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§ 1. Preamble
§ 2. General Provisions
- Administrator – Good Solution Investments Limited;
- API – a set of rules that enables the transmission of data between applications;
- Seller – the entity, being a natural person, legal person or organizational unit without legal personality who offers their products (goods or services) and who enables payments to be received in cryptocurrencies with the use of KangaPay or other entity who makes use of this method of payment as a service;
- Cryptocurrency – payment tokens which are in circulation on cryptocurrency exchanges;
- Buyer – the entity, being a natural person, legal person or organizational unit without legal personality, who makes a transaction of transferring cryptocurrencies with the use of KangaPay functionality;
- Products – goods and services offered by the Seller;
- KYC/AML – a set of actions in result of which information on the specific users are obtained. The actions are carried in order to establish the financial security measures adequate for a given business relation and to assess the risk related to counteracting money laundering and the financing of terrorism, considering the specific types of risks;
- User – the person who makes use of KangaPay;
- Fiat currency – legal tender issued by the appropriate state or international institutions.
- References to a ‘Section’, ‘Paragraph’, ‘Item’ or ‘Letter’ are references to the editorial unit of these documents;
- Reference made to the document means a reference to the appropriate document along with its further amendments and modifications, unless the contents of the reference state otherwise;
- the terms which define one gender shall include all genders;
- the terms which define a singular shall also include the plural of the referred term and the terms which define the plural will also include the singular of the referred term,
§ 3. The KangaPay Service
- The KangaPay service consists in a functionality which enables sending and receiving payments (the so-called method of payment).
- With the use of the KangaPay service the User has the possibility to pay for a product offered by the Seller in the cryptocurrency preferred by the Buyer, and the Seller has the possibility to receive the payment in the cryptocurrency of their own choice.
- The Administrator will not at any moment be in the possession of the fiat currency nor be providing the service of transferring the fiat currency between the Seller and the Buyer. The functionality of KangaPay may only be used for cryptocurrencies. In order to sell the obtained cryptocurrencies the Users must use another service, which is not available as part of the KangaPay service.
- The KangaPay functionality is available as one of the additional services provided as part of https://trade.kanga.exchange.
- The KangaPay service can be accessed by using a public and a private key – the private key enables the communication with the Administrator’s server to be authorized, hence, the private key should be protected against being accessed by third parties. For the Seller to use the service it is required that they go through the KYC/AML procedure at https://trade.kanga.exchange. Once the procedure is completed, you should enter your profile at the Service and fill out the form available under KangaPay tab. Once the form is accepted by the Administrator, you will receive a public and a private key, which should be used to communicate based on the API of the Administrator’s service. The Seller may then add the functionality to their service and use it as a method of payment.
- Accessing the KangaPay service by the Buyer is possible if they can see such a method of payment on the Seller’s service. The Buyer must have an account at https://trade.kanga.exchange. The Buyer may generate a one-time code in their profile and use it later in order to make their payment to the Seller.
- The Seller declares that:
- they are aware of the method of taxation for cryptocurrencies in the country they operate in, including the fact that in principle receiving payments for their products in cryptocurrencies does not exempt them from the obligation to declare tax and depending on the method of taxing their business activity the tax may also be applicable on current basis and not only on yearly basis as their capital gain;
- in case of any doubts with respect to the taxation they shall contact a tax advisor in order to settle their public-law liabilities in the accurate manner;
- they act on their own behalf and for their own benefit, and in particular they are not an entity, or they do not act on behalf of a person or entity who is a citizen or resident of countries whose law limits or forbids participation in procedures related to cryptocurrencies;
- they are aware that KangaPay only functions as a method of payment and that the Administrator is not a so-called institution obligated towards the Seller’s clients (i.e. the Buyers) as part of a business relation that exists between the Buyer and the Seller;
- in relations to a contract being made with the Administrator, on the basis of which cryptocurrency units are transferred from the Buyer to the Seller, the Seller will receive an equivalent amount, hence it is agreed that the Seller is not entitled to any additional claims, including any claims resulting from transactional fees or changes in the exchange rates on the transferred cryptocurrencies;
- In relations to entering in an agreement with the Seller, the Administrator shall carry a verification of the Seller, using the KYC/AML procedure, defining the levels of verification and the documents necessary for the completion of the verification. According to the legal requirements the Administrator shall carry a second verification of the Seller in case a necessity for such verification of the Seller occurs, in accordance with the Administrator’s internal security procedure. The additional verification may consist in the necessity to send other documents that would confirm the identity of a given Seller.
