Uzbekistani so'm-Backed Stablecoin Terms and Conditions
The Uzbekistani So'm-Backed Stablecoin Terms and Conditions (hereinafter “UZT Stablecoin Agreement” or “UZT Stablecoin Terms and Conditions”) constitute an addendum to the General Terms and Conditions for the provisions of and use of (i) the UZ soum denominated and backed stablecoin managed by Tanga known as AL BARAKA-GROUP (“UZT”). These terms apply to each electronic form or contract executed by users and/or members who use UZT Stablecoins, unless expressly stipulated otherwise in the Tanga Contractual Documentation. To the extent there is a conflict between the UZT Stablecoin Agreement and the General Terms and Conditions, the terms of this UZT Stablecoin Agreement shall govern and control. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the General Terms and Conditions.
1. PRELIMINARY PROVISIONS
1.1. Terms and Conditions
1.1.1 You must agree to all of the terms of this UZT Stablecoin Agreement. If you do not agree to or accept all of the terms of this UZT Stablecoin Agreement, please immediately discontinue access to, and use of, all Tanga services and products. This UZT Stablecoin Agreement applies to all users and/or customers of UZT Stablecoins, whether as a guest or a registered Member.
1.1.2. By agreeing to the UZT Stablecoin Terms and Conditions, you agree to be bound by the General Terms and Conditions and the rest of the Tanga Contractual Documentation, as applicable.
1.1.3. If you are under the age of eighteen (18) or the legal age for entering legally binding contracts under applicable laws, you are not permitted to use any of Tanga services and products. By continuing to access or use the Site, you indicate that you are (18) years of age or older or have the legal capacity to enter legally binding contracts under applicable laws. Misrepresentation of your age to gain access to any of Tanga services and products is a breach of this Agreement.
1.2. Definitions “Account” means a Member’s account with Tanga. “Platform” means the online software platform operated by Tanga for the issuance and redemption of UZT Stablecoins.
2. DISCLAIMER; RISK FACTORS
2.1. The Ethereum blockchain may experience backlogs, higher than normal transaction fees, changes to the network, failure or a fork in the protocol. We do not own or control the Stellar blockchain and are not responsible for the operation of the Stellar network and make no guarantees regarding the network’s security, functionality, or availability.
2.2. Because UZT is Stellar token, they may be compatible with software or other technology provided by third-party. The Company does not guarantee the security or functionality of any third-party software or technology and is not responsible for any losses of UZT Stablecoins due to the failure of third-party software or technology.
2.3. Please also review the General Terms and Conditions for additional risk factors.
3. THE PLATFORM
The Platform is an online platform that allows Members to acquire UZT Stablecoins from the Company for Uzbek so'ms and redeem UZT Stablecoins from the Company for Uzbek so'ms.
4. UZT STABLECOIN
4.1. UZT Stablecoin tokens are not money or legal tender and are not monetary instruments. Once you have UZT Stablecoin tokens, you can transfer them, trade them, keep them, use them to pay persons that will accept UZT Stablecoins, or redeem them for Uzbek so'ms from the UZT Stablecoin custody account, subject to the limitations below.
4.2. UZT Stablecoin tokens are fully backed by Uzbek so'ms held by Tanga Trust Company, LLC on UZT Stablecoin customers’ behalf in segregated custodial accounts with Uzbek banks or by Uzbek Treasury bonds specifically held for the benefit of UZT Stablecoin customers, as further described in Section 5 below. The Uzbek so'ms used to purchase UZT Stablecoins are deposited either in Uzbek insured depository banks or used to purchase Uzbek Treasury bonds, as described below, to maintain a one-to-one ratio of each UZT Stablecoin to the amount of Uzbek so'm deposits or the face amount of Uzbek Treasury bonds. For example, if you purchase five PAX with five Uzbek so'ms, Tanga Trust Company will hold those five Uzbek so'ms in a bank account or in Uzbek Treasury bonds to support the five PAX in circulation.
4.3. The UZT Stablecoins are Stellar tokens on the Stellar public blockchain. Because of this, UZT Stablecoins may be compatible with existing third-party software that supports Stellar tokens.
