HKDAP Terms and Conditions

These terms and conditions (the “Terms”) apply to any person who obtains, holds or uses HKDAP (each a “holder”, “user” or “you”, and “your” shall be construed accordingly). By obtaining, holding or using HKDAP, you acknowledge that you have read and understand, and agree to be bound by, these Terms. If you do not agree to these Terms, you must not obtain, hold or use, or continue to hold or use, HKDAP.

Anchorpoint Financial Limited (the “Issuer” or “we”, and “us” and “our” shall be construed accordingly) reserves the right to amend, modify or update these Terms at any time subject to applicable Laws. Any such changes will be effective upon publication of the revised Terms on our Site unless otherwise specified. Your continued use of HKDAP following the effective date of any such changes shall constitute your acceptance of, and agreement to be bound by, the revised Terms. If you do not agree to the revised Terms, you must not obtain, hold or use, or continue to hold or use, HKDAP after such effective date.

Appendix 1 (Risk Factors) to these Terms forms part of these Terms, and shall have the same force and effect as if expressly set out in the body of these Terms, and any reference to these Terms shall include Appendix 1 (Risk Factors) to these Terms.

A copy of these Terms that are in effect is available on our Site.

1. Issuer

The Issuer is a company incorporated in Hong Kong with limited liability. We are licensed by the Hong Kong Monetary Authority (licence no: FRS01) under the Stablecoins Ordinance to issue specified stablecoins.

2. HKDAP

2.1 HKDAP is a digital token issued by us with a par value of HK$1.00 each that operates on the Supported Blockchains. HKDAP is backed by the Reserve Assets.

2.2 HKDAP is not designed to create returns for you, increase in value or otherwise accrue financial benefit to you. No interest (nor any other income) will be paid by us to you. Any income or loss arising from the management of the Reserve Assets shall be attributable to us, not you.

2.3 Unlike Hong Kong dollar, HKDAP is not legal tender. It is not backed by any Government or protected through any insurance provided by us, any consumer protection, insurance or compensation schemes or any other analogous or similar protections in any jurisdiction.

3. Eligibility

You must not obtain, hold or use HKDAP if you do not meet any of the following eligibility requirements:

(A) you have the legal capacity to enter into a binding agreement with us, and, if you are a natural person, you are at least eighteen (18) years of age or the age of majority in your jurisdiction, whichever is greater;
(B) you are not located in, or a citizen or resident of, any jurisdiction where the obtaining, holding or use of HKDAP is prohibited by applicable Laws and you are not otherwise prohibited or restricted from obtaining, holding or using HKDAP under applicable Laws;
(C) you are not a Prohibited Person and you are not obtaining, holding or using HKDAP on behalf or for the benefit of a Prohibited Person; and
(D) you are not engaging in, or intending to engage in, any Restricted Activities or Prohibited Transactions in connection with your obtaining, holding or using HKDAP.

4. Issuance of HKDAP

4.1 We may from time to time agree to issue HKDAP on Supported Blockchains and make them available to Customers, upon such terms and subject to such conditions and reasonable fees as may be determined by us from time to time.

4.2 Following our:

(A) acceptance of a valid Issuance Order; and
(B) receipt of the associated subscription price and the applicable fees in full,

we will issue and transfer the applicable HKDAP to the digital token wallet designated by the Customer as soon as practicable and, in any event, as required by applicable Laws.

5. Redemption of HKDAP

5.1 Customers may from time to time redeem HKDAP for HKD at par value, upon such terms and subject to such conditions and reasonable fees as may be determined by us from time to time.

5.2 Any valid Redemption Request made by a Customer will be honoured by us as soon as practicable and, in any event, as required by applicable Laws.

5.3 In the event of our insolvency, each holder of HKDAP shall have the following rights:

(A) a right to direct the disposal of the Reserve Assets for the purpose of redeeming all the outstanding HKDAP on a pro rata basis; and
(B) a right to claim against us for any shortfall if the proceeds from the disposal of the Reserve Assets is insufficient to redeem all the outstanding HKDAP in full.

6. Passing of title on transfer of HKDAP

6.1 You acknowledge and agree that, in relation to the transfer of any HKDAP on a Supported Blockchain, title to such HKDAP passes from the transferor to the transferee when the transfer is confirmed in the ledger of the relevant Supported Blockchain.

6.2 You acknowledge and agree that we shall have no obligation or duty to ensure effective transfer or settlement of HKDAP on any Supported Blockchain or to ensure any transfer or settlement of HKDAP is confirmed, recognised or approved in the ledger of the relevant Supported Blockchain, nor shall we have any responsibility or liability in respect thereof.

7. Reserve Assets

7.1 HKDAP in circulation is backed by a reserve assets pool denominated in HKD (and/or any other currencies from time to time permitted under applicable Laws) that is maintained by, or on behalf of, us and segregated from our other assets (including any other pools of reserve assets maintained by, or on behalf of, us), the market value of which is required under applicable Laws to be at least equal to the par value of the HKDAP in circulation (the “Reserve Assets”). The Reserve Assets are held on trust for the benefit of the holders of HKDAP.

7.2 We may engage one or more trustees, custodians or other third-party service providers to hold or manage the Reserve Assets. We shall not be liable for any Losses arising from the acts or omissions of such trustees, custodians or third-party service providers, except to the extent required by applicable Laws.

7.3 We may, from time to time, at our sole discretion, invest (or direct the investment of) the Reserve Assets in such assets as are permitted under applicable Laws, taking into account our Reserve Assets management, risk management and other relevant policies. Any income or loss arising from the management of the Reserve Assets shall be attributable to us, not you.

8. Copies, forks and blockchain security issues

8.1 HKDAP operates on Supported Blockchains. If you attempt to send any non-HKDAP or other unsupported digital tokens on Supported Blockchains, such digital tokens may be lost. If you attempt to send any HKDAP on a blockchain or to a digital token wallet or address which does not support HKDAP, your HKDAP may be lost. We shall not be responsible or liable for any Losses arising out of or in connection with such loss of digital tokens or HKDAP.

8.2 As a result of the decentralised and open source nature of HKDAP, it is possible that a party unaffiliated with us could create an alternative, equivalent version of HKDAP either on one of the Supported Blockchains or on an unsupported blockchain (a “copy”) that operates independently from HKDAP. Similarly, it is possible that a party unaffiliated with us may create an asset and purport that such asset is collateralised by or otherwise incorporates HKDAP into its design (a “wrapper”). We support only HKDAP and are under no obligation to support any copies of HKDAP or wrappers, and we shall not be responsible or liable for any Losses arising out of or in connection with such lack of support.

