to time among the latter, the DaChain® NFTs contained in their personal Wallets.
- any non-paying services (such as, but not limited to, virtual games and interactive augmented reality experiences).
2.4 By using the Services, the User undertakes to comply with these Terms and Conditions. The User confirms, under his own responsibility, that he has the capacity to contract and use the DaChain® Services.
2.5 The Application may include links to Services on websites of third parties ("third party services"). These third-party Services are subject to the terms and conditions set by the third party; this does not imply DaChain®'s endorsement of the third-party services and the way in which they are provided. The User acknowledges and agrees that DaChain® is not and cannot be held responsible for the content or other materials available through third-party services.
Art. 3 - Creation and management of the Account
3.1. In order to use the Services, the User must necessarily access the DaChain® mobile application (by downloading the latest version on his device through the Apps Store), the web-based application downloadable on Smart TV devices or the DaChain® web-based application and follow the procedure indicated below for the registration of the Account.
3.2. In the absence of account registration, the User may only access the free areas that may be present in the Application, in accordance with the provisions of these Terms and Conditions.
3.3. The User acknowledges and accepts that the procedure of creation and management of the Account, as well as the use of the DaChain® Services, must be carried out in compliance with the related obligations prescribed by the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. Consequently, User’s failure to respond to DaChain®'s requests for information and documentation necessary to comply with the AML and CFT controls may result in the reduced operability of the Application and/or the inability to create an Account and/or use the Services provided through the Application, including the possibility to request the return of the legal tender of User’s DaChain NFTs and/or unused Utility Tokens.
3.4 The creation of the DaChain® Account may take place:
- by filling in the registration form on the Application.
- by linking to a pre-existing social network account.
- by linking to a pre-existing account of a DaChain® Partner application and/or website.
- Account creation via the registration form on the application
The User must register an account beforehand, providing the exact and precise personal data as requested in the registration form. The registration of the account is essential to use the Application, as well as the Services made available therein.
The Account registration procedure initially requires the User to enter a valid e-mail address and a password. For security reasons, it is advisable to use a password consisting of at least 8 characters, including non-alphanumeric characters (without any link to personal references). The password must be kept strictly confidential and must not be disclosed to third parties. The User can recover or change his password at any time by following the instructions provided in the Application.
The native mobile version of the Application offers the User the possibility to register and access his account through biometric fingerprint authentication (valid for iOS, Android, and Huawei systems) or face ID (valid for iOS system). The fingerprint or face ID technologies enabled depend on the type of smartphone or mobile device the User owns. By proceeding with fingerprint or face ID authentication, DaChain® will receive only the confirmation of the successful authentication and will not receive or access the data acquired through the fingerprint or face ID system of the User's device.
The User acknowledges that he is solely responsible for maintaining the confidentiality of his credentials, which may not be transferred or used by third parties. The User acknowledges and accepts that DaChain® cannot be held responsible for any damage arising and/or related to the transfer or use by third parties of the credentials transferred to third parties. The User undertakes to inform DaChain® immediately at the address firstname.lastname@example.org in case of loss or unauthorized use of his e-mail address and/or password and/or access credentials. DaChain® cannot be held responsible for any damage arising and/or related to the failure to comply with this obligation.
Once this first stage of the registration procedure for the Application has been completed, the User will receive an e-mail at the address entered when the Account was created, containing a link that the User will have to click on to activate it and thus be able to proceed with final registration.
- Account creation by linking to a pre-existing social network account
Alternatively, the User may choose to create the DaChain® account by linking it with a pre-existing social network account (e.g., Gmail, Apple, or other social network, if applicable), using the appropriate button (e.g., "Continue with Google" or "Continue with Apple").
- Account creation by linking to a pre-existing DaChain® Partner application and/or website account.
If the User has an account for the application and/or website of a DaChain® Partner, he can log in directly using the credentials of this account, using the dedicated button.
Art. 4 - Age of majority and unauthorised access to the Account
4.1 The DaChain® Application and the Services available therein can only be accessed and used by Users who have reached the age of 18 years and/or the corresponding age of majority in their country of residence.
4.2 The User undertakes to promptly inform DaChain® of any unauthorised use of his account by writing to the e-mail address email@example.com
4.3 The User assumes responsibility for all activities that occur under his Account, whether or not he has knowledge of them, and indemnifies the Company against any loss suffered as a result of such activities provided that the latter is not the result of fraud on the part of the Company.
Art. 5 - Fiat Currency Conversion and Utility Token
5.1 In order to purchase DaChain® NFTs within the Application, the User, with a registered Account, has to recharge his Wallet with Utility Tokens using the specific functionality available in the Application. Specifically, the user must access the "Wallet" section of his personal DaChain® Account, select the "Recharge" button and enter the personal data requested in the recharge form (specifically, name, surname, country of residence, credit card data) and the amount of fiat money to be spent for the conversion into Utility Tokens. After the User sends the recharge request and the payment confirmation (managed and processed by the payment gateway), the amount of Utility Token requested will be automatically uploaded by DaChain® in the User's Wallet.
IMPORTANT INFORMATION: The purchase of Utility Tokens in fiat does not in any way imply or constitute the creation of a deposit of fiat with and/or for the benefit of DaChain, but rather the payment of consideration following the issuance of Utility Tokens.
5.2 There is no direct withdrawal of the Utility Tokens, except in the manner better specified in the following paragraphs. In order to proceed with the conversion of the Utility Tokens available in the Wallet and to receive Fiat currency in consideration of them, the User must use the appropriate functionality available in the Application. Specifically, the functionality is available within the "Wallet" section of the DaChain® personal account, by selecting the "Withdraw" button and entering the amount of Utility Tokens to be converted. In the absence of the "Withdraw" button, the user can contact DaChain directly by writing to firstname.lastname@example.org, specifying their request.
5.3 The User must also select the payment method ("credit card" or "bank transfer") by which to receive the Fiat money credit. If the User selects the payment method "credit card", he must enter the details of the same credit card used to purchase the Utility Tokens. If the user wishes to use a different credit card and/or notify a change of residence, he must inform DaChain® in advance of this change by writing to the e-mail address email@example.com. DaChain® customer care service will promptly contact the User in order to support him/her in updating his/her residence data and payment methods.
5.4 The User who selects the payment method "bank transfer" must send to DaChain®, by writing to the e-mail address firstname.lastname@example.org, a copy of a document attesting the ownership of the current account issued by his bank.
