GENERAL TERMS AND CONDITIONS
(draft – for information purposes only)
These General Terms and Conditions (“Terms”) contain the terms and conditions that govern your use of the TOL token and purchase of the related TOL tokens distributed on the Ethereum blockchain and constitute an agreement between Tolar HashNet ICO entity (“TOLAR”, “we”, “us”, “our”) and you (“you”, “tokenholder”, “contributor” or “user”) when you are purchasing TOL tokens from us.
Please read these Terms carefully and make sure you understand everything. By selecting “I agree” and submitting an application form in the KYC Procedure, you acknowledge and agree that you have read these Terms and that you accept and undertake to be legally bound by them. You may not use our Website and the content contained and you may not purchase or attempt to purchase TOL tokens if you are under 18 years old or if you are a citizen, resident, habitant or legal entity Incorporated or under the control of another legal entity in Restricted Use Areas as further described in these Terms. If you do not agree to any of the specific terms or meet the specific conditions outlined herein, you may not access or use our Website and the content contained, TOL tokens or other Products, and do not participate in the TOL token distribution.
TOLAR IS NOT A FINANCIAL INSTITUTION AND IS CURRENTLY NOT UNDER SUPERVISION OF ANY FINANCIAL SUPERVISORY AUTHORITY. TOLAR AND THE WEBSITE OFFERS THE USE OF ITS PRODUCTS AND ACCESS TO ITS ECOSYSTEM AND DOES NOT PROVIDE INVESTMENT SERVICES (INCL. INVESTMENT ADVICE), FINANCIAL PRODUCTS OR ANY OTHER LICENSED FINANCIAL SERVICES. THE TERMS DO NOT CONSTITUTE A SOLICITATION FOR INVESTMENT OR ANY SECURITY AND SHALL NOT BE CONSIDERED AS ANY OFFER FOR SALE OR SUBSCRIPTION OF, OR ANY INVITATION TO OFFER TO BUY OR TO SUBSCRIBE FOR ANY SECURITIES, NOR TOLAR PRODUCTS.
WE RESERVE THE RIGHT TO CHANGE, MODIFY AND REPLACE THESE TERMS AT ANY TIME BASED ON OUR SOLE DISCRETION WITHOUT ANY PRIOR NOTICE TO YOU. ANY CHANGES WILL BE EFFECTIVE IMMEDIATELY UPON POSTING ON OUR WEBSITE. IT IS YOUR RESPONSIBILITY TO REVIEW THESE TERMS REGULARLY. IF AT ANY TIME YOU DO NOT AGREE TO THESE TERMS, PLEASE STOP USING OUR SERVICES AND ACCESSING OUR WEBSITE. YOU WILL BE DEEMED TO HAVE ACCEPTED CHANGES TO THE TERMS, BY CONTINUING TO USE OUR SERVICES AND ACCESS OUR WEBSITE, PLATFORM AND OUR PRODUCTS.
TOLAR EXPRESSLY DISCLAIMS ANY AND ALL RESPONSIBILITY FOR ANY DIRECT OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM: (I) RELIANCE ON ANY INFORMATION CONTAINED IN THESE TERMS, (II) ANY ERROR, OMISSION OR INACCURACY IN ANY SUCH INFORMATION OR (III) ANY ACTION RESULTING THEREFROM, (IV) USAGE OR ACQUISITION OF TOL TOKENS OR ANY OTHER PRODUCTS, AVAILABLE THROUGH THE WEBSITE.
2.1. The following terms used herein shall have the following meaning:
- “Account” means a User’s account which is automatically created by submitting a complete KYC Procedure application form and can be used to participate in the TOL token distribution as further described in section 5.
- “TOLAR Materials” means any content, materials, tools and software contained in Website, Platform, Services, or any other TOLAR Products, and the TOLAR documents published therein. Any information contained in the TOLAR Materials is of descriptive nature only, is not binding and do not by any means form part of these Terms.
- “TOLAR” or “Company” means TOLAR HashNet legal entity, in the process of incorporation, which is the seller of TOL tokens.
- “TOL token” or “TOL” means Ethereum based cryptocurrency created and distributed by TOLAR as further specified in section 4.
- “Cryptocurrency” is a term that may be used to describe any form of decentralized digital currency, including but not limited to Bitcoin, Ether, etc.
- “Digital Asset”means any cryptocurrency accepted by TOLAR during the token distribution, which is Ether (ETH). Based on its sole discretion, TOLAR may amend the list of acceptable Digital Assets.
- “ERC20” means a technical standard used for Smart Contracts on the Ethereum blockchain for implementing tokens.
- “Ether” or “ETH” means a type of cryptocurrency used within the Ethereum blockchain network.
- “Ethereum” means open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.
- “European Economic Area”or “EEA” shall mean all EU countries and in addition Iceland, Liechtenstein and Norway.
- “Intellectual Property” shall have the meaning as specified in section 15.2. of these Terms.
- “KYC Procedure” shall mean a Know Your Client identification and verification procedure as specified in section 5 of these Terms.
- “Platform”shall mean TOLAR platform, as specified in section 3 of these Terms.
- “Platform Terms” shall mean any applicable terms, conditions and policies relating to the use of the TOLAR Platform.
- “Products”shall collectively mean the TOLAR Platform, TOL tokens and any other product that will be made available through the Website or Platform during the duration of these Terms by TOLAR.
- “Restricted Use Areas” means areas set out in section 7.1. of these Terms.
- “Smart Contract” is a self-executing computer protocol based on the Ethereum blockchain intended to automatically facilitate the transfer of cryptocurrencies or Digital Assets between parties under certain conditions, as well as performance of any other agreement written in the Smart Contract’s code.
- “Terms”means these General Terms and Conditions.
- “Third-party Wallet”means an ERC20 compatible software solution, enabling users to store their Digital Assets, which is not hosted at the Website or at the Platform and is not controlled by or related to TOLAR, and TOLAR is not liable for Third-party Wallet or deriving services, whatsoever.
- “User”means a natural person and legal entities who accesses the Website and/or Platform or in any way uses TOLAR Products and Services or participates in the TOL token distribution.
- “VAT”means value added tax of relevant jurisdiction.
- “Website”means the following website: https://tolar.ioand any other websites and/or URL which may replace it.
- TOLAR PROJECT, PLATFORM, PRODUCTS AND SERVICES
3.1.The main goal of the TOLAR Project is to develop and establish the distributed ledger project named “Tolar HashNET”, using HashNET as a consensus algorithm and the TOLAR tokens as the essential fuel for the newly established network(“Platform”).
3.2. The Platform acts as a fundamental infrastructure providing software solution and use of the TOLAR’s Products and Services, to its users(collectively referred to as “Products”). Products also include any other products and services TOLAR may provide in the future and which will be at a later stage available to the users by TOLAR.
