Terms of Business
These General Terms and Conditions (hereinafter referred to as “GTC”) govern the overall business relation between Stasis and its customers (hereinafter referred to as «Customer(s)») on the electronic platform https://webapp.stasis.net and/or mobile application of Stasis (hereinafter referred to as “Platform”). They also apply to all future transactions with the Customer arising from ongoing business relations.
These General Terms and Conditions shall exclusively apply; any terms and conditions of the Customer that contradict or deviate from these General Terms and Conditions shall only be valid if and to the extent that Stasis has expressly agreed to them in writing.
1. OUR TERMS
1.1 To easily understand the terms of this Agreement, please first refer to clause 3 which, amongst other things, sets out the meaning of capitalised terms used in this Agreement.
1.2. These Terms constitute a legally binding agreement between you and us, effective upon your signing of these Terms.
1.3. Please read this Agreement carefully before you agree to it, as its terms apply to the services provided by us. The Agreement explains many of your responsibilities to us and our responsibilities to you, how and when this Agreement can be terminated and the extent of our liability to you. If there are any terms that you do not understand or do not wish to agree to, please contact us. You should only complete the sign-on procedures or continue to use the services of STSS and agree to the terms of this Agreement if you agree to be bound by this Agreement.
2. INFORMATION ABOUT US AND HOW TO CONTACT US
2.1. We are STSS (Malta) Limited, Malta.
2.2. Communication between us is to be in English.
2.3. You can contact STSS at [email protected]
2.4. If we have to contact you we will do so as follows: we will contact you by writing to you at the email address(es), you provided when agreeing to this Agreement or by using any other contact details you have provided to us or have used in communications with us.
2.5. ‘Writing’ includes emails. When we use the words “writing” or “written” in this Agreement, this includes emails.
3. INTERPRETATION
3.1. The definitions set out in this clause apply in this Agreement as follows:
“Accompanying Documents” means other documents issued by us in connection with the EURS redemption (including, but not limited to, your registration form, the data privacy policy and the cookies policy available at eurs.stasis.net and any other policies, documents or notices provided to you in connection with the EURS).
“Agreement” means the Terms of this agreement.
“Blockchain” means a type of distributed ledger technology, comprised of immutable, digitally recorded, data in packages called blocks.
“Consumer” means an individual who, in entering into this Agreement, is acting for a purpose other than a trade, business or profession.
“Crypto-asset’ means crypto-asset as defined in Article 3, point (5) of Regulation (EU) 2023/1114;
‘Electronic money’ means electronic money as defined in Article 2, point (2), of Directive 2009/110/EC;
“ETH” means the native cryptocurrency derived from Ethereum.
“Ethereum” means an open software platform based on Blockchain technology that enables developers to build and deploy decentralized applications, including Ethereum Smart Contracts.
“Ethereum Smart Contracts” or “Smart Contracts” means a digital computer protocol that contains code functions and which can interact with other code functions (including codified contracts), perform actions, processes and functions without manual action or the participation of third parties, store data and facilitate and verify the transfer of digital currencies.
“EVM-Compantible Blockchain” means is a blockchain that supports the Ethereum Virtual Machine (EVM), allowing it to execute smart contracts and decentralized applications written in Ethereum's programming languages, such as Solidity.
“EURS” is an asset that is designed to constitute a unit of account that is issued at par value on the receipt of funds, the value of which is referenced to the euro (EUR) and provides a claim against us to redeem, at any moment and at par value against the euro (EUR).
“Safeguarded Account” means the bank account(s) belonging to us, which are separate to our own office bank accounts, into which we will receive money from you, or on your behalf, in return for the issuance of Electronic Money.
“Services” means the redemption of EURS.
“Terms” mean these Terms and Conditions, including all Accompanying Documents, and any other rules, policies or procedures in connection with the EURS that may be issued by us and published from time to time on the Website, as amended from time to time in accordance with the terms herein.