5.5 The function and process of verifying and processing the request for conversion of Utility Token into fiat currency is provided and managed by a third-party electronic payment processing company, which, as part of its functions, carries out the verification and identification of the holder of the credit card and/or current account. The identification and verification process may take up to six months from the User's request for conversion to fiat currency. Until all verification steps are completed, Utility Token conversion and fiat currency credit will not be available.
5.6 Once the verification steps are successfully completed, the Fiat currency value corresponding to the converted Utility Tokens will be automatically credited to the User's credit card or bank account, depending on the payment method selected by the User. If the User does not provide the documentation and/or information requested by the Company in a timely manner, the Company may not be able to process the withdrawal request and shall be entitled to freeze the Utility Tokens in the Wallet until such time as the requested documentation and/or information is provided to the Company and the verification steps are successfully completed.
IMPORTANT INFORMATION: Please note that neither Utility Tokens nor DaChain® NFTs are to be understood as assets generally acceptable to natural and/or legal persons as a means of exchange and/or payment other than, with respect to Utility Tokens, in the limited context of access to the products and/or Services provided on the Application.
Art. 6 - Management of the "non-custodial" Wallet
6.1. The Application provides each account with a Wallet, of a "non-custodial" nature, which Users are free to use to carry out exchanges and transactions in relation to the use of the Services.
6.2 A characteristic of the "non-custodial" Wallet is that only the User owner of the Wallet possesses and controls the private key; this allows the User to have greater control over the content of their Wallet.
6.3 The User acknowledges that he has the exclusive responsibility of keeping his private key; in the event of loss of his private key, the Wallet and its contents may no longer be accessible.
6.4 The User may use his Wallet to purchase, store and carry out transactions, using the Utility Tokens present in the Wallet, acquired by the User through the conversion of fiat currency through the DaChain® application, in the manner indicated in this article.
6.5 For any activity involving the purchase of DaChain® NFTs in the Brand Page and/or the exchange of DaChain® NFTs in the Trade section, DaChain®:
a) in case of purchase on the Brand Page, will withdraw from the User's personal Wallet, a quantity of Utility Token corresponding to the value of the purchased DaChain® NFT; the purchased DaChain® NFT will be inserted in the personal Wallet of the purchasing User.
b) in case of an exchange in the Trade section, will credit (by withdrawing them from the Wallet of the transferee User) in the personal Wallet of the transferring User a quantity of Utility Tokens corresponding to the value of the transferred DaChain® NFT, net of the commission as per article 8.4 below; the transferred DaChain® NFT will be withdrawn from the personal Wallet of the transferring User and inserted in the Wallet by the transferee User.
6.6 In order to process the activities indicated above at letters a) and b), a time as long as 24 hours may be necessary to give DaChain® the possibility to implement the appropriate verifications of regularity of the operations.
6.7 DaChain® has no liability towards the User or third parties for any claims or damages that may arise, due to the fact that the transactions or transfers made on the Application are guaranteed to be of the quantity and quality that the User can usually find in content or services similar to those offered by DaChain®.
6.8 The User is aware that the Wallet is installed on a device owned by the User and is not intended as a private cryptographic key safeguard offered by DaChain® on behalf of Users.
Article 7 - Purchase of DaChain® NFTs on the Brand Page
7.1 DaChain® offers Users the possibility to purchase DaChain® NFTs available in the Brand Page of the Application.
7.2 In order to purchase DaChain® NFTs, the User must provide DaChain® with the quantity of Utility Token established and made public by DaChain® in order to purchase the ownership of the DaChain® NFT. DaChain® sets the purchase value of DaChain® NFTs and DaChain® NFT bundles based on the specific value of the DaChain® NFTs, which may vary, by way of example, based on the rarity/scarcity of the DaChain® NFT (determined by the number of DaChain® NFTs of the same type available and put into circulation) and/or the type of DaChain® NFT.
7.3 The "closed" packages of NFT DaChain® and the quantity and quality of the cards contained in them are specified by DaChain® when the packages are made available on the Brand Page. The User will be able to discover their content only when purchasing the "closed" package of NFT DaChain®.
7.4 DaChain® NFTs purchased by the User will be made available within his personal Wallet.
7.5 The User acknowledges and accepts that the purchase of DaChain® NFTs, either individually or in the form of packages, the User waives its right of withdrawal, according to art. 59, co. 1, letter o) of the Consumer Code.
7.6 The purchase value of DaChain® NFTs will include Value Added Tax (VAT), if applicable, as determined by User’s country of residence. However, the purchase value of DaChain® NFT will not include any other taxes, except VAT, which may be applicable to the purchase, receipt and holding of Tokens in any jurisdiction ("Tax payable").
It is the responsibility of each User to comply with the laws applicable in their country of residence in relation to the use of the DaChain® Services in accordance with the law applicable in that country, as well as other laws and regulations applicable to the User. It is also the responsibility of each User to consider, in accordance with the rules applicable in their country of residence, all applicable tax aspects, including but not limited to, direct and indirect taxation, except for VAT which may be applicable under this article 7, the application of withholding taxes, the applicable rules on the collection of reporting obligations and payment to the competent tax authorities. Without prejudice to the provisions of article 9 of these Terms and Conditions, DaChain® reserves the right to suspend access to the Services without prior notice and to suspend and/or cancel the Account, if it is notified by the competent authorities, in the forms and manner provided for by the internal laws and/or international regulations in force, of the violation of any law, rule and/or regulation applicable to the User in relation to the use of the DaChain® Services.
7.8 The User acknowledges and represents that the funds used to purchase Utility Tokens come from a legitimate source and are not derived from illegal activities; the User agrees that DaChain® may ask to provide, or otherwise collect, information regarding the source of the funds used to purchase Utility Tokens in accordance with applicable law.
7.9 By signing the Terms and Conditions, the User acknowledges and accepts the right of DaChain® to seize, block and/or close the account following reports and/or requests by the competent Authorities. The provisions contained in the following article 9 (Suspension, Termination and Cancellation of Account) apply, under the conditions.
Art. 8 - Exchange of DaChain® NFTs via the Resale Section
8.1 The User who holds DaChain® NFTs has the possibility to exchange them bilaterally, giving them in exchange for Utility Tokens, within the Resale section of the Application, without intermediation, aggregation and/or matching by DaChain® and at the contractual conditions freely negotiated from time to time between them.