8.3 As a result of the decentralised and open source nature of the Supported Blockchains, it is possible that a party unaffiliated with us could cause a change or potential change to a Supported Blockchain or other blockchain or protocol relating to HKDAP which may give rise to one or more alternative versions of the Supported Blockchain or such other blockchain or protocol or to one or more copies of HKDAP (a “fork”). In the event of a fork, we may be forced to suspend all activities relating to HKDAP (including tokenising HKD for HKDAP, redeeming HKDAP for HKD or sending and receiving HKDAP) for an extended period of time until we have determined in our sole and absolute discretion that such functionality can be restored. Such suspension may occur with little to no warning, and during this period of suspension you will not be able to conduct various activities involving HKDAP. We shall not be responsible or liable for any Losses arising out of or in connection with any such suspension. In the event of a fork, we will, in our sole and absolute discretion, determine which fork we will support, if any. We shall not be responsible or liable for any Losses arising out of or in connection with any lack of support for any forks.

8.4 We do not have any ability or obligation to prevent or mitigate attacks in respect of, or resolve any other issues that might arise with, any Supported Blockchain. Any such attacks or delays on any Supported Blockchain might materially delay or prevent you from sending or receiving HKDAP, and we shall not be responsible or liable for any Losses arising out of or in connection with such issues. In the event of a security issue with a Supported Blockchain, we may be forced to suspend all activities relating to HKDAP (including tokenising HKD for HKDAP, redeeming HKDAP for HKD or sending and receiving HKDAP) for an extended period of time until we have determined in our sole and absolute discretion that such functionality can be restored. Such suspension may occur with little to no warning, and during this period of suspension you will not be able to conduct various activities involving HKDAP. We shall not be responsible or liable for any Losses arising out of or in connection with any such suspension.

8.5 We are not under any obligation to support or maintain support for any particular blockchain or protocol, or to provide or maintain our provision of services in respect of HKDAP on any particular blockchain or protocol, including as a result of a fork of a blockchain, the identification of a security issue, community support or otherwise. We may determine, in our sole and absolute discretion, whether to support a particular fork of a blockchain or protocol or whether to cease support for all versions of a particular blockchain or protocol, and whether to provide services in respect of HKDAP on a particular fork of a blockchain or protocol or whether to suspend or cease providing services in respect of HKDAP on all versions of a particular blockchain or protocol, whether as a result of a fork, the identification of a security issue, community support or otherwise. Where we determine to cease support for, or to suspend or cease providing services in respect of HKDAP on, a particular blockchain or protocol (whether as a result of a fork, the identification of a security issue, community support or otherwise), you must take any and all actions reasonably necessary to effect the migration of your HKDAP to a supported blockchain or protocol identified by us. We shall not be responsible or liable for any Losses arising out of or in connection with your failure to effect such migration.

8.6 We reserve the right to migrate HKDAP to another blockchain or protocol, and to suspend or cease providing services in respect of HKDAP on any blockchain or protocol, in the future in our sole discretion. Upon our request, you agree to take any and all actions reasonably necessary to effect the migration of your HKDAP to another blockchain or protocol identified by us. We shall not be responsible or liable for any Losses arising out of or in connection with your failure to effect such migration.

9. Restricted activities

9.1 In connection with your obtaining, holding or use of HKDAP, you agree that you will not:

(A) violate (or assist any other party in violating) any applicable Law;
(B) intentionally defraud (or assist in the defrauding of) us or any other person;
(C) provide false, inaccurate or misleading information;
(D) take any action that interferes with, intercepts or expropriates any system, data or information;
(E) partake in any transaction involving the proceeds of illegal activity;
(F) transmit or upload any virus, worm or other malicious software or program;
(G) attempt to gain unauthorised access to our networks or systems;
(H) act as an intermediary between us and any third parties without our express prior written consent;
(I) defame, harass or violate the privacy or intellectual property rights of us or any other users; or
(J) upload, display or transmit any messages, photos, video, or other media that contain illegal goods or violent, obscene or copyrighted images or materials,

(collectively, the “Restricted Activities”).

9.2 By obtaining, holding or using HKDAP, you represent, warrant and undertake that you will not conduct any Restricted Activities in connection with your obtaining, holding or use of HKDAP.

10. Prohibited transactions

10.1 Using HKDAP for transactions related to the following is prohibited, and we reserve the right to monitor and, if appropriate, block or otherwise prevent transactions that relate to:

(A) any breach of applicable Laws;
(B) any Prohibited Persons;
(C) weapons of any kind, including but not limited to firearms, ammunition, knives, explosives or related accessories;
(D) controlled substances, including but not limited to narcotics, prescription drugs, steroids or related paraphernalia or accessories, unless licensed and authorised by the jurisdiction in which the user is based as well as by the jurisdiction in which the transaction takes place;
(E) gambling activities, including but not limited to sports betting, casino games, horse racing, dog racing, games that may be classified as gambling or other activities that facilitate any of the foregoing, unless licensed and authorized by the jurisdiction in which the user is based as well as by the jurisdiction in which the transaction takes place;
(F) money-laundering or terrorist or proliferation financing;
(G) any sort of Ponzi scheme, pyramid scheme or multi-level marketing program;
(H) goods or services that infringe or violate any copyright, trademark or proprietary rights under the laws of any jurisdiction;
(I) credit repair services or other services that may present consumer protection risks;
(J) court ordered payments, structured settlements, Tax payments or Tax settlements;
(K) any unlicensed money transmitter activity;
(L) the commercial sex market including, but not limited to, escort services, prostitution or services that provide advertising, reviews or discussion forum in relation to these services;
(M) “mixers” or other services that pool or blend cryptocurrencies of multiple users with the intention or effect of obfuscating or concealing the origins and/or owners of the cryptocurrencies and/or associated funds;
(N) layaway systems or annuities;
(O) counterfeit goods, including but not limited to fake or “novelty” IDs;
(P) wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deceit;
(Q) purchasing goods of any type from “Darknet” markets or any other service or website that acts as a marketplace for illegal goods (even though such marketplace might also sell legal goods); or
(R) any other matters, goods or services that from time to time we communicate to you are unacceptable and which, for example, may be restricted by our and your bank or payment partners,

(collectively, the “Prohibited Transactions”).