“Website” means eurs.stasis.net (as updated or replaced by us from time to time).
“Agreement” means the Terms of this agreement.
“Blockchain” means a type of distributed ledger technology, comprised of immutable, digitally recorded, data in packages called blocks.
“Consumer” means an individual who, in entering into this Agreement, is acting for a purpose other than a trade, business or profession.
“Crypto-asset’ means crypto-asset as defined in Article 3, point (5) of Regulation (EU) 2023/1114;
‘Electronic money’ means electronic money as defined in Article 2, point (2), of Directive 2009/110/EC;
“ETH” means the native cryptocurrency derived from Ethereum.
“Ethereum” means an open software platform based on Blockchain technology that enables developers to build and deploy decentralized applications, including Ethereum Smart Contracts.
“Ethereum Smart Contracts” or “Smart Contracts” means a digital computer protocol that contains code functions and which can interact with other code functions (including codified contracts), perform actions, processes and functions without manual action or the participation of third parties, store data and facilitate and verify the transfer of digital currencies.
“EVM-Compantible Blockchain” means is a blockchain that supports the Ethereum Virtual Machine (EVM), allowing it to execute smart contracts and decentralized applications written in Ethereum's programming languages, such as Solidity.
“EURS” is an asset that is designed to constitute a unit of account that is issued at par value on the receipt of funds, the value of which is referenced to the euro (EUR) and provides a claim against us to redeem, at any moment and at par value against the euro (EUR).
“Safeguarded Account” means the bank account(s) belonging to us, which are separate to our own office bank accounts, into which we will receive money from you, or on your behalf, in return for the issuance of Electronic Money.
“Services” means the redemption of EURS.
“Terms” mean these Terms and Conditions, including all Accompanying Documents, and any other rules, policies or procedures in connection with the EURS that may be issued by us and published from time to time on the Website, as amended from time to time in accordance with the terms herein.
“Website” means eurs.stasis.net (as updated or replaced by us from time to time).
3.2 Clause headings shall not affect the interpretation of this Agreement and references to clauses are to the clauses of this Agreement.
3.3 Any words following the terms including, include for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
3.4. Unless the context is otherwise required, words in the singular shall include the plural and, in the plural, shall include the singular.
3.5. A reference to a statute or statutory provision is a reference to it as amended, extended, or reenacted from time to time, and reference to a statute or statutory provision shall include all subordinate legislation made from time to time.
4. TERM AND BECOMING A CLIENT
4.1. This Agreement will bind you once you have agreed to it and avail of the Services.
4.2. This Agreement shall remain in force until terminated in accordance with its Terms.
4.3. To become a client, you are required to submit all necessary documentation to satisfy our Anti-Money Laundering (AML) and Compliance procedures. This includes, but is not limited to, identity verification, proof of address, formation documents, source of funds, and any additional documentation necessary to meet regulatory standards. For financial institutions, we may request supplementary materials such as the AML policy, license number, AML report, and other relevant documents.
5. USER REGISTRATION
5.1. Persons interested in using the Platform (online service operated by Stasis on the domain www.eurs.stasis.net) and the services offered therein must register to the Platform and create a user profile (hereinafter referred to as “User Profile”). The registration is free and requires the provision of valid, correct, and up-to-date information, personal data and contact data and is resulting, after acknowledgment of these GTC, in the creation of the User Profile. A person having successfully completed the registration process (which is confirmed by Stasis) is considered as a Customer.
5.2. The Customer confirms that all document and information that they provide to Stasis, is valid, up-to-date, correct and complete and that the Customer has not withheld any information that could potentially influence the registration process (e.g. the Customer confirms that they have not withheld any information that could potentially trigger any further due diligence).
5.3. To create a User Profile, a person must be able to exercise their civil rights (be at least 18 years of age and capable of discernment). Persons under the age of 18 may not create a User Profile. Every User Profile is unique, personal and non-transferable. The creation and use of multiple User Profiles by the same person is prohibited. Shared accounts are prohibited.