3.3. The Platform will have a common cryptographic token within the ecosystem, so called TOL token. TOL is a utility token and payment method for transactions within the ecosystem, as further specified in section 4 of these Terms. Predominantly, TOL token is a necessary element for operating the distributed Tolar HashNET network as it serves as a “gas” – form of compensation made by the users of the platform for the execution of the requested operations within the HashNET based network. In this respect, the TOL tokens are established as an essential tool to initiate or conclude one or more transactions within the decentralized network, as well as to utilize the decentralized applications (“DApps”) built on the Tolar HashNET infrastructure.
3.4. TOLAR Products and Services are unregulated. TOLAR is not a financial institution and is currently not under supervision of any financial supervisory authority. TOLAR does not provide any licensed financial services, such as investment services, fund management or investment advice. None of the information or analyses presented herein are intended to form the basis for any investment decision, no specific recommendations are intended, and TOLAR Services, Website and Product do not offer, are not and shall not be construed as investment or financial products. In the event of any regulatory changes would impact TOLAR, TOLAR reserves the right to amend the operation, Products, Website and its Services.
3.5. TOLAR is not a provider of (a) exchange services between virtual currency and fiat currency; (b) wallet or custodial services of credentials necessary to access virtual currencies or (c) cryptocurrency mining services.
3.6. User expressly agrees and acknowledges that anytime throughout the duration of these Terms, the Products may require material, technical, commercial or any other changes and understands that an upgrade or modification of the TOL tokens may be required. If a user decides not to participate in such upgrade, the user acknowledges and agrees that non-upgraded TOL tokens may lose their functionality in full and that they may no longer use the TOL tokens.
3.7. Any potential future use of TOL tokens in connection with the provision or receipt of Products and Services on the TOLAR Platform will be subject to and governed by such other applicable terms, conditions and policies relating to the use of the TOLAR Platform (“Platform Terms”), except if otherwise provided herein. Such Platform Terms will be made available to TOLAR Platform and Products users, if and when the TOLAR Platform is successfully developed and deployed.
- TOLAR TOKEN (TOL)
4.1. TOL token is an ERC20 standard Ethereum token, which will be generated and distributed by TOLAR with the purpose of securing sufficient resources for the development and deployment of the TOLAR Products and Services. TOL token is strictly a utility token established for the purpose of utilization the TOLAR project. TOL token is expected to be used as a means to access TOL Products and Services and enable the usage of and interaction with the Products and Services, if and to the extent successfully completed and deployed.
4.2. Users may be able to acquire TOL tokens through the Platform, whereas TOLAR gives no warranties that TOL token will be exchangeable on any exchange or on any specific exchanges or that they shall remain exchangeable on the mentioned exchanges.
4.3.TOL tokens does not represent or constitute any ownership right or stake, share or security or equivalent rights or any right to receive future revenue shares, or any other form of participation in or relating to TOLAR, nor shall TOL token holders have any influence or rights in the development or governance of TOLAR. If you determine that TOL tokens may constitute securities subject to regulation in any country, we strongly advise that you refrain from acquiring them and suggest you immediately notify us.
4.4. TOL tokens are not an investment advice, a security nor an investment product and any action, notice, communication, message, decision, managerial act, or omission of the mentioned shall not be understood and interpreted as such. TOLARgives no guarantees as to the value of any of the TOL tokens and explicitly warns users that there is no reason to believe that TOL tokens will increase in value, and they might also decrease in value or lose their value entirely.
4.5. Please note that due to regulatory changes, we may decide to amend the intended functionalities of TOL tokens in order to ensure compliance with any legal or regulatory requirements to which TOLAR Platform may be or may become subject to. Also, we reserve the right to migrate the ERC-20 based TOL tokens to another protocol and to generate replacement TOL tokens on the new protocol in the future, should we in our sole discretion determine that doing so is necessary or useful for operation of our Services, Products or Platform.
- KYC PROCEDURE
5.1. In order to be eligible to participate in the TOLAR token distribution and acquire the TOL tokens, you will need to create an Account by undergoing our mandatory Know Your Client identification and verification procedure (“KYC Procedure”).By submitting the KYC Procedure application form, available on www.tolar.io you confirm and agree to (a) provide accurate, current and complete information about yourself, (b) maintain and promptly update your information from time to time as necessary, (c) maintain the security of your account and accept all risks of unauthorized access to your account and the information you provide to us, and (d) immediately notify us if you discover or otherwise suspect any security breaches related to the Website, the TOL tokens, or the information provided to us, and that (e) you do not act on behalf of any third party. You are only allowed to submit the KYC Procedure application once and TOLAR will block multiple KYC Procedure applications of the same user.
5.3. Once you have provided us with all the above personal Information and other required information we will process your KYC application. We will strive to perform KYC check within a reasonable time (presumably but not necessarily within 72 hours), whereas sometimes the process may last longer. After successfully completing the KYC Procedure, you will receive a confirmation email. ONLY AUTHORIZED USERS HAVE A RIGHT TO PURCHASE TOL TOKENS ON THE TERMS PROVIDED HEREIN, AND ONLY AUTHORIZED USERS MAY BECOME ENTITLED TO RECEIVE TOL TOKENS. You understand and accept that purchase of TOL tokens will not be possible from a public Ethereum wallet address that has not been previously registered according to the procedure defined herein.
5.4. If your proposed purchase is flagged through our internal controls, TOLAR may require additional identification information depending in case of any suspicious activity that may be indicative of illegal activity. You accept and agree that in cases where TOLAR has valid reasons to believe that your purchase of TOL tokens is used for money laundering or for any other illegal activity, or that you have concealed or reported false identification information and other details, and also if there is a valid reason to believe that the transactions effected via your Account were affected in breach of these Terms, TOLAR shall be entitled to require you to provide any additional information and documents to clarify the circumstances. You consent that you will disclose such information and documents to us in order to comply with applicable laws, regulations, rules, standards or agreements. You acknowledge that transactions may be frozen until the documents are reviewed by us and accepted as satisfying the requirements of the legislation for counteracting laundering of incomes from criminal activities and financing of terrorism.
5.5. TOLAR can request from you any additional identifying information and support documents at any time at the request of any competent authority or in case of application of any applicable law or regulation, including laws related to anti-money laundering (legalization) of incomes obtained by criminal means, or for counteracting financing of terrorism. By agreeing to these Terms, you acknowledge and agree that we maintain verification levels that require user participation and verification to obtain, with levelled permissions based on user-supplied information, our ability to verify it, and our internal policies. You accept that you may not be able to achieve your desired level of verification, and we reserve the right in our sole discretion, to determine the appropriate verification level for any user, as well as the right to downgrade users without notice and to not verify the user at all. We may, from time to time, implement policies restricting verification levels by nationality, country of residence, or any other factor. This may affect your right to purchase TOL tokens, and you indemnify TOLAR against any losses associated with an inability to purchase TOL tokens based on your verification level. You accept and agree that in cases where we have valid reasons to believe that your purchase of TOL tokens might be used for money laundering, the financing of terrorism or for any other illegal activity, or that you have concealed or reported false identification information and other details, we can reject your KYC Procedure application at our sole discretion and refuse to distribute TOL tokens to you. In highly unlikely cases, where you would be initially approved in the KYC Procedure and we would later on realize that you are from Restricted Use Areas (newly added or existing), we will, if reasonably possible, return Digital Assets paid by you to your address and we shall not issue/you will not be entitled to retain TOL tokens. You expressly agree and acknowledge that this might occur, and you hereby indemnify TOLAR against any losses associated with such event and your inability to purchase TOL tokens.