10.2 By obtaining, holding or using HKDAP, you represent, warrant and undertake that you will not be using HKDAP for any Prohibited Transactions.

11. Anti-money laundering, counter-terrorist financing, counter-proliferation financing and economic sanctions

11.1 We are firmly committed to complying with all applicable anti-money laundering, counter-terrorist financing, counter-proliferation financing and economic sanctions Laws that are legally binding upon us, our business and our affiliates. Any breach of such Laws may have a serious impact on our or our affiliates’ reputation, franchise and regulatory relationships and could impair our or our affiliates’ ability to provide products and services to clients. We therefore have anti-money laundering, counter-terrorist financing, counter-proliferation financing and economic sanctions policies that may be more stringent than what is required by applicable Laws and regulation. We and our affiliates have a policy of not entering into any business or transaction that either directly or indirectly involves or is for the benefit of any Sanctioned Person, even where this would be permitted under applicable Laws.

11.2 In accordance with applicable Laws, we may be required to file suspicious transaction reports with Governments or law enforcement agencies where we know or suspect that any transaction or attempted transaction may involve criminal property or be connected with money laundering, terrorist financing or breach of economic sanctions. This may apply even after you cease to hold or use HKDAP. We may not be permitted, and are under no obligation, to inform you if a report has been filed or if your activity is under investigation.

11.3 You acknowledge and agree that we may take any actions or steps required to comply with the requirements of or requests made under applicable Laws, contractual obligations or compliance policies or procedures, which may include freezing, blocking or surrendering your assets or the Reserve Assets associated with your HKDAP, without any prior notice or liability to you. Without prejudice to the foregoing, we shall not be responsible or liable for any Losses, whether direct or indirect, which you may incur as a result of our complying with any applicable Laws or regulations, any guidance or direction of any Government or Government Official or any writ of attachment, lien, levy, subpoena, warrant or other legal order.

11.4 You agree to provide to us information, documentation and records relating to yourself, your HKDAP and transactions involving HKDAP entered into by you promptly upon request by us.

11.5 We reserve the right to retain and to share with Governments, Government Officials and other third parties the information, documentation and records relating to you that are available to us, pursuant to the requirements of or requests made under applicable Laws, contractual obligations or compliance policies or procedures.

12. Blocking and blacklisting

12.1 We reserve the right to block certain digital token addresses and, if such digital token addresses relate to your Customer account with us or your account on our Site, freeze associated HKDAP (whether temporarily or permanently) that we, in our sole and absolute discretion, determine may be associated with activity that violates applicable Laws or these Terms (a “Blocked Address”). In the event that you send HKDAP to a Blocked Address, or you receive HKDAP from a Blocked Address, we may freeze such HKDAP and take steps to terminate your Customer account with us or your account on our Site, and you may forfeit your rights associated with your HKDAP (including your ability to redeem HKDAP for HKD).

12.2 Your attention is drawn to the section of our Site entitled “Blacklisting Policy”, which sets out our blacklisting policy in relation to HKDAP and the services we provide in connection with HKDAP (our “Blacklisting Policy”). We reserve the right to take such actions as set out in our Blacklisting Policy, which may include blocking transfers of HKDAP to or from certain digital token addresses or suspending or terminating your Customer account with us or your account on our Site in certain circumstances.

13. Intellectual property

13.1 We are the owner or the licensee of all intellectual property rights in all elements of our Site and in all content, information, services and software provided on or through our Site (the “Content”). All trademarks, service marks and trade names relating to ANCHORPOINT, our Chinese trademark ‘碇點’ and company name ‘碇點金融科技有限公司’, our logo(s), coin(s), token(s) and HKDAP are owned by us. All other trademarks, service marks and trade names as seen on our Site or in the Content are either owned by us or used by us under licence. The Anchorpoint-related trademarks, service marks and trade names owned by us, and the other trademarks, service marks and trade names owned by us or used by us under licence, are collectively termed the “Marks”. You agree not to appropriate, copy, display, reverse engineer or use the Marks or Content without express prior written permission from us or, as the case may be, our licensors.

13.2 Unless otherwise indicated, copyrights and all associated rights in the Marks or the Content on our Site (“Copyrights”) are either owned by us or used by us under licence. You agree not to appropriate, copy, display or use such materials without express prior written permission from us or, as the case may be, our licensors.

13.3 Any licence granted by us to you in respect of any Marks, Copyrights or other intellectual property is granted on a revocable, non-exclusive, non-sub-licensable and non-transferable basis. Such licences are granted to you for the sole purpose of enabling you to transact HKDAP or utilise the Site and are subject to such additional licence terms as may from time to time be notified to you by us. Except as expressly provided in these terms, nothing contained herein shall be construed as conferring on you any license or right, to intellectual property rights in the Content or our Site.

13.4 You must not register, record or otherwise control any domains, social media handles or profiles, Marks or other trademark or service mark registrations, trade names, taglines, logos, designs, get-up or other intellectual property rights featuring any intellectual property owned by us or our licensors, whether directly or through a third party (the “Prohibited Assets”). Any Prohibited Assets you own or control shall, upon our request, be transferred and assigned to us or, as the case may be, our licensors and you shall execute all documents and do all acts reasonably required to effect such transfer and assignment.

13.5 Our Site, the Content and the Marks may be protected by copyright, trademark, trade secret and other intellectual property and proprietary rights and Laws in various jurisdictions. All rights not expressly granted to you in these Terms are reserved by us or, as the case may be, our licensors. You shall not, without express prior written permission from us or, as the case may be, our licensors:

(A) license, sublicense, rent, sell, resell, transfer, assign, distribute, commercially exploit or make available to any person all or any part of such rights in any way;
(B) copy, modify, republish, distribute or make derivative works based upon all or any part of the Content, our Site or the Marks;
(C) “frame” or “mirror” all or any part of the Content, HKDAP or our Site on any other server or wireless or internet-based device; or
(D) reverse engineer or access all or any part of the Content, HKDAP or our Site or attempt to extract their source code in order to:

(i) build a competitive product or service;
(ii) build a product or service using similar ideas, features, functions or graphics of all or any part of the Content, HKDAP or our Site; or
(iii) copy any ideas, features, functions or graphics of all or any part of the Content, HKDAP or our Site.

Nothing in these terms shall prevent the temporary storage, display or reproduction of Site content to the extent reasonably necessary for normal browsing and use of our Site.