8. Any User can offer through the Resale section its own DaChain® NFTs determining autonomously its value and, therefore, the quantity of Utility Tokens needed to sell it, necessarily respecting the minimum starting value eventually fixed by DaChain® for the same kind of DaChain® NFTs. The determination, by the User, of a value lower than the minimum starting value fixed by DaChain® for the same kind of DaChain® NFT, will imply the increase of the right of DaChain® to automatically increase such value to the minimum starting value eventually fixed by DaChain® for the same kind of DaChain® NFT.
8.3 DaChain® reserves in any case the right to remove from the Resale section any offer of a User which does not comply with these Terms and Conditions and/or which constitutes or may constitute a violation of the applicable legislation, as well as aimed at creating a manipulation and/or distortion of the economic conditions through, for example, practices aimed at inflating the price of DaChain NFT (e.g. multiple purchases by and/or on behalf of the same person) and/or at undermining the integrity of the market.
8.4 Following the conclusion of the transfer of the DaChain® NFT in the Resale section of the Application, a withdrawal from the Wallet of the transferee User will automatically take place. DaChain® will credit (by withdrawing them from the Wallet of the transferee User and then re-crediting them) in the personal Wallet of the transferor User a quantity of Utility Tokens corresponding to the value of the transferred DaChain® NFT, net of the fees due to DaChain® by the transferor User, to the extent indicated in the article. 8.7 below; the transferred DaChain® NFT will be withdrawn from the transferring User's personal Wallet and inserted in the Wallet by the transferee User. The conclusion of the transfer between Users of DaChain® NFT in the Trade section of the DaChain® Application implies the withdrawal, by DaChain®, of the NFT from the transferor's Wallet and its deposit in the transferee's Wallet, at the same time as the withdrawal of the agreed number of Utility Tokens from the transferee's Wallet and their crediting in the transferor's Wallet, net of the fees due to DaChain® by the transferor User, in the measure indicated in the following article 8.7.
8.5 By accepting these Terms and Conditions, the assigning User expressly authorizes DaChain®, as disclosed agent and solely for the purposes described herein, to withdraw from its wallet the DaChain® NFT and deposit it in the assignee's Wallet and to credit to its Wallet the agreed number of Utility Tokens, net of the fees payable to DaChain®.
8.6 By accepting these Terms and Conditions, the assigning User expressly authorises DaChain®, as disclosed agent and solely for the purposes described herein, to withdraw the agreed number of Utility Tokens from its Wallet and deposit them in the assigning User's Wallet, net of the fees payable to DaChain®.
8.7 When a DaChain® NFT is transferred within the Trade section, DaChain® charges the transferring User, for each DaChain® NFT transferred, a fee equal to 5% of the transfer value of the DaChain® NFT. The transferring User agrees to pay to DaChain® the applicable fees indicated in article 8.8 above.
8.8 Articles 7.6 to 7.9 shall apply to the exchange of DaChain® NFTs via the Resale section referred to in this Article 8, subject to the conditions.
8.9 Notwithstanding the foregoing and as specified in Section 16 below, DaChain® NFTs may only be exchanged and transferred within the DaChain® Application, and may not be exchanged or transferred in third party exchange platforms, such as a third-party marketplace and/or any other exchange platforms, whether centralised or decentralised.
Art. 9 - Suspension, Termination and Cancellation of the Account
9.1 DaChain® reserves the right to suspend User’s access to and use of the Application and the Account without notice if it receives reports of possible violations by the User or suspects that the use of the Application violates these Terms and Conditions or other applicable laws.
9.2 DaChain® may, at its sole discretion, suspend or terminate User’s Account, access to and use of the Application, without prior notice. DaChain® will not in any case be liable to the User and third parties for the termination of the User's account and the suspension/termination of the use of the Application.
9.3 DaChain® shall promptly inform the User of the suspension by e-mail (to the e-mail address associated with the account), indicating the reasons for the suspension and the duration thereof.
9.4 The User may withdraw from these Terms and Conditions at any time by requesting the deletion of the Account by writing an email with the subject line "Account Removal" to email@example.com
9.5 After receiving the cancellation request at the above-mentioned email address, DaChain® Team shall contact the User in order to request any information necessary for the account cancellation procedure, which the User shall provide within a maximum of 30 days. After receiving the necessary information from the User, the DaChain® Team shall grant the User a maximum period of 30 days to proceed with the conversion of the Utility Tokens eventually present in the Wallet, in the forms, with the modalities and within the period referred to in article 5 of these Terms and Conditions.
The process of deletion of the account by DaChain® may take up to 4 months from the User's request, in order to allow DaChain® to comply with all the verification activities necessary for the deletion of the Account.
9.6 The User is informed that the cancellation of the account may imply the irreversible deletion of all the User's data associated to the account, as well as the associated Wallet (including the DaChain® NFTs and the Utility Tokens stored in it) and the consequent impossibility for the User to convert the Utility Tokens eventually present in his Wallet into fiat money. Transactions made through the associated Wallet, however, will remain tracked within the blockchain network, over which DaChain® has no control.
9.7 Taking into account what is stated in article 9.6 above, the User is invited to request the conversion into fiat currency of the Utility Tokens eventually contained in his Wallet before requesting the cancellation of the account or, in any case, during the cancellation process indicated in article 9.5 above and, in any case, before the account is definitively cancelled by DaChain®, through the forms, methods and times indicated in article 5 of these Terms and Conditions. DaChain® grants the User a maximum period equal to 2 months to convert the Utility Tokens contained in his Wallet into fiat currency, through the modalities explained in article 4 of these Terms and Conditions.
9.8 Without prejudice to the right to terminate the relationship in cases of law, DaChain®, in its sole discretion, has the right to temporarily suspend or delete User’s Account in the event of a violation of these Terms and Conditions by the User or in the event that the User engages in unfair, fraudulent, criminal, or harmful behaviour. For example, but not limited to, in the following cases:
- the User violates, in whole or in part, these Terms and Conditions.
- the User does not provide or has not provided up-to-date, complete, true, correct, and lawfully held personal data.
- DaChain® has reason to suspect that the User is suspected of having committed or is about to commit fraud and/or other crimes and/or acts intended to constitute violations of applicable anti-money laundering and anti-terrorist financing legislation.