- TOL TOKEN SALE AND DISTRIBUTION
6.1. TOLAR intends to create 1.000.000.000 TOL tokens. TOL tokens are projected to be distributed in the following manner:
- 350,000.000 TOL tokens (35%) shall be made available to contributors in three phases – the Private Sale, Pre-Sale Phase and the Crowdsale Phase (as described in section 6.2.) – to secure contributions (funds) for future product development, operations and expansion;
- 200,000.000 TOL tokens (20%) shall belong to the TOLAR founders;
- 320,000.000 TOL tokens (32%) shall belong to TOLAR development fund;
- 8,000,000 TOL tokens (8%)shall be distributed to Proof of Stake Network Start Nodes
- 2,500.000 TOL tokens (2,5%) shall belong to Developers
- 2,500.000 TOL tokens (2,5%) shall belong to Advisors
6.2. TOL token sale phases. TOLAR will sell TOL tokens in two phases, as follows:
- (i) Private Sale. Minimum investment is 50 ETH.
- (ii) Pre-sale Phase.Minimum investment is 10 ETH.
- (iii) Crowdsale Phase.Minimum investment is 1 ETH. Crowdsale Phase is expected to start on August 15, 2018 and end (1) when the Maximum Threshold is raised, or (2) when all TOL tokens offered through the Crowdsale Phase shall be acquired by users, or (3) on Aug 23, 2018; whichever is sooner.
6.3. The base price for TOL token is set in ETH and users can only pay for TOL tokens in ETH. TOLARdoes also accept contributions in fiat currency and Bitcoin and reserves the right to amend acceptable Digital Asset at any time, based on its sole discretion.
6.4. TOLAR prices for private sale, pre-sale and ICO are:
Private sale – 0.000153114 ETH per TOL
Pre Sale – 0.000167033 ETH per TOL
ICO – 0.000183736 ETH per TOL
6.5. Minimum Threshold (Soft Cap) and Maximum Threshold (Hard Cap)
- (i) Minimum Threshold (Soft Cap) will be considered reached when the amount of 18.000 ETH is collected.
- (ii) Maximum Threshold (Hard Cap) will be considered reached when the amount of 57.000 ETH is collected.
6.6. TOL Distribution
- (i) Execution of distribution. In order to participate in the TOL token distribution and acquire TOL tokens, users are required to transfer the desired amount of ETH to the TOL token distribution Smart Contract address, which was provided to them by the TOLAR from an ERC20 compatible Digital Assets wallet address, which shall match the wallet address previously provided in the course of contributor’s registration on the Website. In exchange, the contributors shall receive the amount of TOL tokens which equals to the amount of the ETH the user transferred.
- (ii) Locking period. In the private and pre-sale phases the bonus was included in the TOL price, 20% for private and 10% for pre-sale. The locking period for bonus tokens is 3 months after listing of the 1st exchange.
- (iii) Allocation of tokens. In the event that Maximum Threshold is achieved, the ETH raised from the TOL tokens’ distribution shall be presumably, but not necessarily, used as follows: (a) 30% of the funds raised shall be used for founders and developers; (b) 10% for marketing expenses; (c) 25% for TOLAR company operating, administrative and other unforeseen expenses; (d) 30% for Platform development; and (e) 5% for legal and compliance expenses.
- (iv) Unsuccessful distribution. In the event that Minimum Threshold has not been achieved until the end of the Crowdsale Phase, we will not distribute TOL tokens and will instead return all paid in ETH, reduced by the amount of any transaction fees, to the contributors, within reasonable timeframe following the end date of Crowdsale Phase. ETHs shall be returned to the Digital Assets wallet addresses from where the contribution has been made by the contributors. In this event, contributors shall not have any right to receive any TOL tokens.
- (v) Distribution Channel. TOL tokens will be distributed through Ethereum network, which is the only official TOL distribution channel. The address of the TOL distribution shall be announced solely and exclusively by the TOLAR.io website. Every user needs to ensure that they are using hypertext transport protocol secure connection (“https”) and that domain name is correct, when acquiring TOL tokens with ETHs. No third-party provider has been allowed, authorized or endorsed by TOLARfor the distribution of TOL tokens.
6.7. To avoid risks related to volatility (edging) TOLAR may manage the funds received through TOL token distribution, by trying to minimize and/or avoid risks related to volatility using its best efforts, based on TOLAR sole discretion. You expressly agree to any measure TOLAR may apply trying to avoid and/or minimize risks related to volatility.
6.8. TOLAR reserves the right to change the terms, dates and times of TOL token sale and distribution based on its sole discretion, due to organizational or technical reasons.
7.1. Our Services, Website and Product are not directed or allowed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Product, Services or Website is or may be prohibited. Due to legal restrictions you are not allowed to access our Website, Services or Product if you are a located in, under the control of, resident, habitant or citizen of the United States of America, of China or a legal entity based, domiciled, under the control of, located, incorporated or in any other way considered to be a U.S. entity, Chinese entity under applicable legislation or if you are a resident, citizen or are located in any other jurisdiction in which applicable laws prohibit you to access our Website, Services and Platform (“Restricted Use Areas”). TOLAR EXPLICITLY PROHIBITS PERSONS OR ENTITIES IN RESTRICTED USE AREAS TO USE ITS WEBSITE, SERVICES AND PRODUCTS AND TOLAR SHALL NOT BE HELD LIABLE FOR ANY LEGAL OR MONETARY CONSEQUENCE ARISING OF SUCH USE. BY ACCESSING OR USING THE SERVICE, PRODUCT AND/OR WEBSITE YOU REPRESENT AND WARRANT THAT YOUR ACTIVITIES ARE LAWFUL IN EVERY JURISDICTION WHERE YOU ACCESS OR USE THE SERVICE. PLEASE NOT THAT RESTRICTED USE AREAS MAY CHANGE BEFORE/DURING/UNTIL THE END OF THE CROWDSALE. IN SUCH EVENT (IF RESTRICTED USE ARE SHALL CHANGE UNTIL THE END OF THE CROWDSALE, WE RESERVE THE RIGHT TO RETURN TO YOU ALL DIGITAL ASSET SEND TO US AND WE SHALL NOT ISSUE/UNLOCK TOL TOKENS).