14. Your representation, warranties and undertakings

14.1 By obtaining, holding or using HKDAP, you represent, warrant and undertake to us on a continuing basis that:

(A) you meet all of the eligibility requirements set out in paragraph 3;
(B) you have the power, capacity and authority to own your assets and carry on any business you conduct, to enter into these Terms, and to comply with your obligations and exercise your rights hereunder;
(C) your obligations under these Terms are valid, binding and enforceable, and you will not be in breach of any Law, authorisation, document or agreement by entering into or complying with your obligations or exercising your rights hereunder;
(D) you are not a Prohibited Person and you are not obtaining, holding or using HKDAP on behalf or for the benefit of a Prohibited Person and, in addition, you are not:

(i) owned (whether legally or beneficially) or controlled by a Sanctioned Person;
(ii) involved in any activities or conduct that is likely to result in you, your affiliates or your or your affiliates’ directors, officers, employees, agents or partners becoming a Sanctioned Person; or
(iii) residing or domiciled in or engaging in any transaction to, from or through any Prohibited Jurisdiction;

(E) you act and will act in, and acknowledge that it is your sole responsibility to ensure, compliance with all applicable Laws in all respects in connection with your obtaining, holding and use of HKDAP;
(F) you are in compliance with, have not received any notice of possible violation of or investigation under, and will, at your own cost and expense, comply with, any and all anti-money laundering, counter-terrorist financing, counter-proliferation financing, anti-corruption, economic sanctions, Tax and other Laws, and you consent to all reporting which may be made by us thereunder, including to relevant Governments and Government Officials, without notice to you;
(G) you have had the opportunity to seek legal, accounting, Tax and other professional advice regarding these Terms and HKDA;
(H) you will not transact with us using anything other than fiat currency, funds, digital tokens or other property that have been legally obtained by you, belong to you and are free and clear of all liens, claims, securities, encumbrances and other third party rights;
(I) any individuals dealing or transacting with us on your behalf are duly authorised by you to act on your behalf;
(J) you will employ reasonable anti-virus, anti-malware and other similar software in relation to your obtaining, holding and using of HKDAP and all your interactions with our Site and us, and you will not introduce or transmit any virus, malware or similar to us or our Site;
(K) you acknowledge and agree that, to the extent that you are our Customer, any instructions received or undertaken through our Site with your login credentials or from your authorised e-mail address on our file are deemed to be valid, binding and conclusive, regardless of whether there is any error resulting from an instruction made by you or on your behalf, from fraud, from the duplication of any instruction or from the malfunction of any device or compromise of credentials, and we may act upon those instructions without any liability or responsibility attaching to us; and
(L) you will promptly inform us if you know or have reason to believe that any of the foregoing representations or warranties is or becomes incorrect or any of the foregoing undertakings are breached in any way.

14.2 You acknowledge that we are relying on your representations, warranties and undertakings hereunder as a condition to providing to you services in connection with HKDAP.

15. No representation or warranty by the Issuer

15.1 HKDAP, our Site and any services provided by us in connection with HKDAP are offered strictly on an ‘as-is’, ‘as-available’ and ‘where-is’ basis. We make no representations or warranties to you of any kind, and, to the extent permitted by applicable Laws, we expressly disclaim and exclude all representations and warranties (whether express, implied, statutory or otherwise) with respect to HKDAP, our Site and any such services, or, to the extent incapable of such disclaimer or exclusion, you irrevocably waive all your rights and remedies in respect thereof.
15.2 Without prejudice to the generality of paragraph 15.1, to the extent permitted by applicable Laws, we expressly disclaim and exclude the following categories of representations and warranties (whether express, implied, statutory or otherwise) or, to the extent incapable of such disclaimer or exclusion, you irrevocably waive all your rights and remedies in respect thereof:

(A) any representation or warranty regarding the accuracy, completeness or reliability of any information provided by, or on behalf of, us, or published or available on our Site;
(B) any representation or warranty regarding merchantability, fitness for a particular purpose, title (including, but not limited to, effective transfer of title) or non-infringement in relation to HKDAP;
(C) any representation or warranty that transactions involving HKDAP will be uninterrupted, secure or error-free;
(D) any representation or warranty about the availability of liquidity in secondary markets;
(E) any representation or warranty that HKDAP will always trade at par value;
(F) any representation or warranty relating to the products or services provided by third-party providers, including without limitation custodians, trustees, payment processors, blockchain infrastructure providers and digital token wallet providers;
(G) any representation or warranty that HKDAP will be compatible with any particular digital token wallet, blockchain network or third-party platform;
(H) any representation or warranty regarding the legal or regulatory treatment of HKDAP in any jurisdiction other than Hong Kong; and
(I) any representation or warranty in respect of any matter referred to in Appendix 1 (Risk Factors) to these Terms or in the section of our Site entitled “Risk Factors”.

16. Indemnity

You agree to indemnify and hold harmless us, our affiliates, our service providers and each of our and their directors, officers, agents, contractors, partners (including joint venture partners), employees and representatives (the “Indemnified Parties”) from and against any Losses arising out of or in connection with your breach of these Terms, your violation of any applicable Laws, your infringement of any intellectual property or other rights of any third party, any fraud, negligence or misconduct by you or on your behalf, or your obtaining, holding or use of HKDAP.

17. Release

17.1 To the maximum extent permitted by applicable Laws, you irrevocably agree and acknowledge that no Indemnified Party assumes any liability or responsibility for, or shall have any liability or responsibility in respect of, any Losses directly or indirectly arising out of or related to:

(A) any act by any Indemnified Party in accordance with these Terms or applicable Laws;
(B) any breach by you of these Terms or applicable Laws;
(C) our Site and your use of it;
(D) any products or services provided by us to you in connection with HKDAP and your use of them;
(E) any products or services provided by third-party providers in connection with HKDAP and your use of them, including without limitation custodians, trustees, payment processors, blockchain infrastructure providers and digital token wallet providers;
(F) any information or materials available on or through our Site, save as otherwise expressly provided in such information or materials;
(G) the real or perceived value of HKDAP;
(H) any failure, delay, malfunction, interruption or decision by us in operating our Site or in providing any service in connection with HKDAP;
(I) any theft, loss or unauthorised use of your digital tokens, digital token wallet, digital token address, private digital key or your account on our Site;
(J) us electing to support or not support, or to provide or suspend or cease providing services in respect of HKDAP on, any particular blockchain or protocol, any forked version of any particular blockchain or protocol or any digital tokens resulting from a fork of a blockchain or protocol;
(K) any delay or failure in transferring HKDAP or loss of value of HKDAP resulting from failure or insolvency of any third party, from theft of such assets or from freezes, blocking of your Customer account with us or your account on our Site in accordance with paragraph 12.1, Blacklisting, seizures or other legal process asserted by any Government or Government Official;
(L) any claim that any HKDAP to which you claim ownership is owned by any person other than you;
(M) any dishonesty, negligence, insolvency, act or omission of any third party;
(N) any dispute with other users or third parties;
(O) any matter referred to in Appendix 1 (Risk Factors) to these Terms or in the section of our Site entitled “Risk Factors”; or
(P) any Force Majeure.