- The agreement is entered into for an indefinite period of time. The User may terminate the agreement by sending an e-mail notification to the Administrator’s e-mail address or the Administrator may store the details necessary for identification in case there occur any claims or requests from authorized institutions.
- Responsibility for any effects resulting from a third party obtaining access to the User’s passwords, keys or any other details that would enable them to access the cryptocurrencies owned by the User shall not rest on the Administrator.
- The Administrator does not process or store access details which enable the management of the cryptocurrencies transferred to the Seller, i.e. the cryptocurrencies which are not within the scope of Kanga Wallet functionality, including the Seller’s private keys in the event the Seller transfers them to their private wallet. The Seller is obligated to protect the above-mentioned access details, as it is not possible for the Administrator to retrieve them once they are lost.
- The conditions for carrying a buy/sell transaction between the parties in the transaction with the use of the KangaPay functionality as the only method of payment may be regulated by separate regulations that will be made available by the Seller in their Service.
- Transferring cryptocurrencies is an automated and immediate event. However, the period for completing the transfer may be longer in case of any technical breakdowns.
§ 5. Technical Requirements
- The Administrator reserves the right to make changes to the technical requirements necessary for the services to be provided.
- The Administrator makes the provision that using the service may be linked to a technical risk, conventional whenever IT systems are being used. The Users should protect their electronic connection and their devices against unauthorized access, in particular by installing the anti-virus software on their devices.
- The Administrator guarantees that the use of the service by the User will be protected in a way as to make it impossible for unauthorized persons to access the contents of the transaction that is part of the service, in particular with the use of cryptographic techniques adequate to the nature of the provided service.
§ 6. Sanctions and Complaints
- Any User using the KangaPay service may file a complaint to the Administrator’s e-mail address. The complaint must include:
- the details of the person or the entity filing the complaint;
- the indication of the transaction to which the complaint refers (who was the Buyer and who was the Seller);
- which service the transaction was carried;
- date and time of the transaction;
- what the encountered issue was (what the complaint concerns).
- The Administrator shall notify the complaining party in an electronic form (e-mail) about the fact that the complaint was settled within 30 (thirty) business days from receiving the complaint. The reply to the complaint shall be sent to the complaining party to the address provided by them in the complaint. The Administrator reserves the right to extend the above-mentioned deadline maximally by another 30 (thirty) business days in the event settling the complaint requires additional information or if any obstacles independent of the Administrator occur, in particular hardware failures or Internet network failure, or the occurrence of a broadly understood force majeure. Moreover, the Administrator makes the provision that settling the complaint may require the complaining party to provide additional clarification – the time for replying to each of such requests will accordingly extend the deadline for settling the complaint.
- Sending the complaint by the complaining party in an electronic form is equivalent to giving consent to having a reply to the complaint sent in an electronic form by the Administrator.
§ 7. Final Provisions
- In relation to using the KangaPay services the User is obligated to establish the method of taxation applicable in their own country and under which law the transactions will be taxed, and to pay any potentially required public-law liabilities to the adequate Tax Office. The Administrator shall not be accountable for any taxation inadequately applied by given Users as a consequence of their using the KangaPay service.
- The Administrator has the right to stop or limit the provision of the service temporarily or permanently. In particular, the Administrator has the right to carry all works that are aimed at restoring the security and stability to the IT system.