7.2. You must be at least 18 years old to use our Services, Product and our Website. By using our Services, Product and accessing our Website you represent and warrant that you: (a) are at least 18 years old; (b) you have full power and authority to enter into this agreement (c) have not been previously suspended or removed from using our Services (d) that you are not located in, under the control of, habitant a national or resident or located in or under control of Restricted Use Areas (e) have not been placed on any of the sanctions lists, published and maintained by the United Nations, European Union, any EU country, UK Treasury and US Office of Foreign Assets Control (OFAC) (f) you are not located in, under the control of, resident, habitant or citizen of Restricted Use Areas;
7.3. If you are using the Services on behalf of a legal entity, you represent and warrant that: (a) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization and not in Restricted Use Areas; (b) you are duly authorized by such legal entity to act on its behalf (c) you are not incorporated, under control of or in any other way considered to be to be U.S. entity under applicable legislation in Restricted Use Areas (d) any beneficial owner of the legal entity, director, employee, services provider or any other individual in any way connected with the Company has not been placed on any of the sanctions lists, published and maintained by the United Nations, European Union, any EU country, UK Treasury and US Office of Foreign Assets Control (OFAC) or Restricted Use Areas;
7.4. You acknowledge and agree that you are NOT purchasing TOL tokens for purposes of investment, speculation, as some type of arbitrage strategy, for immediate resale or any other financial purposes. You represent and warrant that the execution and delivery of, and performance under, these Terms require no approval or other action from any governmental authority or person other than You. TOLAR shall have the right to implement necessary measures to monitor compliance of this section.
- NON-REFUNDABLE CONTRIBUTIONS AND REFUSAL OF CONTRIBUTION REQUESTS
8.1. All contributions to TOLAR in exchange for TOL tokens are final and non-refundable, and there are no cancellations except as set forth herein or as may be required by applicable law or regulation. You expressly agree and acknowledge that TOLAR is not required to provide any refund and that you understand that TOL token is not a consumer product and is therefore not covered by consumer protection regulation in any jurisdiction. You are solely responsible for sending your Digital Assets to the correct TOL distribution Smart Contract address and to send them from an ERC20 compatible Digital Assets wallet which is not a cryptocurrency exchange wallet. TOLAR is not responsible for any Digital Assets you send from such address and you acknowledge you may lose your payments made from these addresses and in these circumstances TOLAR shall not provide any refund to you.
8.2. We reserve the right to refuse or cancel TOL token contribution requests at any time in our sole discretion. To the greatest extent legally possible, you hereby waive any statutory or contractual right to withdraw from, or to rescind, these Terms. To the extent the TOLAR, in its sole discretion, decides to make a refund, any refunds will be made in ETH to the Digital Assets wallet address from where the contribution has been transferred. We are not responsible for any delays, losses, costs, non-delivery of refunds or of TOL tokens, or other issues arising from the failure to provide, or by providing an inaccurate, incomplete or incompliant Digital Assets’ wallet address in the KYC Application.
- DISCLAIMER OF WARRANTIES
9.1. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, OUR SERVICE, WEBSITE, PRODUCT ARE PROVIDED ON AN “AS IS,” AND “AS AVAILABLE” BASIS, WITHOUT WARRANTIES OF ANY KIND. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING IMPLIED WARRANTIES OF CONDITION, UNINTERRUPTED USE, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF THIRD-PARTY RIGHTS, AND WARRANTIES (IF ANY) ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE, IS GIVEN IN CONJUNCTION TO WEBSITE, SERVICES, PRODUCT, ANY SOFTWARE OR TOOLS CONTAINED IN WEBSITE, PRODUCT AND SERVICES AND IN GENERAL.
9.2. TOLAR DOES NOT WARRANT THAT THE SERVICE, PRODUCT OR WEBSITE WILL BE ERROR-FREE OR UNINTERRUPTED OR THAT ANY DEFECTS WILL BE CORRECTED IN REASONABLE TIME. YOU ACKNOWLEDGE THAT YOUR USE OF THE SERVICE, PLATFORM AND WEBSITE IS AT YOUR SOLE RISK.
9.3. While every effort is made to ensure that information contained in the Website or Product is correct, TOLAR disclaims all warranties regarding the accuracy, adequacy, correctness, completeness, reliability, timeliness, non-infringement, title, merchantability or fitness of any information on the Website and/or Product.
9.4. TOLAR does not guarantee the confidentiality or privacy of any communication or information transmitted through Services, on the Website or Product or any site linked to the Website. We will not be liable for the privacy or security of information, e-mail addresses, registration and any identification information (if applicable), disk space, communications, confidential or proprietary information, or any other content transmitted to us in any manner, or otherwise connected with your use of our Services, the Website or Platform. TOLAR does not guarantee that the TOL tokens shall be listed on any exchanges.
9.5. TOLAR shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software. You should also be aware that email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from TOLAR. Always log into your TOLAR through the Website to review any transactions or required actions, if you have any uncertainty regarding the authenticity of any communication or notice.
- RISK DISCLOSURE
10.1. It is your obligation to peruse, comprehend and carefully consider or seek legal advice as to the risks described below in addition to the other information stated herein before deciding to access our Website and using our Services our Product. If you access and/or use or Website, Service and Product you are accepting all the risks outlined in these Terms and other risks, not specified herein.
- (a) Legal Risk concerning Security Regulation. There is a risk that in some jurisdictions TOL might be considered to be a security, now or in the future. TOLAR does not give warranties or guarantees that TOL tokens are not a security in any jurisdiction. Each TOL token holder shall bear its own legal or financial consequences of TOL tokens being considered a security in their respective jurisdiction.
The legal ability of TOLAR to provide TOL tokens in some jurisdictions may be eliminated by future regulation or legal actions. In the event, it turns out with a high degree of certainty that TOL tokens are not legal in certain jurisdiction, TOLAR will based on its sole discretion either (a) cease operations in that jurisdiction, or (b) adjust TOL tokens in a way to comply with the regulation should that be possible and viable.
It is your obligation to check if acquisition and disposal of TOL tokens is legal in your jurisdiction, and by accepting these Terms you expressly agree and warrant that you will not use TOL tokens should their use not be legal in the relevant jurisdiction.
- (b) Risk of malfunction of blockchain. Nobody can guarantee the Ethereum source code used by TOLAR will be flaw-free. It may contain certain flaws, errors, defects and bugs, which may disable some functionality for users, expose users’ information or otherwise. Such flaw would compromise the usability and/or security of TOLARand consequently bring adverse impact on the value of TOLAR. Open source codes rely on transparency to promote community-sourced identification and solution of problems within the code.
- (c) Update of the Source Code. The Ethereum source code could be updated, amended, altered or modified from time to time by the developers and/or the community of Ethereum. Nobody is able to foresee or guarantee the precise result of such update, amendment, alteration or modification. As a result, any update, amendment, alteration or modification could lead to an unexpected or unintended outcome that adversely affects TOL and/or TOLAR operation or market value.
- (d) Internet transmission risks.You acknowledge that there are risks associated with utilizing an Internet-based Digital Assets, Products and Website including, but not limited to, the failure of hardware, software, and Internet connections. You acknowledge that TOLAR shall not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when using our Services, Website, Product howsoever caused.