To the extent incapable of such exclusion of liability, you irrevocably waive all rights and remedies which you may have or may acquire against the Indemnified Parties in respect thereof.

18. Limitation of liability

18.1 If and to the extent that any of the Indemnified Parties are liable in respect of any Losses, the total aggregate liability of the Indemnified Parties to you for all claims arising out of or in connection with these Terms or your obtaining, holding or use of HKDAP shall not in any event exceed a sum equal to the lower of:

(A) the par value of the HKDAP held by you at the time the claims arose; and
(B) US$50,000 (or its equivalent in other currencies).

18.2 You agree that no claim shall be brought by you or on your behalf against any Indemnified Party unless you notify us and the relevant Indemnified Parties of the full details of the material facts giving rise to the claim or potential claim immediately upon becoming aware of such material facts.

19. Force Majeure

19.1 We shall not be in breach of these Terms or liable to you in any way for any failure or delay in our performance or any non-performance by us of any obligation under these Terms if and to the extent that we are prevented from or hindered or delayed in performing such obligation due to any Force Majeure.

19.2 For the purposes of these Terms, “Force Majeure” means any natural disaster; epidemic; war; hostilities; terrorism; civil disorder; industrial action; act or order of any Government; change in Law; digital token market collapse or fluctuation; change in availability, legal usage, convertibility or transferability of any currency; market movements; power outage or failure; computer system malfunction or failure; internet disruptions; viruses; cyberattacks; third party interference with a computer system; delay or non-availability of goods or services supplied to us or you by a third party; or any other circumstances beyond our reasonable control.

20. No fiduciary, custodial or advisory relationship

20.1 You acknowledge and agree that we are not acting as your agent, trustee, fiduciary or financial advisor in connection with your obtaining, holding or use of HKDAP. Nothing in these Terms or in your interactions with us shall be deemed to create or impose any fiduciary duties or obligations on us. You are solely responsible for evaluating the risks and merits of obtaining, holding and using HKDAP and for making your own independent decisions.

20.2 HKDAP is a bearer instrument operating on the Supported Blockchains. We do not hold HKDAP on your behalf, nor do we provide custodial services in respect of your HKDAP. You are solely responsible for the safekeeping and management of your digital token wallets and any private keys or credentials associated with them.

20.3 We do not provide legal, Tax, investment, financial or any other professional advice. Any information provided by us, whether through our Site, communications or otherwise, is for general informational purposes only and should not be construed as professional advice. You should consult your own legal, Tax, investment, financial and other professional advisors before obtaining, holding or using HKDAP.

21. Taxes

21.1 The Tax implications of obtaining, holding, owning, disposing of, redeeming or otherwise dealing with HKDAP are dependent on your particular circumstances. You are advised to consult your professional tax advisers as to such Tax implications in light of your particular circumstances.

21.2 If you are required to deduct or withhold any Tax from a payment from you to us, you must pay to us any additional amount as may be necessary to ensure we receive the full amount of the relevant payment as if that deduction or withholding had not been made. If we are required to deduct or withhold any Tax from a payment from us to you, we are under no obligation to increase the payment amount.

22. Risk factors

Your attention is drawn to Appendix 1 (Risk Factors) to these Terms and to the section of our Site entitled “Risk Factors”, which set out a non-exhaustive list of risks associated with your obtaining, holding and using of HKDAP.

23. Privacy policy

Your attention is drawn to the section of our Site entitled “Privacy Notice”, which sets out our privacy policy.

24. General

24.1 These Terms (and any other written agreements we may from time to time enter into with you in connection therewith) shall constitute the whole and only agreement between you and us in respect of your obtaining, holding or use of HKDAP. You agree that, in obtaining, holding or using HKDAP, you are not relying upon any statement not expressly set out in these Terms or such agreements. Save in the case of fraud on our part, you shall have no right of action against us arising out of or in connection with any statement except to the extent that it is expressly set out in these Terms or such agreements, and your only right and remedy against us in connection with these Terms and such agreements shall be for breach of contract (excluding, for the avoidance of doubt, misrepresentation). For this purpose, “statement” means any undertaking, representation, warranty, promise, assurance or arrangement of any nature whatsoever, whether or not in writing, relating to the subject matter of these Terms or such agreements, made or given by us.

24.2 Any delay or omission by us in exercising any of our rights, powers or remedies under these Terms or provided by Law shall not affect such rights, powers or remedies or operate as a waiver of them. The single or partial exercise of any right, power or remedy under these Terms or provided by Law by us shall not preclude any other or future exercise of it or preclude the exercise of any other right, power or remedy.

24.3 Our remedies are cumulative with and not exclusive of any other remedy conferred by the provisions of these Terms or by Law or equity.

24.4 You agree that the remedies to which we are entitled include without limitation:

(A) injunctions to prevent breaches of these Terms and to specifically enforce these Terms, and you waive any requirement of posting of bond in connection with such remedies;
(B) the right to recover the full amount of any Losses or any obligation owed by you to us by set-off against any amounts we are otherwise obliged to pay you (and we may make currency conversions for the purposes of such set-off at a rate we reasonably consider appropriate); and
(C) the right to freeze, Blacklist, seize and recover against any of your HKDAP, other digital tokens, fiat currency or other property, including in each case your interests therein, that are held by us.

24.5 You further agree that we may delay or suspend any of the services we provide to you in connection with HKDAP if there is or may be, or if we have reason to believe that there is or may be:

(A) any breach by you of any provision of these Terms or applicable Laws;
(B) any breach of applicable Laws arising from our provision of such services to you (or if we are directed or requested to do so by any Government); or
(C) unauthorised access to your digital token wallet or other wallets or accounts.

24.6 You shall not assign or purport to assign all or any part of the benefit of or your rights under these Terms (including any causes of action arising in connection therewith), without our prior written consent. We may, without any prior notice to you or your consent, assign all or any part of the benefit of or our rights under these Terms (including any causes of action arising in connection therewith). You shall not make a declaration of trust in respect of, or enter into any arrangement whereby you agree to hold in trust for any other person, all or any part of the benefit of, or your rights or benefits under, these Terms.