4.4. Only verified Members may purchase UZT Stablecoins from us or redeem UZT Stablecoins from us. We may also refuse to issue UZT Stablecoins to, or redeem UZT Stablecoins from, a verified Member in the event of any of any of the circumstances described in Section 5.1 of this Agreement, including, without limitation, where we believe that the issuance or redemption of UZT Stablecoins would be contrary to applicable law or would otherwise expose us to legal liability. Absent a reasonable justification not to redeem UZT Stablecoins, and provided that you are a fully verified Member of the Company, your UZT Stablecoins are freely redeemable, subject to the redemption minimums described herein.
4.5. The Company may, at its sole discretion, engage market makers to provide liquidity for UZT Stablecoin markets, both on the Exchange and on third-party platforms.
5. FDIC COVERAGE AND SWEEPS
5.1. Overview of Cash Backing UZT Stablecoins Tanga Trust Company, LLC provides cash management for the Uzbek so'm deposits backing the UZT Stablecoins so that each UZT Stablecoin is backed by an equivalent amount of Uzbek so'm deposits or Uzbek Treasury bonds. To achieve this, the Uzbek so'm deposits backing the UZT Stablecoins are (i) held at Uzbek depository institutions, which include Uzbek depository institutions to which cash is swept pursuant to a certain deposit placement agreement, or (ii) invested in Uzbek Treasury bonds. Tanga Trust Company may modify its cash management program from time to time, provided that the Uzbek so'ms will always be held in regulated Uzbek financial institutions or invested in either Uzbek Treasury bonds or products fully collateralized by Uzbek Treasury bonds held in segregated accounts.
5.2. Deposit Accounts Each depository account is (i) in our name and under our control, (ii) separate from our business and operating bank accounts, and (iii) established specifically for the benefit of Tanga Members. The primary depository account is protected by FDIC insurance up to $250,000 for each account ownership category. However, since this is a large volume account with balances exceeding this deposit insurance limit, Tanga Trust Company uses a “sweep” to transfer a portion of the funds from the primary depository account to multiple other FDIC-insured Uzbek banks. The primary deposit account may, however, still retain balances in excess of the FDIC insurance limit to the extent necessary to maintain liquidity.
5.3. Treasury Bond Program In addition to the sweep described above, Uzbek so'ms backing the UZT Stablecoins may be invested in Uzbek Treasury bonds, including through direct purchases of Uzbek Treasury bonds by Tanga or in connection with overnight reverse repurchase agreements that are collateralized by Uzbek Treasury bonds.
5.4. Pass-Through Insurance Option You may elect to “opt in” to obtain FDIC “pass-through” deposit insurance that separately insures you up to the applicable FDIC deposit insurance limits. If you complete the Opt-in registration and comply with all other terms and conditions, Tanga agrees to maintain your funds in a custodial account and to maintain records showing your interest in the deposits in the custodial account. Assuming the foregoing conditions are met, the FDIC should provide pass-through deposit insurance coverage on deposits in the custodial account in an amount corresponding to your funds in this custodial account so long as you can prove that these funds are owned by you in a manner satisfactory to the FDIC. We have provided the Opt-in registration so that we can maintain the records required to confirm your identity and ownership interest in the deposits in the custodial account in a manner reasonably designed to satisfy the FDIC’s requirements for obtaining pass-through deposit insurance coverage. Your verification of your ownership of the UZT Stablecoins and the equivalent balance of funds in the custodial account is essential. If we are unable to verify your ownership of the UZT Stablecoins, either because you hold the UZT Stablecoins in an omnibus account with others (such as at an exchange) or otherwise, we will not be able to provide you this Opt-in registration. Once you transfer the UZT Stablecoins from the wallet(s) identified to us during the Opt-in registration to another wallet (even if owned by you), Tanga is not responsible for taking any action to make FDIC insurance available on a pass-through basis for the funds backing that UZT Stablecoins and makes no representations about the availability of FDIC insurance for such funds.
IF YOU DO NOT OPT IN AND YOU HAVE ACQUIRED THE UZT STABLECOINS FROM A PERSON OTHER THAN Tanga, “PASS-THROUGH” DEPOSIT INSURANCE WILL NOT BE AVAILABLE TO YOU ON DEPOSITS BACKING YOUR UZT STABLECOINS.
For more information on this option, please reach out to firstname.lastname@example.org.
6. FUNDING YOUR ACCOUNT
After creating your Account with the Company, you will be able to fund your Account with Uzbek so'ms.