6. SMS TERMS AND CONDITIONS
6.1. By using the SMS services, you agree to comply with these Terms. If you do not agree with these Terms, please refrain from using the SMS services.
6.2. The SMS services provided by the Company may include, but are not limited to, transaction alerts, account notifications, and promotional messages. The Company reserves the right to modify, suspend, or terminate the SMS services at any time, with or without notice.
6.3. By providing your mobile phone number and opting in to receive SMS notifications, you consent to the Company sending you messages for the purposes outlined in these Terms. You may opt-out of receiving SMS messages at any time by following the instructions provided in the SMS or contacting customer support.
6.4. Message frequency may vary based on the type of messages you have opted to receive. You may receive account alerts, transaction confirmations, and other relevant information. The Company will make reasonable efforts to ensure that SMS messages are accurate and timely. However, it is your responsibility to promptly address any discrepancies or concerns regarding the content of the messages. Standard messaging and data rates from your mobile carrier may apply. You are solely responsible for any charges incurred.
6.5. The Company is committed to safeguarding your privacy. Your personal information will be handled in accordance with our Privacy Policy. You are responsible for maintaining the security of your mobile device and ensuring that unauthorized individuals do not have access to your SMS messages.
6.6. The Company reserves the right to terminate or suspend SMS services without notice for any reason, including, but not limited to, violation of these Terms. The Company may update or modify these SMS Terms and Conditions at any time. Continued use of the SMS services constitutes acceptance of any changes.
7. SERVICES
7.1. As part of the Services, redeem EURS both on your express instruction and in accordance with this Agreement.
7.2. The EURS is based on Ethereum or any other EVM-compatible blockchain, where EURS is deployed, and will be redeemed to you in the form of ERC20 tokens via an Ethereum Smart Contract or any other standards in accordance with clauses 6 of this Agreement.
7.3. We will make all reasonable efforts to ensure that the Smart Contract is available to enable EURS to be redeemed.
7.4. Our Services do not include the provision of advice. We do not offer advice under this Agreement on any matter including (without limit) the merits or otherwise of any currency transactions, on taxation, or markets.
8. REDEEMING EURS TO YOU
8.1. Your EURS are fully backed by assets of comparable financial value, generally but not exclusively in the form of deposits in Euros (€) or other EUR-denominated low-risk and liquid assets to ensure the stability of the funds and facilitate timely redemption.
Your funds will not be used by us for any other purpose and in the unlikely event that we become insolvent; your funds are protected in an EEA-authorised financial institution. 8.2. Holding the funds corresponding to the EURS is not the same as a Bank holding your money in that (i) we cannot and will not use the funds to lend to other persons or entities; (ii) the funds will not accrue interest and (iii) the funds are not a deposit and are therefore not covered by the investor compensation schemes under Directive 97/9/EC and the deposit guarantee schemes under Directive 2014/49/EU but are held by us and protected in the relevant Safeguarded Account.
8.3. You may hold EURS and we may hold funds/assets corresponding to your EURS indefinitely.
8.4. We accept no responsibility in the event that you send money to the incorrect account.
8.5. We reserve the right to prohibit specific Crypto Asset wallet addresses from receiving EURS or transferring EURS if directed to do so by the law, a law enforcement agency or representative or by a court or regulatory body of competent jurisdiction.
8.6. All EURS will be generated when the Ethereum Smart Contract is deployed.
8.7. For the avoidance of doubt, you must ensure that the wallet address is an Ethereum address, not a contract address. Furthermore, the Company is not liable for any failure of the EURS to be delivered to a wallet address that is not consistent with the Ethereum protocol.
8.8. The price of each EURS token is set at EUR 1 (the “EURS Price”), payable in fiat currency. For redemptions, no fees shall apply to the transaction, and each EURS token will be redeemed at its par value of EUR 1.