- the User conducts trade in the Trade section in an unfair, fraudulent, or criminal manner or in any way that disrupts the proper use of the service.
- use of DaChain® NFTs and/or related media content in a manner inconsistent with these Terms and Conditions.
- the User uses or has used the Services for illegal purposes or in a manner deemed by DaChain®, at its sole discretion, to be incompatible with the nature of the Services provided (such as, by way of example only, transmission and/or exchange of viruses; sending or dissemination of advertising; chain mail or pyramid schemes; spamming or junk mailing practices; transmission and/or exchange and/or dissemination of unlawful material or in any case material with racist, slanderous or defamatory, threatening, vulgar or obscene content).
- the User's credentials have been passed on to third parties or the User has created several DaChain® accounts.
- the User engages in suspicious transactions, by repeatedly purchasing and/or exchanging its DaChain® NFTs at prices lower than the minimum starting price set by DaChain® and/or excessively high.
9.9 The Users agrees that any suspension or termination of access to the Services may occur without notice and that DaChain® shall not be liable for the consequences of such suspension or termination.
9.10 In any case, DaChain® reserves the right to ask the User to provide explanations regarding the suspicious activities; also, the User may, spontaneously, provide DaChain® with any useful information regarding the facts underlying the suspicious activity. For the purposes of the following paragraph, the user may contact the DaChain® Team at firstname.lastname@example.org
Art. 10 - Licence
10.1 Based on these Terms and Conditions, DaChain® grants to the User a non-exclusive, limited licence to install and use the Application, limited to personal and non-commercial purposes.
10.2 The User is not granted any licence or transfer of intellectual property rights of DaChain®. In particular (and by way of example only) the User may not, in whole or in part, use, reproduce, download, copy, modify, publish, transmit, distribute, perform, display, download, license, incorporate into a database, create derivative works from, reverse engineer, transfer or sell any intellectual property, including without limitation DaChain® NFTs, media content embedded in DaChain® NFTs, information, items or other products owned by DaChain®; to use DaChain® NFTs for commercial purposes, advertising or promoting a product or service; to market products, physical or digital, that represent DaChain® NFTs and/or the multimedia content embedded in them.
10.3 The User may not use any automatic or manual practices, devices, processes, software, programs, algorithms, methods, or routines, including but not limited to "robots", "spiders" or other similar processes, features or technologies known now or developed in the future to interfere or attempt to interfere with, or impose an unreasonable burden on, the operation of the Application and Services.
10.4 The User is only authorised to use the Application for personal purposes and agrees not to duplicate, download, publish, modify, or otherwise distribute the content, including DaChain® NFTs, for any commercial use or for any purpose other than that described in these Terms and Conditions.
10.5 The User is the ultimate owner of the DaChain® NFT that he purchases on the Application in accordance with these Terms and Conditions, in a legitimate and bona fide manner. With respect to the DaChain® NFT purchased on the Application, the User acknowledges that all pre-existing intellectual property rights in the media content included in the digital good/service and/or material underlying the DaChain® NFT shall remain unaffected and that these Terms and Conditions do not intend to transfer such intellectual property rights to the User, which shall remain with DaChain® and/or DaChain® Partners and/or third party owners unless otherwise indicated on the relevant page of the DaChain® NFT. The User may only use the DaChain® NFT within the Application. Any use of the DaChain® NFT outside the DaChain® environment and, therefore, the DaChain® Application, is considered as non-compliant and, therefore, in violation of these Terms and Conditions.
Notwithstanding the above, the User has the right to freely dispose of the DaChain® NFT belonging to him within the DaChain® Application and within the limits of the Services available therein, subject to these Terms and Conditions and for strictly personal and non-commercial use.
Article 11 - Intellectual Property Rights
11.1 The Application is the property of DaChain®. Unless otherwise expressly specified, photographs, texts, advertising messages, images, animated sound sequences and in general any and all data, information or material made available on the Application (hereinafter the "Content"), as well as the design, graphic layout, technological and operational layout of the Application, as well as software, applications, algorithms, databases, inventions and know-how, are the property of DaChain® , the technological and operative structure of the Application, as well as the software, the applications, the algorithms, the databases, the inventions and the know-how, are owned by DaChain® or by third parties who have authorized DaChain® to use them and of which DaChain® is therefore the legitimate licensee.
11.2 The User expressly acknowledges the ownership of the intellectual and/or industrial property rights related to the Application, to DaChain® NFT and to all the above mentioned and, therefore, agrees to use them only and exclusively within the limits and according to the conditions of these Terms and Conditions. The reproduction on paper or computer support of the Application and of the elements contained or reproduced therein is allowed, provided that such reproduction is strictly limited to personal use, excluding publication and any other use for advertising and/or commercial purposes.
11.3 The User may not modify, duplicate, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer or sell information, software, products, or services obtained from the Application. With the exception of the reproductions allowed under the previous paragraph and in the absence of prior written authorization from DaChain®, any use, reproduction, or modification, by any process or on any medium, of all or part of the Application, DaChain® NFTs and the other elements mentioned above is prohibited and constitutes an unlawful infringement of intellectual and/or industrial property rights.
11.4 DaChain® name and logo are registered trademarks of DaChain (Malta) Limited and/or its parent, subsidiary, or associated companies. The Application also mentions or depicts trademarks registered by parties other than DaChain® (e.g., Partners of DaChain®) which are used by DaChain® with the permission of their respective owners. The reproduction, imitation or affixing of these trademarks without the authorisation of DaChain® or their respective owners is unlawful.
11.5 Anyone wishing to activate a hypertext link to the Application must contact the person responsible for it and obtain a written authorization from DaChain®. DaChain® is not responsible for the products and services contained in the sites offering a link to the Application. DaChain® provides links to other sites for information purposes only and does not exercise, nor is it obliged to exercise, any form of control over them and declines any responsibility for damages, claims or losses, direct or indirect, deriving from the consultation, viewing and/or operation of the services provided by third party sites.
11.6 Except as expressly provided, the purchase of the DaChain® NFT within the Application does not imply, in any way, the assignment of the copyright and any other Intellectual Property Right (e.g., patent, image rights, copyright, trademarks, know-how, etc.) of DaChain® and/or third parties on the multimedia content included in the digital good/service and/or material underlying the DaChain® NFT.