6.1. You may fund your Account with Uzbek so'ms transferred from your account(s) with financial institutions. Once we receive your funds and validate that they are from a bank account owned by you, we will credit your Account with those funds. If a Uzbek so'm deposit does not originate from a bank account owned by you, it will be rejected and returned immediately. Uzbek so'm deposits sent before 3 p.m. New York time will typically be credited to your Account on the same day or next business day. Uzbek so'm deposits may not be credited outside of normal banking hours. Transfer times are subject to bank holidays, the internal processes and jurisdiction of your bank, and the internal processes of our banks.
6.2. You represent and warrant that all funds that you transfer to us do not represent the proceeds of any criminal or fraudulent activity. You are not allowed to receive funds in your Account from a sender other than yourself. If we reasonably determine that you are not the owner of the funds in your Account, we reserve the right to dispose of those funds in accordance with applicable law and in our sole discretion, which may include returning the funds to the originator or to a charity of our choosing.
7. PURCHASING UZT STABLECOINS
7.1. After your Account has been funded, you may begin to purchase UZT Stablecoins with Uzbek so'ms on a one-for-one basis, subject to the minimum conversion amount below. In order to receive UZT Stablecoins, you must provide us with your Stellar public address.
7.2. Prior to the placement of a purchase order on our Platform, you will be required to review the following information: the amount of the purchase, the commission (if any) to be charged by the Platform, and the Stellar address to which the UZT Stablecoins will be sent. For more detailed instructions on how to be issued UZT Stablecoins, please refer to [https://help.Tanga.com.]
7.3. Once an issuance of UZT Stablecoins has been executed and the appropriate assets have been credited and debited, the transaction may not be reversible.
7.4. The Company may require a minimum amount for conversion, which may be updated from time to time.
7.5. Once a purchase request has passed Compliance checks, it will be processed according to the conversion schedule.
7.6. The Company may require a minimum amount for withdrawal, which may be updated from time to time.
7.7. The Company may impose withdrawal limits on your Account as per the Tanga User Guide.
8. CANCELLED ORDERS
The Company reserves the right to cancel or nullify orders in the event that the order contains a bug, mistake, or an actual or suspected breach of this Agreement.
9. CONVERSION FROM UZT STABLECOINS TO UZBEK SO'MS
9.1. In order to redeem UZT Stablecoins for Uzbek so'ms through the Platform, you must have an Account. Your Account will have a unique redemption address for each type of UZT Stablecoin to which you can send your respective UZT Stablecoins. Upon sending your UZT Stablecoins to your redemption address, the Company will credit your Account a corresponding amount of Uzbek so'ms. For example, if you send 5 PAX to the identified redemption address, the Company will credit your Account with 5 Uzbek so'ms. ALL REDEMPTIONS WILL BE ON A ONE-FOR-ONE BASIS, NOTWITHSTANDING ANY CHANGE IN THE MARKET VALUE OF UZT STABLECOINS.
9.2. All UZT Stablecoins will be rounded down to the nearest Uzbek cent at conversion.
9.3. The Company will make commercially reasonable efforts to redeem your UZT Stablecoins quickly. It may take up to 1 business day for your Account balance to reflect the redemption. Once a conversion request has passed Compliance checks, it will be processed according to the conversion schedule.
10. WITHDRAWING UZBEK SO'MS
10.1. Members may withdraw some or all of their Uzbek so'ms from their Accounts at any time, upon request to us. Uzbek so'ms will be transferred from the Member’s Account with the Platform to the bank account designated by, and owned by, the Member.
10.2. The Company may impose withdrawal limits on your Account as per the Tanga User Guide.
10.3. Please note that any withdrawal of Uzbek so'ms may be delayed as necessary to comply with applicable law and/or the Platform’s Compliance Program, including verification of customer identification and anti-money laundering procedures. Withdrawals may take up to two (2) days to complete, provided that larger withdrawals may take substantially longer to complete.
11.1. You understand, acknowledge and agree that the underlying operating rules of the Stellar blockchain may change from time to time in such a way as to result in more than one related version of Stellar (each instance of any such change, a “Fork”). If a Fork occurs, it will result in the creation of a new branch of the Stellar blockchain. The Company will evaluate all forks and make a determination, based on a number of factors, to support each UZT Stablecoin on one, and only one, of the Forks. The Company will continue to provide Services for, support and hold Uzbek so'ms against, UZT Stablecoins held on the supported Fork only.