- (e) Cryptography risks.You acknowledge that there are risks associated with cryptography, such as code cracking or technical advances such as the development of quantum computers, could present risks to all crypto-currencies including our Product. This could result in the theft, loss, disappearance, destruction or devaluation of the Product. To a reasonable extent, TOLAR will be prepared to take proactive or remedial steps to update the protocol underlying TOLAR in response to any advances in cryptography and to incorporate additional reasonable security measures where appropriate. It is impossible to predict the future of cryptography or the future of security innovations to an extent that would permit the TOLAR accurately guide the development of TOLAR to take into account such unforeseeable changes in the domains of cryptography or security.
- (f) Development Failure or Abortion. TOLAR is still in the process of development rather than a finished product ready to launch. Due to the technological complexity and difficulty that may be uncertain, unforeseeable and/or insurmountable, the development could fail or abort at any time for any reason.
- (g) Forking. Ethereum is an open source project and supported by the community. The developers of TOLAR do not lead the development, marketing, operation or otherwise of Ethereum. Anybody may develop a patch or upgrade of the source code of Ethereum’s source without prior authorization of anyone else. The acceptance of Ethereum patches or upgrades by a significant, but not overwhelming, percentage of the users could result in a “fork” in the blockchain of Ethereum, and consequently the operation of two separate networks and will remain separate until the forked blockchains are merged. The temporary or permanent existence of forked blockchains could adversely impact the operation and the market value of TOL and in the worst case scenario, could ruin the sustainability of TOLAR. While such a fork in the blockchain of Ethereum would possibly be resolved by community-led efforts to merge the forked blockchains, the success is not guaranteed and could take long period of time to achieve.
- (h) Risk of unfavourable regulatory action in one or more jurisdictions. Blockchain technologies have been the subject of scrutiny by various regulatory bodies around the world. TOL tokens could be impacted by one or more regulatory inquiries or actions, including but not limited to restrictions on the use or possession of TOL tokens, which could impede or limit their existence, permissibility of their use and possession, and their value.
- (i)Risk of theft and hacking. Hackers or other groups or organizations may attempt to interfere with your third-party wallet, the Website or the availability of TOL tokens in any number of ways, including without limitation denial of service attacks, Sybil attacks, spoofing, smurfing, malware attacks, or consensus-based attacks.
- (j) Risk of mining attacks.Ethereum blockchain, which is used for the TOL tokens, is susceptible to mining attacks, including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining”attacks, and race condition attacks. Mining Attacks, as described above, may also target other blockchain networks, with which TOL tokens interact with. Any successful attacks present a risk to the TOL tokens.
- (k) Risk of loss of value and uninsured losses. Value of TOL tokens may fluctuate and you may suffer loss in value of such acquired TOL tokens. In addition to loss of value risk, TOL tokens are entirely uninsured and are unlike bank accounts or accounts at some other financial institutions.
- (l)Unanticipated risks. Cryptocurrencies and blockchain technologies are new and untested technology an in addition to the risk outlined in these Terms, there are also unforeseeable risks that may materialize as unanticipated.
10.2. You acknowledge, agree and warrant that you have been warned of the potential risks involved by using our Services, Website, Ecosystem and Product and other relevant technologies mentioned herein as well as that there may be other risks involved, which are not specified herein and that you fully accept such risks.
- YOUR WARRANTIES
11.1. You represent and warrant, that you are acquiring TOL tokens for your own personal use and for your personal utility and not for investment or financial purposes. You also represent and warrant that you: (i) do not consider TOL tokens as security; (ii) understand that TOL tokens may lose all their value; (iii) that you are not acquiring TOL tokens as an investment; (iv) are aware of all other risks deriving from holding TOL tokens as specified but not limited to section 10 of these Terms and you accept them.
11.2. In addition to any other representations and warranties contained within these Terms, you further represent and warrant that you:
- have read and agree to these Terms;
- shall promptly provide to us, upon request, any additional information which we may consider necessary in providing Services to you, Product or using the Website;
- shall not use the Website, Service and Product for any illegal purpose or in any other manner inconsistent with these Terms;
- will use the Services, Website and Product in accordance with these Terms and with any applicable law and regulation;
- are solely responsible for any conduct carried through your account while using the Services, Website and Product;
- shall not violate or attempt to violate the security of the Website; Services and Product and you will not hack into, interfere with, disrupt, disable, over-burden, modify, publish, reverse engineer, participate in the transfer or sale, create derivative works, or otherwise impair the Website, Services and Product;
- shall not use our Services, Website and Product in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying our Services, Website and Product or that could damage, disable, overburden or impair the functioning of our Services, Website and Product in any manner;
- shall not use our Services, Website and Product to pay for, support or otherwise engage in any illegal activities; including but not limited to: gambling, fraud; money-laundering; or terrorist activities; or other illegal activities;
- shall not use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access our Services, Website and Product or to extract data;
- shall not use or attempt to use another user’s account without authorization;
- shall not attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services, Website and Product that you are not authorized to access;
- shall not operate as an unlicensed money transmitter, money service, payment service provider, e-money, or any other financial services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveller’s checks, and escrow services;
- shall not provide false, inaccurate, or misleading information; and
- shall not encourage or induce any third party to engage in any of the activities prohibited under this section.
12.1. You are solely responsible and liable to declare, bear and pay all taxes, duties, imposts, levies, tariffs and surcharges that might be imposed by the laws and regulations of any jurisdiction as a result of or in connection with the TOL tokens, use of Services, Website, Platform or any other TOLAR product. TOLAR is not giving any advice regarding tax issues and is not responsible for determining any tax implications connected with its Product, Website or Service. TOLAR makes no representation as to the tax implication of any jurisdiction. You shall be solely liable for all such penalties, claims, fines, punishments, liabilities or otherwise arising from his/her underpayment, undue payment or belated payment of any applicable tax.
12.2. All fees and charges payable by you to TOLAR are exclusive of any taxes and if certain taxes shall be applicable, they shall be added on top of applicable amount. Upon our request, you will provide us any information we reasonably request to determine whether we are obligated to collect VAT from you, including your VAT identification number. If any deduction or withholding is required by law, you will notify us and will pay us any additional amounts necessary to ensure that the net amount that we receive, after any deduction and withholding, equals the amount we would have received if no deduction or withholding had been required. Additionally, you will provide us with documentation showing that the withheld and deducted amounts have been paid to the relevant taxing authority.
- LIMITATION OF LIABILITY
13.1. TOLAR, ITS AFFILIATES, ENTITIES INCLUDED IN THE ECOSYSTEM, LICENSORS AND THEIR RESPECTIVE OFFICERS, EMPLOYEES, CONTRACTORS, DIRECTORS OR AGENTS TOTAL LIABILITY ARISING OUT OF THESE TERMS, WEBSITE, SERVICE, PRODUCT OR OTHERWISE, WHETHER BASED ON CONTRACT, TORT OR OTHERWISE, SHALL EXCEED 5,00 USD PER USER. IN NO EVENT SHALL TOLAR ITS AFFILIATES, ENTITIES INCLUDED IN THE ECOSYSTEM, LICENSORS AND THEIR RESPECTIVE OFFICERS, EMPLOYEES, CONTRACTORS, DIRECTORS OR AGENTS BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER, INCLUDING WITHOUT LIMITATION ANY DAMAGES CAUSED BY OR RESULTING FROM RELIANCE BY ANY USER ON ANY INFORMATION OBTAINED FROM TOLAR, OR THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM A FORCE MAJEURE EVENT, LOOS OF TOL, SUSPENSION OF ETHEREUM NETWORK COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO TOLAR’S RECORDS, PRODUCT, WEBSITE OR SERVICES. IN ADDITION TO THE ABOVE, TOLAR SHALL NOT BE LIABLE FOR ANY LOSS OF PROFIT, LOSS OF BUSINESS, TRADING LOSSES, LOSS IN VALUE, OR ANT OTHER LOSS. THIS APPLIES EVEN IF SUCH DAMAGES ARE FORESEEABLE.