8.9. EURS may be redeemed in fractions up to two decimal places.
8.10. You are solely responsible for maintaining the confidentiality of your account information (including your digital wallet address).
8.11. We will redeem the EURS at par value and transfer the funds to the account specified by you or the holder of the EURS.
8.12. If you wish to redeem your EURS you must make a blockchain transaction and send the EURS to the STSS treasury wallet address. Once EURS is settled in our wallet, we will transfer Euros from our segregated bank account to your proprietary bank account. The EURS we redeem are frozen or subsequently burnt.
9. GENERAL LIMITATION OF LIABILITY
9.1. Where any loss, liability, cost or expense (a “Loss”) is suffered by you for which we would otherwise be jointly and severally or jointly liable with any third party or third parties, the extent to which such Loss shall be recoverable by you from us (as opposed to any third parties) shall be limited so as to be in proportion to the aggregate of our contribution to the overall fault for such Loss, as agreed between all of the relevant parties or, in the absence of agreement, as determined by a court of competent jurisdiction. For the purposes of assessing the contribution to the Loss in question of any third party for the purposes of this clause, no account shall be taken of any limit imposed or agreed on the amount of liability of such third party by any agreement (including any settlement agreement) made before or after such Loss occurred or was otherwise incurred.
9.2. Nothing in this Agreement limits or excludes our liability for any damage or liability incurred by you as a result of fraud or fraudulent misrepresentation by us or to the extent that the liability may not be excluded or limited by any applicable law.
10. COMPLAINTS
10.1. If you feel that we have not met your expectations in the delivery of our Services, in the first instance contact Us using the following contact email address for complaints set out in Our Complaints Policy.
10.2. We have internal procedures for handling complaints fairly and promptly in accordance with the Malta Financial Services Authority’s requirements. A copy of our complaint procedure is available upon request.
11. ESTABLISHING YOUR IDENTITY
11.1. To comply with the requirements of the Prevention of Money Laundering and Funding of Terrorism Regulations (Chapter 373.01) and related regulations, it may be necessary to obtain from you, and retain, evidence of your personal identity, constituent documents, ownership structure, proof of identity and proof of address for directors, SOF for the payment in our records from time to time. If satisfactory evidence is not promptly provided to us, we cannot accept your instructions.
11.2. Upon change of any data indicated by you during the last procedure of getting to know you, you undertake to notify us immediately and not later than within one working day in writing, including by e-mail, and provide the documents related to such changes. In case of failure to fulfil the obligations provided for in this clause, you are solely responsible for all consequences arising out of non-communication in a timely manner and agree that the actions of us, carried out using the last contact details known to us and power of attorneys, shall be deemed to have been performed properly.
11.3. We may keep records of the contents and results of any searches that we carry out on you in accordance with all current and applicable laws.
11.4. We are obliged to report any reasonable suspicions about activities on the electronic accounts to the regulatory authorities. This may affect our relationship with you so far as confidentiality is concerned. If we are required under legislation to refrain from communicating with you and/or proceeding with your instructions, we can accept no liability for the consequences of being prevented from doing so.
11.5. The personal information we have collected from you will be shared with fraud prevention agencies who will use it to prevent fraud and money laundering and to verify your identity. If fraud is detected, you could be refused certain services, finance, or employment. Further details of how your information will be used by us and these fraud prevention agencies, and your data protection rights, can be found in our privacy policy.
12. TERMINATION
12.1 We can terminate this Agreement at any time:
12.1.1 If you breach this Agreement; and/or
12.1.2. if we suspect that you are using the Services for any illegal purposes.
12.2. We may suspend or terminate your access to the Services where we have reasonable grounds for concern relating to:
12.2.1. the security of your account(s), whether or not you have informed us of a security breach; and/or
12.2.2. the suspected unauthorised or fraudulent use of your account(s).
12.3. We may terminate this Agreement at any time and for any reason by giving you not less than two (2) month’s written notice.