24.7 The parties to these Terms do not intend that any provision of these Terms should be enforceable, by virtue of the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong), by any person who is not a party to these Terms.

24.8 If at any time any provision of these Terms is or becomes illegal, invalid or unenforceable in any respect under the Laws of any jurisdiction, that shall not affect or impair:

(A) the legality, validity or enforceability in that jurisdiction of any other provision of these Terms; or
(B) the legality, validity or enforceability under the Laws of any other jurisdiction of that or any other provision of these Terms.

24.9 These Terms shall remain in full force and effect and shall continue to apply to and be binding on you notwithstanding your disposal or redemption of any HKDAP.

24.10 If you are not impressed with us or our service in any way or wish to provide us with feedback or suggestions, please contact us via any of the following means:

(A) submit a contact form here; or
(B) mail to us at Level 6, Standard Chartered Building, 4–4A Des Voeux Road Central, Hong Kong.

If your matter relates to a complaint, please refer to our complaints handling procedures available on our Site, which provide further details on how complaints are received, processed and resolved.

25. Governing law and Jurisdiction

25.1 These Terms are to be governed by and construed in accordance with the laws of Hong Kong. Any matter, claim or dispute arising out of or in connection with these Terms, whether contractual or non-contractual, is to be governed by and determined in accordance with the laws of Hong Kong.

25.2 The courts of Hong Kong are to have exclusive jurisdiction to settle any dispute, whether contractual or non-contractual, arising out of or in connection with these Terms. Any Proceedings shall be brought only in the courts of Hong Kong.

25.3 Each party irrevocably submits and agrees to submit to the jurisdiction of the courts of Hong Kong. You waive (and agrees not to raise) any objection, on the ground of forum non conveniens or on any other ground, to the taking of Proceedings in the courts of Hong Kong. You also agree that a judgment against you in Proceedings brought in Hong Kong shall be conclusive and binding upon you and may be enforced in any other jurisdiction.

25.4 For the purposes of all Proceedings, all HKDAP shall be deemed to be located and situated in Hong Kong.

25.5 If required by us, you must irrevocably appoint a process agent in Hong Kong to receive service of process or documents in connection with Proceedings, and you must notify us of your process agent’s name and address. If you fail to comply, we may (on your behalf) appoint a process agent and we will notify you of the name and address of that process agent, and service of any legal process or documents on that process agent shall constitute service on you.

26. Interpretation

In these Terms:

(A) “Blacklist” has the meaning ascribed to it in our Blacklisting Policy (and “Blacklisted” and “Blacklisting” shall be construed accordingly);
(B) “Blacklisting Policy” has the meaning ascribed to it in paragraph 12.2;
(C) “Blocked Address” has the meaning ascribed to it in paragraph 12.1;
(D) “Business Day” means a day (other than a Saturday, Sunday, public holiday or any day on which a tropical cyclone warning no. 8 or above or “black” rain warning signal or similar is hoisted in Hong Kong) on which banks are open for general business in Hong Kong;
(E) “Customer” means any person on-boarded by us as a customer after completion to our satisfaction of all requisite verifications and approvals in accordance with all applicable Laws and regulations and our internal policies (including, but not limited to, anti-money laundering, know your customer and on-boarding requirements) and who maintains an account with us for issuing and redeeming HKDAP;
(F) “Force Majeure” has the meaning ascribed to it in paragraph 19.2;
(G) “fork”, in relation to the Supported Blockchains or other blockchains or protocols relating to HKDAP, has the meaning ascribed to it in paragraph 8.3;
(H) “Government” means any national, federal, state, municipal, local or foreign government or branch of government, including any department, agency, subdivision, bureau, commission, court, tribunal, arbitral body or other governmental, government appointed or quasi-governmental authority or component, exercising executive, legislative, judicial, regulatory or administrative powers, authority or functions of or pertaining to a government instrumentality, including any state-owned or state-controlled business enterprise;
(I) “Government Official” means an officer or employee of any Government, a director, officer or employee of any instrumentality of any Government, a candidate for public office, a political party or political party official, an officer or employee of a public international organisation and any person who is acting in an official capacity for any of the foregoing, even if such person is acting in that capacity temporarily and without compensation;
(J) “HKD” or “HK$” means Hong Kong dollar, the lawful currency of Hong Kong for the time being;
(K) “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China;
(L) “in circulation” or “outstanding” means, in relation to HKDAP, all the HKDAP in existence on the Supported Blockchains, and:

(i) includes without limitation HKDAP held in digital token wallets, used in transactions, used (including “locked” for any period of time) in decentralised finance protocols or pledged as collateral or security;
(ii) includes HKDAP that are restricted from being accessed, transferred or redeemed by any person due to any enforcement actions, court orders or similar directions;
(iii) includes HKDAP that are beneficially owned by us; and
(iv) excludes HKDAP that have been redeemed in accordance with these Terms or burned, destroyed or otherwise permanently removed from circulation.

(M) “Indemnified Parties” has the meaning ascribed to it in paragraph 16;
(N) “Issuance Order” means orders for the issuance of HKDAP which may from time to time be submitted by Customers to us, and which we may from time to time accept (but, for the avoidance of doubt, we shall not at any time be under any obligation to accept any such order);
(O) “Laws” means (i) any law (including common or customary law), statute, ordinance, rule, regulation, sanction, regulatory policy or guideline, directive, treaty, by-law, constitution, decree, judgment or order or (ii) any other legislative measure of (a) any supranational, federal, national, state, provincial, municipal or local government, authority or body, (b) any statutory or regulatory authority or body or (c) any court or tribunal, including without limitation the Stablecoins Ordinance and the Guideline on Supervision of Licensed Stablecoin Issuers and Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) published by the Hong Kong Monetary Authority (including any guidance published by the Hong Kong Monetary Authority that substantially replaces or supplements such Guidelines);
(P) “Losses” means any claim, application, loss, injury, delay, accident, cost, business interruption cost or any other expenses (including legal fees or the costs of any claim or suit), including any incidental, direct, indirect, general, special, punitive, exemplary or consequential damages, loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction or any and all other commercial losses;
(Q) “Proceeding” means any proceeding, suit or action arising out of or in connection with these Terms or the existence, validity or enforceability of these Terms, whether contractual or non-contractual;
(R) “Prohibited Jurisdiction” means any country, territory or geographical region specifically listed in any Sanction List as being the subject or target of either territory-wide sanctions or sectoral sanctions;
(S) “Prohibited Person” means: (i) any Government, Government Official or resident of, or any person in or subject to, any Prohibited Jurisdiction; and (ii) any Sanctioned Person;
(T) “Prohibited Transactions” has the meaning ascribed to it in paragraph 10.1;
(U) “Redemption Request” means requests for the redemption of HKDAP which may from time to time be submitted by Customers to us;
(V) “Reserve Assets” has the meaning ascribed to it in paragraph 7.1;
(W) “Restricted Activities” has the meaning ascribed to it in paragraph 9.1;
(X) “Sanction List” means any sanction list maintained under the anti-money laundering, counter-terrorist financing, counter-proliferation financing, anti-corruption or economic sanctions Laws of, or by any of the Governments of, Hong Kong, the United Kingdom, the European Union, the United States of America, the United Nations or any other jurisdiction, as may be amended from time to time;
(Y) “Sanctioned Person” means:

(i) any person or any digital token, digital token wallet or digital token address which is specifically listed in any Sanction List;
(ii) any Government, Government Official or other person which is located, organised or resident in any country, territory or geographical region targeted under any of the sanctions Laws or programmes of Hong Kong, the United Kingdom, the European Union, the United States of America or the United Nations;
(iii) any person which is 50% or more owned or otherwise controlled, whether directly or indirectly, and whether individually or in aggregate, by any person(s) referred to in (i) or (ii) above, and, for this purpose, “controlled” has the meaning ascribed to it in applicable Laws, regulations and guidance; or
(iv) any person which has been identified by us as presenting an unacceptable level of sanctions risk to us or our affiliates;

(Z) “Site” means the website from time to time maintained by us in connection with HKDAP or our provision of services relating to HKDAP, and, if you are our Customer, any connectivity channel from time to time duly approved by us and duly notified to you for submitting and receiving Issuance Orders, Redemption Requests and (if applicable) other communications relating to HKDAP;
(AA) “specified stablecoin” has the meaning ascribed to it in the Stablecoins Ordinance;
(BB) “Stablecoins Ordinance” means the Stablecoins Ordinance (Chapter 656 of the Laws of Hong Kong), as amended from time to time;
(CC) “Supported Blockchains” means any and all blockchains designated by us (by publication on our Site) as a “Supported Blockchain” from time to time; and
(DD) “Tax” means any taxes, levies, duties, imposts, charges, fees, stamp duties, value added taxes and any charges, deductions or withholdings of any nature whatsoever, including taxes on gross or net income, profits or gains, and taxes on receipts, sales, use, occupation, franchise, value added and personal property, withholding taxes and payroll taxes together with all penalties, fines, fees, charges, surcharges and interest relating to any of them imposed by or payable to any Government.

Appendix 1 (Risk Factors)

These Risk Factors set out some of the principal risks associated with HKDAP and the services that we provide in connection with HKDAP. This is not an exhaustive list, and does not purport to describe every risk. By obtaining, holding or using HKDAP, you acknowledge that you have read and understand these Risk Factors. You should not obtain, hold or use HKDAP unless you understand the associated risks.

These Risk Factors form part of the HKDAP terms and conditions (the “Terms”). It has the same force and effect as if expressly set out in the body of the Terms, and any reference to the Terms shall include these Risk Factors.

Unless otherwise expressly defined herein, capitalised terms in these Risk Factors shall have the same meaning as ascribed to them in the Terms.

A copy of these Risk Factors is available on our Site.

1. Market risk

1.1 The Market price of HKDAP may fluctuate due to factors outside our control. Whilst Customers may from time to time redeem HKDAP for HKD at par value in accordance with the Terms, we do not guarantee HKDAP will always trade in the Market at par value. We do not and cannot control how third parties value HKDAP, and we are not responsible or liable in any way for Losses arising from fluctuations in the Market price of HKDAP.

1.2 For the purposes of these Risk Factors, “Market” means any transaction relating to HKDAP other than issuances and redemptions of HKDAP by us in accordance with the Terms.

2. Liquidity Risk

2.1 There is no guarantee that there will always be an active Market for you to purchase or dispose of HKDAP. Trading exchanges or Markets may list HKDAP and may delist HKDAP from trading without prior notice to or consent by you. It is possible that any Market for HKDAP could abruptly cease. We are not in any way obliged to provide liquidity for HKDAP in the Market or to act as a Market maker in respect of HKDAP.

2.2 The liquidity of HKDAP in certain Markets may be limited, and less liquid or illiquid Markets could experience greater volatility in the Market price of HKDAP. As such, you may not always be able to purchase, exchange or sell HKDAP in the Market at your desired price and volume.

2.3 Merchants and other commercial parties who accept HKDAP for their goods and services do so at their sole discretion, and, in the future, may cease to accept HKDAP or value them at less than their par value.

3. Reserve Assets risk

3.1 The valuation of the Reserve Assets may involve certain judgments, estimates, assumptions and uncertainties. Independent pricing information regarding the Reserve Assets may not always be available, and may require assumptions to be made as to trading conditions and estimates to be made as to fair value. Published information regarding the valuation of the Reserve Assets may be adversely affected if actual circumstances differ from those on which the estimates and the assumptions are based, and the Reserve Assets could be subject to diminution in value if the estimates or the assumptions prove to be incorrect.

3.2 We may, from time to time, at our sole discretion, invest (or direct the investment of) the Reserve Assets in such assets as are permitted under applicable Laws, taking into account our Reserve Assets management, risk management and other policies. There is no guarantee that the liquidity of the Reserve Assets will always be sufficient to meet redemption requests as and when made, and it is possible redemption of HKDAP may be deferred or suspended in certain circumstances.

3.3 The Reserve Assets may, from time to time, include receivables or other assets that depend upon the performance of a counterparty. Such assets are subject to the default, insolvency or illiquidity of the counterparty, and to possible invalidation of transactions under relevant insolvency laws. Our inability to recover funds owed by such counterparties could adversely impact the value the Reserve Assets.

3.4 We may, from time to time, engage one or more trustees, custodians or other third-party services providers to hold or manage the Reserve Assets. Those Reserve Assets may be subject to loss, theft, Government freezes or seizures or the third party’s default or insolvency. This could cause delays or other barriers to redemption of HKDAP.