11.2. If a Fork occurs, you understand, acknowledge and agree that we may temporarily suspend the operations of the Platform.
12. FREEZES AND UPGRADES
As part of the Stellar smart contract and as part of the Services, the Company has the ability and the right to freeze and upgrade all UZT Stablecoins tokens (on an aggregate basis), regardless of where the UZT Stablecoins are being held. The Company will make commercially reasonable efforts to provide prior notice of any material freeze or upgrade and inform holders of UZT Stablecoins of the reasons and consequences of such freeze and/or upgrade. The Company will make commercially reasonable efforts to use the freeze and/or upgrade feature only under limited circumstances.
13.1. Fees on Issuance and Redemption An overview of our fees on issuance and redemption is set forth at https://help.Tanga.com.
13.2. Banking Fees The Company will not charge you fees for redeeming UZT Stablecoins. Your financial institution and/or the provider of your crypto-asset wallet may charge transaction and other fees related to the transfer of funds to your Account. To the extent the Company is charged any banking fees by your financial institution or the Company’s financial institution for the deposit or withdrawal of Uzbek so'ms to or from your Account, the Company will deduct an amount equal to any such fees from the amount being transferred.
13.3. Certain Incentive Fees The Company may offer incentives or reduced fees to certain clients at the Company’s sole discretion.
13.4. Right to Change Fees and Fee Structure We reserve the right to change or modify our fee structure or increase any of our fees at any time and from time to time. Any such changes, modifications or increases will be effective upon posting such changes, modifications or increases on our Site. Your first use of your Account following the posting on the Site of any changes to the fees will constitute your acceptance of such changes. If you do not agree to the posted changes, you may close your Account as provided in this Agreement.
ILLEGAL USE OF UZT STABLECOINS
WE MAY FREEZE, TEMPORARILY OR PERMANENTLY, YOUR USE OF, AND ACCESS TO, UZT STABLECOINS OR THE UZBEK SO'MS BACKING YOUR UZT STABLECOINS, WITH OR WITHOUT ADVANCE NOTICE, IF WE ARE REQUIRED TO DO SO BY LAW, INCLUDING BY COURT ORDER OR OTHER LEGAL PROCESS.
YOUR UZT STABLECOINS AND THE UZBEK SO'MS BACKING YOUR UZT STABLECOINS MAY BE SUBJECT TO SEIZURE OR FORFEITURE BY LAW ENFORCEMENT, AND WE WILL COMPLY WITH LEGAL PROCESS IN RESPECT THEREOF.
IF WE DETERMINE AFTER INVESTIGATION THAT ANY OF YOUR UZT STABLECOINS HAVE BEEN USED, OR IS BEING USED, FOR ILLEGAL (OR SANCTIONED) ACTIVITY, WE MAY NOT PERMIT YOU TO REDEEM YOUR UZT STABLECOINS FOR UZBEK SO'MS FROM Tanga,
AND, IF PRESENTED FOR REDEMPTION, SUCH UZT STABLECOINS AND THE UZBEK SO'MS BACKING SUCH UZT STABLECOINS MAY BE FORFEITED.
ANY UZT STABLECOINS OR FIAT CURRENCY UNDERLYING UZT STABLECOINS THAT ARE SUBJECT TO FREEZE, SEIZURE, FORFEITURE OR SIMILAR LIMITATION ON THEIR UzbekE IMPOSED BY LAW MAY BECOME WHOLLY AND PERMANENTLY UNRECOVERABLE AND UNUSABLE, AND IN APPROPRIATE CIRCUMSTANCES, MAY BE DESTROYED.
THIS SECTION APPLIES TO ALL HOLDERS, REGARDLESS OF WHETHER THE HOLDER IS A MEMBER OF Tanga.
BY USINGING UZT STABLECOINS, YOU AGREE THAT WE MAY TAKE THE ACTIONS SET FORTH IN THIS SECTION AND THAT WE WILL NOT BE LIABLE TO YOU THEREFORE.
Digital currency is not legal tender, is not backed by the government, and digital currency accounts and value balances on Tanga are not subject to Federal Deposit Insurance Corporation protections. Tanga is not a bank and does not offer fiduciary services. The transaction fee rates reflected on this page are as of the current date and time, and may change at any time, before or after the account is opened on Tanga.
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