13.2. EACH PARTY ACKNOWLEDGES THAT THE FEES PAYABLE HEREUNDER REFLECTS THE ALLOCATION OF RISK SET FORTH IN THE AGREEMENT AND THAT EACH PARTY WOULD NOT ENTER INTO THE AGREEMENT WITHOUT THESE LIMITATIONS ON LIABILITY.
14.1. You will defend, indemnify and hold TOLAR, its affiliates, entitles included in the ecosystem and licensors and its officers, directors, contractors, employees, agents and representatives, harmless from and against all claims, actions, demands, liabilities, damages, losses, costs and expenses (including legal fees) relating to or arising from (a) your use of our Services, Website, Product (b) your breach of these Terms or any other liabilities arising out of your use of the Services, Website and Product or the use by any other person accessing the Website, Service or Product using your computer and/or your Personal Information (c) your violation of any rights of any other person or entity in connection with these Terms (d) third-party claims concerning these Terms or your thereof. You will promptly notify us of any third-party claims, actions, or proceedings which you become aware of that involves TOLAR as a result of these Terms. TOLAR may participate with counsel of its own choosing in any proceedings describing above. If TOLAR will be required to respond to compulsory legal order, you will reimburse TOLAR for reasonable attorney and contractors fees for their time and material spent responding to obligatory legal orders. You will not agree to any settlement which imposes any obligation or liability for TOLAR without TOLAR prior written consent.
- INTELLECTUAL PROPERTY RIGHTS
15.1. TOLAR reserves all rights, titles and interest to the Services, Products, Website, and other Intellectual Property. Unless otherwise indicated by us, all copyright and other intellectual property rights in all content, software, tools and other materials contained on our Website, Product and Services, (collectively, “TOLAR Materials”) are the property of TOLAR, our licensors or suppliers and you hereby agree to comply with all proprietary notices contained in TOLAR Materials and these Terms.
15.2. In these Terms,Intellectual Property means all intellectual property rights and other similar proprietary rights in any jurisdiction, registered and unregistered, including, without limitation: (i) trademarks, service marks, brand names, certification marks, trade dress, assumed names, trade names and other indications of origin, the entire goodwill associated with the foregoing and registrations of, and applications to register, the foregoing; (ii) inventions, discoveries and improvements, whether patentable or not; (iii) patents, applications, provisional applications for patents, inventors’ certificates and invention disclosures; (iv) non-public information, ideas, trade secrets and confidential information and rights to limit the use or disclosure thereof by any person; (v) copyrightable works, including writings, databases, computer software programs and documentation; (vi) copyrights, registrations or applications for registration of copyrights, and any renewals or extensions thereof; and (vii) moral rights.
15.3. Under no circumstances will these Terms be construed as granting, by implication, estoppel or otherwise, a license to any Intellectual Property or components thereof other than as specifically granted in these Terms. You agree that TOLAR’s Intellectual Property may be used only as provided in these Terms. All rights not expressly granted herein are reserved.
15.4. We hereby grant you a limited, revocable, non-exclusive, non-transferable and non-sublicensable license to access and use the Website, Products and our Services for your personal use and strictly in accordance with these Terms. Such license is subject to these Terms and does not permit (a) any resale of the TOLAR Materials; (b) the distribution, public performance or public display of any TOLAR Materials; (c) modifying or otherwise making any derivative uses of the TOLAR Materials, or any portion thereof; or (d) any use of the TOLAR Materials other than for their intended purposes. The license granted under this Section will automatically terminate if we suspend or terminate your access to the Services, Website and/or Product.
- LINKS TO OTHER WEBSITES
16.1. Our Services, Website and/or Product may include links to third party websites, third party wallet providers or other service providers (“Third Party Sites”). If you use any links made available through our Services, Website or Product to reach other websites not maintained by TOLAR you will leave our Services, Website and Product. The linked sites are not under the control of TOLAR and TOLAR is not responsible for the content of any linked site or any link contained in a linked site. The linked sites are governed by the terms and conditions of that site.
16.2. TOLAR shall not be responsible or liable, either directly or indirectly, for any damage or loss caused or alleged to be caused in connection with your use or reliance on any such content, information, statements, representations, advertising, products, services or other materials available on or through Third Party Sites. TOLAR provides these links to you only as a convenience and the inclusion of any link does not imply recommendation, approval or endorsement by TOLAR of Third Party Sites, nor does it imply that the linked Third Party Sites recommends, approves of, or endorses TOLAR.
17.1. In connection with your use of our Service, Website and Product you may provide us with your Feedback (suggestions, ideas, reviews, comments, material and questions or other information and/or material). We will own exclusive rights, including all intellectual property rights, to any feedback, suggestions, ideas or other information or materials You provide to us, whether by email, posting through our Website, Product, Services or otherwise. You waive any rights you may have to the Feedback (including any copyrights to the extent permitted by law). And Feedback you provide to us is non-confidential, non-proprietary and is not subject to a third party license and we have no liability for any loss or damage suffered by you as a result of the disclosure or use of such Feedback.We have the right to disclose your identity to any third party who is claiming that any content posted by you constitutes a violation of their intellectual property rights, or of their right to privacy. We have the right to remove any posting you make on our website if, in our opinion, your post does not comply with the content standards set out in this section.
18.TERMS AND TERMINATION
18.1. This agreement is entered into for unlimited duration.
18.2. We reserve the right to terminate and/or suspend your access to our Services/Website, without giving you prior written notice and delete all related information and files related to your use of our Services, Product, Website, without liability to you, at any time for any reason, including, but not limited to, if based on our sole discretion believe: (i) You have violated these Terms, (ii) You create risk or possible legal exposure for us.
19.1. You agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures (collectively, “Communications”) that TOLAR provides in connection witha your use of TOLAR Website, Product and Services. You acknowledge and agree that TOLAR may provide these Communications to you by posting them on its Website or by emailing them to you at the email address you provide. Any email communication will be considered to be received by you within 24 hours after we email it to you and Communication via our Website will be effective upon posting. You should maintain copies of electronic Communications by printing a paper copy or saving an electronic copy.