12.4. You can terminate this Agreement at any time and for any reason by giving us not less than two (2) month’s written notice. We may contact you to confirm your request.
12.5. Upon the effective date of termination you will no longer be able to avail yourself of the Services.
12.6. After termination, you may contact us using the contact details set out in clause 2.3 to redeem any Electronic Money you still hold.
13. CONFIDENTIALITY
13.1 We undertake that we shall not at any time, disclose to any person any of your confidential information, except in the following circumstances:
13.1.1.to our employees, officers, representatives or advisers who need to know such information for the purposes of exercising our rights or carrying out our obligations under or in connection with this Agreement. We shall ensure that our employees, officers, representatives or advisers to whom we disclose your confidential information comply with this clause; and
13.1.2.as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority.
14. GENERAL
14.1. We will only use your personal information as set out in our privacy policy which can be found by accessing the following link eurs.stasis.net.
14.2. We may record telephone conversations with or without use of a warning tone and we may use these recordings as evidence for a particular purpose or in relation to disputes as well as for our ongoing quality control and training programme. We may also maintain a record of all emails sent by or to us. All those recordings and records will be maintained at our absolute discretion and are our property and can be used by us in the case of a dispute. We do not guarantee that we will maintain such recordings or records or be able to make them available to you. You consent to the use and admissibility of any such recording as evidence in any dispute or anticipated dispute between the parties which relates to the dealings between the parties.
14.3. Even if we delay in enforcing under this Agreement, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under this Agreement, or if we delay in taking steps against you in respect of your breach of this Agreement, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date.
14.4. We shall have no liability to you under this Agreement or any Contract if we are prevented from or delayed in performing our obligations under this Agreement, or from carrying on our business, by acts, events, omissions or accidents beyond our reasonable control, including, without limitation, strikes, lockouts or other industrial disputes (whether involving us or any other party), failure of a utility service or transport or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or our default of subcontractors, provided that you are notified of such an event and its expected duration.
14.5. If a court finds part of this Agreement illegal, the rest will continue in force. Each of the subclauses, clauses and paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining subclauses, clauses and paragraphs will remain in full force and effect.
14.6. We are not partners and neither of us may act as the other’s agent. Nothing in this Agreement is intended to or shall operate to create a partnership or joint venture between you and us, or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way (including, but not limited to, the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).
14.7. We can make amendments to this Agreement. We shall have the right to make such amendments to this Agreement, as are necessary to comply with any laws and regulations that apply to the performance of our obligations under this Agreement where such laws and regulations are implemented and/or amended after the date of this Agreement. Such amendments may be made at any time upon as much notice as possible to you and shall take effect following such notice, if any. If you object to the proposed amendments, you have the right to terminate this Agreement without charge before the date proposed by us for the entry into force of the changes. You will be deemed to have accepted the proposed amendments unless you notify us and terminate this Agreement before the date proposed by us for the entry into force of the changes. If we receive no objection from you, such amendments shall take effect from the date specified by us but may not affect any rights or obligations that have already arisen and will not be retrospective.
14.8. We may transfer this agreement to someone else. We may transfer our rights and obligations under this Agreement to another person/organisation without your consent. We will always notify you in writing if this happens and we will ensure that the transfer will not affect your rights under this Agreement.
14.9. You need our consent to transfer your rights to someone else (except that you can always transfer our guarantee). You may only transfer your rights or your obligations under this Agreement to another person if we agree to this in writing.
14.10. Nobody else has any rights under this Agreement. This contract is between you and us. No other person shall have any rights to enforce any of its terms.
14.11. These terms are governed by Maltese law and you can bring legal proceedings in respect of the products in the Maltese courts.
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© 2024 STSS (Malta) Limited
Portomaso Tower Annex
Level 7, Vjal Portomaso St. Julians STJ 4011 Malta
Portomaso Tower Annex
Level 7, Vjal Portomaso St. Julians STJ 4011 Malta