Article 12 - Processing of personal data
12.1 The navigation of the Application, the registration of the account and its possible subsequent updating and the use of the Services, imply the processing by DaChain® of the personal data of the Users.
12.3 In any case DaChain® refrains from using any content other than personal data that has been provided by the User in the context of the use of the Application, except in the event that such content:
- is of no use outside the context of the Application provided by DaChain®.
- refers only to the User's activity related to the use of the Application.
- has been aggregated by DaChain® with other data and cannot be disaggregated or otherwise not without disproportionate effort.
- has been generated jointly by the User together with other Users, and the latter may continue to use the content.
Art. 13 - Limitation of liability
13.1 Unless otherwise stated, the Services and any other content and/or information of the Application are provided "as is" by making available to Users in the Apps Store and on the web the latest updated version of the Application. DaChain® will inform the Users of any updates made to the Application, through an appropriate notification that will appear on the icon of the Application in the Apps Store. DaChain® will have no liability towards the user in case of malfunction or other lack of conformity of the Application related to the non-use of the latest updated version if the User has not downloaded it within 7 days from the publication of the update in the Apps Store.
13.2 DaChain® shall not be liable towards the User in case of non-performance of its obligations, delays, malfunctioning, suspension and/or interruption in the supply of the Services which are the consequence of facts not attributable to DaChain® itself (such as, for example, malfunctioning of the connection equipment used by the User or incorrect use of the Services by the User) or, in general, the occurrence of force majeure or fortuitous events (such as, by way of example but not limited to, interruption of electricity or telephone lines or connection to the network, strikes, industrial disputes, wars, embargoes, vandalism and terrorism, tampering or illicit intervention by third parties on services or equipment, epidemics, flooding, earthquake, fire and other natural disasters) or the incorrect use of the Services by the User.
13.3 DaChain® is only liable for any lack of conformity of the Services that occurs within two years from the moment of the creation of the account by the User. However, DaChain's liability shall be limited, to the extent necessary to the amount of fees received by the User: (i) in connection with a specific good and/or service, if such good and/or service is the cause of the said liability; (ii) during the duration of the contractual relationship with the latter, if such liability arises from the said contractual relationship.
13.4 Any action by Users to claim any lack of conformity at the time of provision of the Application shall be barred, in any case, within twenty-six months from the creation of the account by the User if they become apparent within that period.
13.5 The User acknowledges that the regulatory regime governing blockchain technologies, Utility Tokens and NFTs is uncertain to date and that this may adversely affect the development of the Service and the usefulness of NFTs.
13.6 The User acknowledges that the value of a NFT is subjective and subject to fluctuations, which may positively or negatively affect their purchase and/or exchange price.
13.7 The User accepts the security risks inherent in experimental technologies such as blockchain and NFT and agrees that DaChain® will not be liable for any breach of security unless caused by DaChain®'s gross negligence. DaChain® undertakes to take all commercially reasonable and possible actions in order to do everything possible to ensure and guarantee security within the Application; however, it has no control over what happens within the blockchain network.
13.8 Transactions that take place on the Application, including but not limited to DaChain® NFT sales on the Brand Page of the Application as well as DaChain® NFT exchanges in the Resale section of the Application, are based on the use of experimental smart contracts ("smart contracts") and blockchain technology, including NFTs. The User acknowledges and agrees that these technologies are experimental and inherently risky and agrees to access and use the Application at his own risk.
As further specified in Article 16, Utility Tokens and DaChain® NFTs do not constitute securities of any form, units of a collective investment scheme or any other form of regulated investment or investment product.
13.9 The User is invited to consult the "Risk Disclaimer" document available in Appendix A in this page, which is intended to present a non-exhaustive list of risks associated with the Services and products offered through the Application as well as any conflicts of interest that may exist.
Art. 14 - Suspension and interruption of Services
The Services are provided for an indefinite period. DaChain® reserves the right to temporarily suspend the Services in case of congestion and/or overload of the system, as well as in order to guarantee the ordinary and extraordinary maintenance interventions, without assuming any responsibility. DaChain® undertakes, where applicable and possible, to make known the scheduled temporary suspensions by notifying the Users through an appropriate notice on the Application.
Art. 15 - Modification of the Terms and Conditions
15.1 DaChain® reserves the right to modify the provisions of these Terms and Conditions for justified reasons, in order to adapt them to the requirements of an administrative, economic and/or technical-management nature and to the changes in the applicable legislation, by notifying the User by email, who will then be entitled to terminate the relationship and cancel the account, in accordance with the provisions of these Terms and Conditions. On the other hand, changes of a non-material nature and/or such that do not limit and/or materially affect the rights of the User may be made without prior notification.
15.2. If changes to the Terms and Conditions are imposed by law and/or by provisions of mandatory authorities, such changes will apply with immediate effect to the contractual relationship, without the User having to accept such changes.
Article 16 - Regulatory information
16.1 DaChain is a company incorporated and operating in Malta and subject to the application of Maltese law. Access to the Application and services by non-Maltese residents is on their own initiative and they remain responsible for compliance with the regulations applicable to them. Pursuant to the legislation applicable to the Company at the date of these Terms and Conditions, the Company is not subject to any authorisation, licensing and/or registration ("Authorisations") with one or more competent supervisory authorities, as the services performed by the Company and the products offered by it do not constitute reserved activities. Nevertheless, the Company has decided to voluntarily implement a series of controls and procedures aimed at ensuring the most effective compliance with applicable regulations and industry best practices. More information on the Company's policies, including the AML-CFT Policy, is available upon request from interested parties who have a legitimate interest in obtaining such information.
16.2 Risks arising from the absence of Authorisations: The absence of Authorisations means that there is no regulatory oversight and no application of the remedies otherwise available under the legislation for the protection of investors and/or savers, including the Investor Compensation Scheme and the Depositor Compensation Scheme (https://www.mfsa.mt/our-work/depositor-and-investor-compensation-schemes/) under Maltese law.
16.3 No promise of return and/or financial return: The purchase of DaChain NFTs (and therefore the previous purchase of Utility Tokens necessary for their purchase) must be intended only for those who want to benefit and enjoy the ownership of the same for non-financial and/or speculative purposes, but rather for collecting, amusement and/or consumption: This implies that the Users should not expect any financial or speculative return from the purchase, sale, exchange of the above mentioned DaChain NFTs, which, although they may increase or decrease in value on the basis of their rarity and uniqueness, should not be considered as products which can offer a promise of return and/or future return resulting from the use of the capital necessary for their purchase. Neither DaChain NFTs nor Utility Tokens constitute a financial product, financial instrument, payment instrument, electronic money and/or virtual currency, legal tender, falling instead within the notion of "Virtual Token" under the Maltese legislation, which applies to the issuance of the tokens and their subsequent transactions on the Application.