19.2. Updating Contact Information. It is your responsibility to keep your email address with TOLAR up to date so that TOLAR can communicate with you electronically. You understand and agree that if TOLAR sends you an electronic Communication, but you do not receive it because your email address is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, TOLAR will be deemed to have provided the Communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add TOLAR to your email address book so that you will be able to receive the Communications we send to you. You can update your email address, mobile phone number or street address at any time by logging into or Website by sending such information to firstname.lastname@example.org
19.3. You may contact us by sending email to email@example.com for general questions. All legal notices (including legal disputes) must be sent in writing to the following address: COTRUGLI Fund, Ilica 242, Zagreb, Croatia, by certified or registered mail or postage prepaid, return receipt requested and addressed to the authorized representative of the relevant Party. All given notices must be in English language.
- GOVERNING LAW AND DISPUTE RESOLUTION
20.1.Any dispute between the parties will be governed by these Terms in accordance with the laws of EU, without giving effect to any conflict of laws principles that may provide for the application of the law of another jurisdiction. You agree and warrant that you will not commence against the other a class action, class arbitration or representative action or proceeding.
20.2. All disputes or claims arising out of or in connection with these Terms, including but not limited to its breach, termination, validity, nullity or any other disputes or claims arising out of or in connection with these Terms, Website, Products, the Services or any other matter shall be settled under the Rules of Arbitration of the International Arbitral Centre of the Austrian Federal Economic Chamber in Vienna (Vienna Rules) by three arbitrators appointed in accordance with the said Rules. The language to be used in the arbitral proceedings shall be English. The arbitration will be conducted confidentially.
20.3. Prior to filling any claims, you agree to file such claim, notification of any dispute or request to TOLAR within thirty (30) days of when it arises as the attempt of informal resolution of dispute. Notice to TOLAR shall be sent to firstname.lastname@example.org. If dispute between you and TOLAR is not resolved within thirty (30) days, following the receipt of your request, you are entitled to file a claim in accordance with previous section. Claims filled contrary to the provision set out in this paragraph shall be rejected as premature.
21.2. Assignment. These Terms shall be binding upon and inure to the benefit of the parties and their permitted successors and assigns. You may not assign or transfer any of your rights or obligations under these Terms without prior written consent from TOLAR, including by operation of law or in connection with any change of control. TOLAR may assign or transfer any or all of its rights under these Terms, in whole or in part, without obtaining your prior written consent or approval.
21.3. Force Majeure Events. TOLAR shall not be liable for (1) any inaccuracy, error, delays or omission of (i) any information, or (ii) the transmission or delivery of information; (2) any loss or damage arising from flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, or equipment or software malfunction or any other cause beyond TOLAR reasonable control (each, a “Force Majeure Event”).
21.4. Waiver. TOLAR failure or delay in exercising any right, power or privilege under these Terms shall not operate as a waiver thereof.
21.5. Severability. If any provision of these Terms is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other provisions of the Terms shall remain in full force and effect to the greatest extent permitted by law. Any invalid or unenforceable portion will be interpreted to affect the intent of the original portion. If such construction is not possible, the invalid provision of the Terms will be severed from these Term and the rest of the Terms will remain in full force and effect.
21.6. Press Releases. Any publicity, press release or other promotion that you wish to distribute that refers to TOLAR, shall be subject to TOLAR prior written approval.
21.7. Advice of Counsel. You acknowledge and warrant that by executing these Terms and accessing our Service, Website and/or Platform, you had the opportunity to seek the advice of independent legal counsel, and has read and understood all of the terms and provisions of these Terms.
21.8. Survival. Sections Eligibility, Risk Disclosure, Feedback, Intellectual Property, Links to other Websites, Disclaimer of Warranties, Limitation of Liability, Indemnity, Governing Law and Dispute Resolution and this section (Miscellaneous) shall survive any termination or expiration of these Terms.
21.9. If you need to contact us in relation to these Terms, please email us to email@example.com.
Tolar (the “Company”, “we”, “us” or “our”) respect your right to privacy and are committed to protecting your personal data. This privacy notice will inform you as to how we look after your personal data when you visit our website (regardless of where you visit it from) and tell you about your privacy rights and how the law protects you.
Purpose of this privacy notice
This privacy notice aims to give you information on how we collect and process your personal data through your use of this website, including any data you may provide through this website when you make a contribution for a Tolar token (the “ Token ”).
This website is not intended for children and we do not knowingly collect data relating to children.
It is important that you read this privacy notice together with any other privacy notice or fair processing notice we may provide on specific occasions when we are collecting or processing personal data about you so that you are fully aware of how and why we are using your data. This privacy notice supplements the other notices and is not intended to override them.
The Data Protection Legislation
On 25 th May 2018 Regulation 2016/678 of the European Union on the protection of personal data (“ GDPR ”) comes into force.
It is important that the personal data we hold about you is accurate and current. Please keep us informed if your personal data changes during your relationship with us.
This website may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control these third-party websites and are not responsible for their privacy statements. When you leave our website, we encourage you to read the privacy notice of every website you visit.
The data we collect about you
Personal data, or personal information, means any information about an individual from which that person can be identified. It does not include data where the identity has been removed (anonymous data).
We may collect, use, store and transfer different kinds of personal data about you which we have grouped together follows
Identity Data: includes first name, maiden name, last name, username or similar identifier, marital status, title, date of birth and gender.
Contact Data: includes address, email address and telephone numbers.
Financial Data: includes payment card details, wallet address.
Transaction Data: includes details about payments to and from you.
Technical Data: includes internet protocol (IP) address, your login data, browser type and version, time zone setting and location, browser plug-in types and versions, operating system and platform and other technology on the devices you use to access this website.
Usage Data includes information about how you use our website.
Marketing and Communications Data includes your preferences in receiving marketing from us and our third parties and your communication preferences.
We do not collect any Special Categories of Personal Data about you (this includes details about your race or ethnicity, religious or philosophical beliefs, sex life, sexual orientation, political opinions, trade union membership, information about your health and genetic and biometric data). Nor do we collect any information about criminal convictions and offences.
If you fail to provide personal data
Where we need to collect personal data by law, or under the terms of a contract we have with you and you fail to provide that data when requested, we may not be able to perform the contract we have or are trying to enter into with you (for example, to provide you with goods or services). In this case, we may have to cancel a product or service you have with us but we will notify you if this is the case at the time.
Your duty to inform us of changes
It is important that the personal information we hold about you is accurate and current. Please keep us informed if your personal information changes during your working relationship with us.
How is your personal data collected
We use different methods to collect data from and about you including through:
Direct interactions. You may give us your Identity, Contact and Financial Data as part of our KYC (“know your customer”) requirements by providing such information and completing the forms for our whitelist process. This includes personal data you provide when you:
- create an account on our website;
- make a contribution for a Token;
- subscribe to our service or publications;
- request marketing to be sent to you; or
- give us some feedback.
Automated technologies or interactions. As you interact with our website, we may automatically collect Technical Data about your equipment, browsing actions and patterns. We collect this personal data by using cookies and other similar technologies.
Third parties or publicly available sources. We may receive personal data about you from various third parties.