3.5 HKDAP is not backed by any Government, and is not protected through any insurance provided by us, any consumer protection, insurance or compensation schemes or any other analogous or similar protections in any jurisdiction.

3.6 Customers’ right to request redemption of HKDAP is a contractual right, and it does not represent security in favour of Customers in respect of their HKDAP. Redemption requests may be rejected if they are not in the proper form from time to time prescribed by us, or if such redemption would breach applicable Laws. Our processing of redemption requests may also be delayed, postponed or suspended in certain circumstances, including without limitation illiquidity of Reserve Assets and forks in the Supported Blockchains.

4. Blockchain and technology risks

4.1 As a result of the decentralised and open-source nature of HKDAP, it is possible that one or more parties unaffiliated with us may create “copies” or “wrappers” of HKDAP. We support only HKDAP and not such copies of wrappers. Please refer to the Terms for further details.

4.2 Further, as a result of the decentralised and open-source nature of the Supported Blockchains, it is possible that the Supported Blockchains may experience upgrades, “forks” or other technical events or disruptions. These events may disrupt issuances, transfers and redemptions of HKDAP. In the event of a fork, we may assess that a particular fork contains certain attributes outside our accepted parameters, and as such we may not support such fork. We are not obliged to support any particular fork. Please refer to the Terms for further details.

4.3 Smart contracts used in the HKDAP ecosystem may contain bugs or vulnerabilities that could be exploited, resulting in cyberattacks, system compromise, data breaches or unauthorised access. HKDAP relies on third-party blockchain infrastructure providers, and failures or breaches on the part of such third parties may affect HKDAP. These events may disrupt issuances, transfers and redemptions of HKDAP. Please refer to the Terms for further details.

4.4 We do not and cannot control the Supported Blockchains and other distributed ledgers on which HKDAP are recorded and transacted. Accordingly, we are not able to prevent or protect against risks relating to the Supported Blockchains and such other distributed ledgers, which may include hacks and other coordinated attacks and decryption of the relevant encryption protocols through the application of more advanced future technologies (such as quantum computers), which could result in adverse effects for HKDAP holders (such as by reversing historical trades or by changing the protocol itself).

5. Transactions irreversible

5.1 Transactions on the Supported Blockchains in respect of HKDAP are irreversible, and, once a transaction has been completed on a Supported Blockchain, it cannot be reversed, cancelled, or modified by us. Accordingly, Losses arising out of or in connection with fraudulent or accidental transactions may not be recoverable.

5.2 When you make a transfer of HKDAP to a digital token address, you may lose any access to and any claim on the HKDAP that you had indefinitely and permanently. For example:

(A) the digital token address may have been entered incorrectly, and:

(i) the owner of that digital token address may never be discovered;
(ii) the owner of that digital token address may not return the HKDAP; or
(iii) the owner of that digital token address may return the HKDAP but first require action on your part, such as verification of your identity or paying certain fees; or

(B) you may not have (or may subsequently lose) the private key associated with the digital token address.

5.3 You bear all responsibility for any Losses arising out of or in connection with sending HKDAP to an incorrect or unintended digital token address.

6. Third party risks

6.1 HKDAP may be held, transferred or traded on third-party Markets and platforms. These Markets and platforms operate independently of us, and could be subject to operational failures, security breaches or regulatory actions.

6.2 We do not guarantee the reliability, security or compliance of any third-party Markets or platforms, and we are not responsible or liable in any way for Losses arising from their insolvency, hacking or mismanagement.

7. Legal and regulatory risks

7.1 The legal and regulatory framework governing HKDAP and stablecoins generally may be subject to further developments in Hong Kong and globally. Future legislative or regulatory changes may impose additional obligations on us or you, restrict the use or transfer of HKDAP or affect its legal status. Governments and governmental authorities may, from time to time, impose restrictions, sanctions or other enforcement actions which may impact the operation of HKDAP. We may, from time to time, be required to modify the operation of HKDAP, suspend our services or take other actions to respond to such changes.

7.2 If you are transacting HKDAP to, from or through jurisdictions outside of Hong Kong, you may be subject to the legal regimes of those jurisdictions, and we provide no assurance as to the lawfulness or legality of HKDAP in such jurisdictions.

7.3 By their nature, digital tokens including HKDAP are not physically located in any specific country, territory, geographical region or jurisdiction. Notwithstanding any provision of the Terms deeming HKDAP to be located in Hong Kong, it is possible that countries, territories or geographical regions other than Hong Kong may seek to assert jurisdiction in respect of HKDAP and apply the laws of other jurisdictions in respect of HKDAP, including where a holder of HKDAP attempts to enforce its rights under the Terms in or from a jurisdiction other than Hong Kong.

8. Blocking and Blacklisting

8.1 We reserve the right to block certain digital token addresses and, if such digital token addresses relate to your Customer account with us or your account on our Site, freeze associated HKDAP (whether temporarily or permanently) that we, in our sole and absolute discretion, determine may be associated with activity that violates applicable Laws or the Terms.

8.2 In the event that you send HKDAP to a Blocked Address, or you receive HKDAP from a Blocked Address, we may freeze such HKDAP and take steps to terminate your Customer account with us and/or your account on our Site.

8.3 In addition, in certain circumstances, we may be required to undertake further reporting to certain Governments or law enforcement agencies in relation to suspected illegal activity without notice to or informing you, and may also be required to surrender Reserve Assets associated with your HKDAP, and you may accordingly forfeit your rights associated with your HKDAP (including your ability to redeem HKDAP for HKD).

8.4 Please refer to the Terms and our Blacklisting Policy for further details.

9. Tax risks

The tax treatment of HKDAP and acquisitions, transfers and redemptions of HKDAP may vary by jurisdiction. You are responsible for determining and complying with your tax reporting, payment and other obligations. We are not responsible for determining which Tax and other Laws apply to your transactions in respect of HKDAP. Where in doubt, you should consult your own professional advisors.

10. Publicity risks

Negative publicity, whether or not accurate, relating to us, our affiliates, our service providers, or HKDAP may adversely affect public perception, user confidence and market demand in respect of HKDAP, and in turn the Market price, Market liquidity and usability of HKDAP. We do not and cannot control the contents or dissemination of such information.

11. Force Majeure

The operation of HKDAP and our provision of services in connection with HKDAP may from time to time be disrupted or suspended by Force Majeure events beyond our reasonable control. We shall not be liable for any failure, delay or non-performance by us in such circumstances. Please refer to the Terms for further details