16.4 No external secondary market: In particular, neither Utility Tokens nor DaChain NFTs are intended or eligible for admission to trading and/or exchange in any secondary market outside the Application and are therefore not intended to be liquid or readily liquid instruments. Although they may be used on the Application for the purchase of one or more Services and/or DaChain NFTs and accepted by the Company for this purpose, Utility Tokens are not legal tender and therefore acceptance on the Application is on a voluntary and contractual basis.
16.5 Services performed by DaChain: The Application does not purport to perform any investment service, regulated brokerage nor to provide online exchange services between currencies and cryptocurrencies, custody nor multilateral trading and/or exchange platforms governed by particular terms, rather offering platforms where Users can, once in possession of DaChain NFTs issued by the Application, bilaterally and under independently negotiated terms and conditions (including, among others, quantity, price, underlying rights to the specific DaChain NFTs and/or further constraints) purchase one or more DaChain NFTs without the intermediation of the Company.
16.6 Closed network: The Application does not provide the possibility to convert, sell, purchase and/or otherwise dispose of DaChain NFTs or Utility Tokens in/through virtual currencies, nor to transfer or otherwise use such Utility Tokens outside the Application (e.g., external wallets).
16.7 Cooperation: The Company intends to operate transparently and in the spirit of loyal cooperation with administrative and/or supervisory authorities in order to safeguard the integrity of the NFTs market and to cooperate in the prevention of illegal activities such as fraud, money laundering and/or the financing of terrorism, among others. In the event that one or more administrative and/or supervisory authorities wish to request information on the Application, certain transactions and/or Users pursuant to applicable legislation, they are invited to contact the relevant department at the following e-mail address: [-] specifying (i) the content of the request in question, (ii) the legal basis of the request, as well as (iii) any further details that would allow the Company to cooperate with the requestors.
Art. 17 - Applicable law and jurisdiction
17.1 These Terms and Conditions shall be governed by and construed exclusively in accordance with Italian law.
17.2 In the event of a dispute, the User may refer the matter to the competent court of law, which in case of Consumer shall be that of the place of residence or domicile of the Consumer, according to the applicable regulations. In all other cases, any dispute which may arise between the User and DaChain® concerning the interpretation or execution of the Terms and Conditions shall fall under the exclusive jurisdiction of the court of Milan.
17.3. Pursuant to Article 14 of Regulation 524/2013, the User is informed that in the event of a dispute, he may lodge a complaint via the European Union's Online Dispute Resolution tool, at the following link http://ec.europa.eu/consumers/odr/
APPENDIX A - KEY DISCLOSURE DOCUMENT
IMPORTANT INFORMATION: This document outlines certain risks and aspects that you should take into account when accessing the Platform and/or availing of our services and/or products.
You should read this document carefully in all its parts and download a copy for your future reference. This document shall be read in conjunction with the full Terms and Conditions and does not purport to be exhaustive nor to amount to legal, fiscal and/or financial advice. Terms used in this document shall be construed in accordance with the Terms and Conditions. This document may not disclose or discuss all of the risks, or other significant aspects, of conducting transactions or of the transactions conducted, but it aims to provide as much information as possible on such matters in order to enable you to take an informed view on the Platform, its services, products, as well as the general risks featuring DLT Assets. You should consult your own independent professional advisors (legal, fiscal or financial) before accessing and/or requesting to access our Services, as you should access to such Services and/or perform any transaction only if you have fully understood its nature, the contractual relationship into which you are entering, all relevant terms and conditions and the nature and extent of your exposure to loss, as well as the risks featuring our Services and, in general, DLT Assets.
YOUR COUNTERPARTY: When accessing our Platform and/or availing of our services and/or products, by accepting our terms and conditions, you will enter into a contract with us. Your counterparty will be DaChain (Malta) Limited, a private limited company registered under the laws of Malta (C101600) and having its registered office at Level 3, Valletta Buildings, South Street, VLT1103, Malta, VAT no. [MT29135531]. You can communicate via e-mail by contacting email@example.com
OUR DUTIES TO YOU: We aim to provide you, once on-boarded, with our services at the best of our abilities. However, you should be aware that the Platform, including our website and any of its component have been developed as a standardized product and are not tailored basing on your profile: this implies that you shall acknowledge and accept that the use of the Platform is on an “as is” basis, at your own exclusive risk and as such we shall not be responsible, unless otherwise stated in terms of the applicable Law or in terms of this Agreement, for any loss arising out of the decision to avail of our Services and/or access to the Platform. You hereby acknowledge and accept that (i) when providing our Services to you, (ii) when accessing to the Platform and/or (iii) when otherwise providing any activity under this Agreement, we shall not be bound by any fiduciary duty, equitable duty, and/or additional obligation other than those arising and not otherwise subject to limitation by the Law. We shall not be required, at any time, to adapt, enhance, fix, modify or otherwise update nor upgrade the Platform, nor issuing any new release of the Platform nor any new service or functionality. Conversely, you shall comply with our instruction and/or communications in respect of all the necessary security and/or operational updates / downloads required from your side with respect to any software and/or hardware used for accessing to the Platform.
NATURE OF THE PLATFORM AND OF OUR SERVICES AND PRODUCTS
To date, the Company does not hold any authorisation, license, registration or other form of regulatory approval and/or supervision (“Approvals”). The current unregulated status of the Company depends on the type of services (namely, the operation of a curated peer-to-peer NFT marketplace) and products made available on the Platform (i.e. NFTs and DaCoin, both qualifying as Virtual Token in terms of the applicable law): in terms of the applicable law, the issuance of such DLT Assets and the provision of the above services do not currently require the prior obtainment of any Approvals.
This implies that you may not benefit from the same safeguards and protection otherwise available to consumers / investors dealing with regulated counterparts, which may include, amongst others, the registration with the Depositors nor the Investors Compensations Schemes in Malta, strict conflict of interests and remuneration rules, the appointment of a VFA Agent and on-going reporting requirement to the Authority.