Data Protection Principles
We will ensure that the personal information we hold about you is:
- used lawfully, fairly and in a transparent way;
- collected only for specified and legitimate purposes that we have clearly explained to you and not used in any way that is incompatible with those purposes;
- adequate, relevant and limited to what is necessary in relation to the purposes we have told you about;
- accurate and kept up to date;
- not kept in a form which permits your identification for longer than necessary and kept only as long as necessary for the purposes we have told you about;
- kept securely; and
- not transferred to another country without appropriate safeguards being in place.
How we use your personal data
We will only use your personal data in accordance with Data Protection Legislation and the Data Protection Principals. Most commonly, we will use your personal data in the following circumstances:
Where we need to perform the contract, we are about to enter into or have entered into with you.
Where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests.
Where we need to comply with a legal or regulatory obligation.
Generally, we do not rely on consent as a legal basis for processing your personal data other than in relation to sending third party direct marketing communications to you via email or text message. You have the right to withdraw consent to marketing at any time by contacting us (see Contact Us).
Purposes for which we will use your personal data
We have set out below, a general description of all the ways we plan to use your personal data, and which of the legal bases we rely on to do so. We have also identified what our legitimate interests are where appropriate.
To register you on the whitelist
To process your contribution
To administer and protect our business and this website (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data)
Type of data
(f) Marketing and Communications
Lawful basis for processing including basis of legitimate interest
(a) Performance of a contract with you;
(b) Compliance with a legal obligation.
(c) Necessary for our legitimate interests (to keep our records updated and to study how customers use our products/services)
(d) Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise)
Note that we may process your personal data for more than one lawful ground depending on the specific purpose for which we are using your data. Please contact us if you need details about the specific legal ground we are relying on to process your personal data.
We strive to provide you with choices regarding certain personal data uses, particularly around marketing and advertising.
You can ask us to stop sending you marketing messages at any time by contacting us at any time.
Change of purpose
We will only use your personal data for the purposes for which we collected them.
If we need to use your personal data for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so.
Disclosures of your personal data
We may have to share your personal data with the parties set out below for the purposes set out in the table:
- liasing with regulators
- liaising with third party service providers (which may be providing other services to you e.g. wallet providers, KYC providers, exchanges);
- liaising with any individual person and/or entity to which we have outsourced certain functions;
- liaising with our legal advisors in respect of the services being provided to you by us.
Third parties to whom we may choose to sell, transfer, or merge parts of our business or our assets. Alternatively, we may seek to acquire other businesses or merge with them. If a change happens to our business, then the new owners may use your personal data in the same way as set out in this privacy notice.
We require all third parties to respect the security of your personal data and to treat it in accordance with the law. We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our instructions.
We do ordinarily not transfer your personal data outside the European Economic Area (the “ EEA ”).
In circumstances where we do need to transfer any data outside of the EEA we will strive to ensure that the individual or entity receiving the personal data provides an adequate level of protection for that personal data.
Please contact us if you want further information on the specific mechanism used by us when transferring your personal data out of the EEA.
We have put in place appropriate security measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality.
We have put in place procedures to deal with any suspected personal data breach and will notify you and any applicable regulator of a breach where we are legally required to do so.
How long will you use my personal data for?
We will only retain your personal data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements.
To determine the appropriate retention period for personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.
In most cases we will aim to keep records of personal data for a minimum of 5 years after the expiry of our contract.
Your legal rights
You have certain rights in relation to your personal data as summarised here:
- Right to be informed – you have the right to be provided with clear, transparent and easily understandable information about how we use your personal data and your rights; this is why we are providing you with the information in this privacy notice;
- Right to withdraw consent – where you may have provided your consent to the collection, processing and transfer of your personal information for a specific purpose, you have the right to withdraw your consent for that specific processing at any time;
- Right of access – you can request access to your personal data. This enables you to receive a copy of the personal data we hold about you and to check that we are lawfully processing it;
- Correcting information – where we hold information about you that is inaccurate or incomplete, you have the right to ask us to rectify or complete it;
- Right to be erased – This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it. You also have the right to ask us to delete or remove your personal data where you have successfully exercised your right to object to processing (see below), where we may have processed your information unlawfully or where we are required to erase your personal data to comply with local law. Note, however, that we may not always be able to comply with your request of erasure for specific legal reasons which will be notified to you, if applicable, at the time of your request
- Right to restrict processing – in certain circumstances you have the right to restrict some processing of your personal information, which means that you can ask us to limit what we do with it. For example, you to ask us to suspend the processing of your personal data in the following scenarios: (a) if you want us to establish the data’s accuracy; (b) where our use of the data is unlawful but you do not want us to erase it; (c) where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims; or (d) you have objected to our use of your data but we need to verify whether we have overriding legitimate grounds to use it;
- Right to object to processing – you can object to us processing your personal information in certain circumstances, including where we are using it for the purpose of the Company’s legitimate business interests;
- Right to data portability – you have the right to obtain from us and re-use your personal data for your own purposes. This only applies, however, where the processing is carried out by automated means, to personal data that you have provided to us yourself (not any other information) and where the processing is based on your consent or for the performance of a contract;
- Right to complain – you are able to submit a complaint to the Regulator about any matter concerning your personal information, using the details below. However, we take our obligations seriously, so if you have any questions or concerns, we would encourage you to raise them with us first, so that we can try to resolve them.
Subject Access Requests
You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may refuse to comply with your request in circumstances where your request is clearly unfounded, repetitive or excessive.
What we may need from you
We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response.
Time limit to respond
We try to respond to all legitimate requests as soon as reasonably practicable and, in any event, within 30 days of receipt of the request.
- data is information which is stored electronically, on a computer, or in certain paper-based filing systems.
- data subjects for the purpose of this policy include all living individuals about whom we hold personal data. A data subject need not be a EU national or resident. All data subjects have legal rights in relation to their personal information.
- personal data means data relating to a living individual who can be identified from that data (or from that data and other information in our possession). Personal data can be factual (for example, a name, address or date of birth) or it can be an opinion about that person, their actions and behaviour.
- data controllers are the people who or organisations which determine the purposes for which, and the manner in which, any personal data is processed.
- data users are those of our employees whose work involves processing personal data. Data users must protect the data they handle in accordance with this data protection policy and any applicable data security procedures at all times.
- data processors include any person or organisation that is not a data user that processes personal data on our behalf and on our instructions. Employees of data controllers are excluded from this definition but it could include suppliers which handle personal data on our behalf.
- processing is any activity that involves use of the data. It includes obtaining, recording or holding the data, or carrying out any operation or set of operations on the data including organising, amending, retrieving, using, disclosing, erasing or destroying it. Processing also includes transferring personal data to third parties.
- sensitive personal data and/or special categories of personal data includes information about a person’s racial or ethnic origin, political opinions, religious or similar beliefs, trade union membership, physical or mental health or condition or sexual life, or about the commission of, or proceedings for, any offence committed or alleged to have been committed by that person, the disposal of such proceedings or the sentence of any court in such proceedings. Sensitive personal data can only be processed under strict conditions, including a condition requiring the express permission of the person concerned.