In future and, if and when available, we may seek to obtain any Approval and/or participate in regulatory sandboxes, but there is no guarantee that such participation would be granted. For the sake of clarity, the admission to any regulatory sandbox would not amount to an endorsement, supervision and/or similar approval by any authority, unless otherwise expressly stated.
SERVICES: The Platform offers a curated NFT marketplace where selected NFT Partners can issue their NFTs in partnership with the Company. Following the initial drop of an NFT, NFT holders may sell and purchase NFTs with other on-boarded users of the Platform in a peer-to-peer manner. The Platform does not offer the custody of FIAT nor wallet services in respect of crypto-assets other than the provision of a non-custodial wallet supporting only DaCoin and the NFT. Without prejudice to the Services described above, the Platform does not offer any exchange, trading, transfer, management, advisory, reception and transmission service nor any other form of brokerage service in respect of DLT Assets, payment instruments, financial instruments or other comparable assets. In essence, the Platform operates as a curated marketplace, offering auction-like features, as well as interactive bulletin board functions enabling bilateral peer-to-peer interactions. The Platform would not operate any form of multilateral order matching algorithm/engine.
PRODUCTS: The Platform will exclusively support the following products:
- DaCoin: DaCoin qualifies as Virtual Token in terms of the applicable law and as such it does not fall under the scope of the VFA Act, nor it is subject to the requirement to publish a prospectus nor whitepaper. It would be structured as an internal, fungible, utility token, built on ERC-20 standard on a private permissioned blockchain, used as internal facility for the sole purpose of acquiring, transferring or otherwise disposing NFTs and/or otherwise availing of or using the services offered through the NFT Platform. DaCoin would not be listed on any DLT Exchange nor be convertible in other DLT Assets, deeming the purchase of NFTs and/or other services on the platform forming a sale/purchase transaction rather than a legal/technical conversion. DaCoin could then be redeemed by its holders into FIAT exclusively on the Platform. Conversely, such a procedure could not be performed through any DLT Exchange as DaCoin will not be available for trading nor listed on any DLT Exchange nor any DeFi protocol.
- NFTs: these would be one or more standardized types of NFTs having different underlings as further described below. In its substance, our eligible NFTs are digital assets, build on either ERC-1155 or ERC-721 standard, which would serve as proof of ownership of the NFT itself and/or providing certain rights concerning underlying assets. These can be purchased from the Platform upon their initial drop and that would then be purchased/sold within the marketplace on a peer-to-peer basis. More specifically, examples of such collectibles would include, among others, visual representations of artists, musicians, athletes, music and sport performances, events, and all other visual representations related to or connected to them and pertaining to several local and international events, sport federations and games. For the sake of clarity, underlying assets will not be any sort of financial instrument nor other DLT Assets.
AVAILABILITY OF THE PLATFORM
We shall be entitled, at our discretion and subject to any notification, to restrict the access or suspend the access to the Platform for any of the following events:
- system and software maintenance (including for emergency purposes);
- bank holidays or seasonal holidays; and
- any other event identified from time to time by Us as suitable to require suspension of the Platform.
ACCESS TO INFORMATION
Without limitation to our rights granted at law to limit, delay and/or suspend the provision of any information to you, we shall be entitled to withhold such information for, amongst others, the following reasons: (i) ensuring compliance with our legal obligations, including tax, accounting, AML-CFT obligations; (ii) comply with any directive, order, request and/or instruction provided by any regulatory and/or public body, including courts, enforcement agencies and tax authorities; (iii) comply with our confidentiality obligations vis-a-vis third parties; and (iv) lawfully safeguard our rights.
NATURE OF NFTs
When accessing our Services and/or evaluating the suitability to deal with NFTs, You shall consider the nature of NFTs as this differs substantially from traditional asset classes, including the Virtual Financial Assets (“VFAs”) and financial instruments. The followings are among the main characteristics of NFT:
- NFT are non fungible tokens and as such do not benefit from the liquidity traditionally featuring other DLT Assets;
- they are not legal tender nor they are regulated as VFAs;
- they may not be backed by physical assets and are not backed guaranteed by a government;
- they may not have intrinsic value;
- some of the NFTs may not circulate freely or widely and may not be listed on any secondary markets;
- they may be illiquid and therefore not easily saleable;
- they are generally a high-risk in view of their volatility;
- they do not classify as financial instruments, electronic money nor VFAs;
- they are intrinsically dependent on technology;
- they operate according to a principle of decentralization and lack of central authority;
- they may not be accepted as instrument of payment;
- they may not be easily transferable as generally VFAs, FIAT or stocks can be;
- unless otherwise stated, ownership of an NFT does not provide any ownership right and/or copyright on the underlying asset of the NFT.
Transactions involving NFTs are irrevocable. Lost or stolen NFTs may be irretrievable. Once a transaction has been verified and recorded on a blockchain, loss or stolen NFTs generally will not be reversible.
According to this you should exercise caution in relation to the sale and purchase of NFTs and NFTs themselves.
CONFLICT OF INTERESTS
When dealing with us, you acknowledge and agree that we provide or may provide our Services also to third parties, at conditions which may be different from the ones applicable to you: our Services shall not be deemed to be exclusive. Moreover, one or more of our officers, functionaries, shareholders or personnel, as well as any Group Company, may deal with NFTs, and/or have commercial, personal or business ties with one or more of our NFT Partners, and/or avail of our Services (e.g. purchase NFTs on the Platform at different conditions from other users).
As NFTs operate on technology-driven distributed platforms, these platforms may also become subject to a technology-related failure. This failure could arise as a result of, amongst others, a lack of access to the internet, malfunction, majority-mining, decreased community or miner support, the existence or development of competing networks, flaws in the scripting language, disputes between developers, breakdown of the network and/or the relevant protocols and/or software, or a natural disaster. If a technology failure were to occur, access to the NFTs that are offered on the affected platform and/or to the Platform in its entirety could be interrupted for the period of time for which the failure subsists.
DLT and, more in general, blockchain, is an independent public peer-to peer network and is not subject to regulation or control by any authority or firm. As such, the company is not responsible for any failure, mistake, error and/or breach which shall occur on the blockchain.
Neither the company nor, in most cases, NFTs platforms own nor control the underlying software protocols which govern the operation of the NFTs. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them.
In extraordinary circumstances, being these defined as circumstances outside the control of the Company, including, but not limited to severe security breaches, force majeure events, judicial orders, the Company may, at its sole discretion, dispose a temporary suspension of all the services provided on the Platform in order to restore the fair and orderly functioning of its functions.
Where viable, the Company shall announce the above mentioned action on its Website and/or through a newsletter to its Clients, by providing at least 24 hours in advance.
Should the circumstances impede such notification, the Company shall publish the notification via Website without delay.
LACK OF RECOGNITION OF NFTs
To date, NFTs and/or other forms of utility token, such as the DaCoin, are not universally recognised as being either a form of currency, VFAs, financial instrument or other form of financial asset. In Malta, other than for their classification as virtual token, NFTs are not subject to the VFA Act (Ch. 590 of the Laws of Malta), and the provision of certain services in or from within Malta, such as the operation of a platform such as our platform, does not amount to a licensed nor registered activity under the VFA Act. However, it may be the case that certain countries recognise NFTs and/or utility token, such as DaCoin, as a form of financial instrument and/or currency, but others do not. The stance of particular jurisdictions as to the classification of NFTs and/or utility token from a legal and/or regulatory perspective may also change from time to time. The foregoing factors could result in a lack of certainty as to the classification of NFTs and/or utility token, which could have an adverse effect on the value of said NFTs and/or utility token.
LOSS OF PRIVATE KEY IS PERMANENT AND IRREVERSIBLE
The Company does not offer custodial wallet services. This means that you alone shall be responsible for securing your private key in respect of any address. Losing control of your private key will permanently and irreversibly deny you access to your NFTs. Neither the Company nor any other person will be able to retrieve or protect your NFTs. Once lost, you will not be able to transfer your NFTs to any other address or wallet. You will not be able to realise any value or utility that the NFTs may hold now or in future.
Residents, Tax residents or persons having a relevant connection with jurisdictions other than Available Jurisdictions are prohibited from using and/or accessing to our platform and/or our services. Changes in your place of domicile or Applicable Law may result in you violating any legal or regulatory requirements of your applicable jurisdiction.
Moreover, we will not accept as user any of the following:
- Users residing/acting in or from within FATF blacklisted jurisdictions;
- Users acquiring/ selling utility tokens on the NTF NFT Platform by means of a credit card
- issued by a credit or financial institution incorporated in a FATF blacklisted jurisdiction;
- Users included in any US/UN/EU/Maltese sanction list;
- Users acquiring/ selling utility tokens on the NTF NFT Platform by means of a credit card
- issued by a credit or financial institution that is included in any US/OFAC/UN/EU/Maltese
- sanction list
- Users who have been involved in any form of financial crime;
- Users that make it impossible to verify the legitimacy of their activities or the source of
- Users who refuse to provide the required information or documentation;
- Users involved in child pornography;
- Users involved in illegal drug paraphernalia;
- Users involved in the production or trade in radioactive materials and or arms of mass
- Users involved in the production or trade in weapons and munitions or spare parts of war
- related vehicles;
- Users involved in production or activities involving harmful or explosive forms;
- Users involved in forced/harmful child labour activities;
- Users involved in any form of counterfeit goods;
- Individuals linked and/or dealing with Carbon credit trading schemes, unless such trading
- takes place on a regulated market;
- Individuals linked to pseudo-chivalric orders or self-styled orders which are not officially
- Users involved in nutraceuticals and pharmaceuticals acquired over the internet; and
- Users who have been convicted in ultimate instance of criminal offenses which are also
- criminal offenses in Malta and/or in the EU.
Another risk related to NFTs is the regulatory uncertainty which could also be a factor that may increase or decrease NFT’s value.
There could be the possibility that Company cancels, suspends or modifies its services, or otherwise restricts or suspends your access to our Services to comply with Applicable Law and its contingent amendments.
The Company strongly recommends you obtain independent legal, tax and financial advice and that you continue to monitor the legal and regulatory position in respect of the NFTs.
You should also be aware of the provisions of the EU Commission Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 (“MiCA”). This proposal seeks to provide legal certainty for crypto-assets not covered by existing EU financial services legislation and establish uniform rules for crypto-asset service providers and issuers at EU level. MiCA will replace existing national frameworks applicable to crypto-assets not covered by existing EU financial services legislation and also establish specific rules for so-called ‘stablecoins’, including when these are e-money, and, eventually, certain fractional NFTs.
Prospective Clients should determine whether a transaction in NFTs is appropriate in their particular circumstances and should consult with their legal, business and tax advisers to determine the consequences of a transaction in NFTs and to arrive at their own evaluation of the transaction.
Transactions in NFTs may be only suitable for individuals who: (a) have the requisite knowledge and experience to evaluate such merits and risks of a transaction in NFTs; (b) have access to, and knowledge of, appropriate analytical tools to evaluate such merits and risks in the context of their personal situation; (c) are capable of bearing the economical risk of extremely high volatility, limited liquidity as well as potential loss of value featuring, traditionally, NFTs; and (d) recognise that it may not be possible to dispose of NFTs for a substantial period of time, if at all due to the lack of an organised secondary markets.
ANTI MONEY LAUNDERING AND COMBATTING THE FINANCING OF TERRORISM
In view of our unregulated status and in accordance with the applicable local law, the Company does not fall under the scope of the local AML-CFT framework and, in particular, it does not fall under the definition of “subject persons” in terms of the applicable law.
This notwithstanding, the Company has adopted a strong set of AML-CFT policies and procedures in order to reduce the risks of AML-CFT. Such policies and procedures include, amongst others, performance of KYC, transaction monitoring and business risk assessments.
You shall be required to promptly provide all the necessary KYC information in order to enable us to comply with our AML/CFT obligations and, lacking part or all of such information, you may not be able to access to our Services. Shall any of the information provided as part of our KYC varies (e.g. change in residential address or number of passport), you shall immediately inform us. We will provide our checks and controls independently from the information provided and You agree that We (or our contractors) may periodically run checks on you, your financial or credit status, as well as any other information deemed useful, instrumental or necessary for the purpose of completing our KYC. We intend to cooperate with any relevant authority where required to do so in terms of the applicable Law: this implies that we may disclose any information concerning you to any public body, tax, regulatory, financial or other law enforcement entity or court. Processing KYC information may require some time: we may not be able to provide You with our Services and/or you may not be able to access to the Platform until the relevant KYC information have been provided to us.