Terms of Service
Terms of Service
These Rakkar Digital Terms of Service (“Terms”) govern the terms and conditions in your (hereinafter referred to as “you” or “your”) use and access our Services and any supporting services made available by us. By using, registering an account with us, or accessing the services through the website (www.rakkardigital.com), web console, or our mobile application, you acknowledge that you have read and understand our Terms and that you agree to be legally bound by them.
The Company and Client shall be referred to individually as “Party” and collectively as “Parties”
1. Definition
1.1. “Account” means an account established in the name of, or for the benefit of a Client, which shall include the ability to access and utilise our Services
1.2. “Authorised Person” means a person nominated by Client and obtaining certain authorities consented by the Client
1.3. “Client Data” means any or all of the following, and all copies thereof, regardless of the form or media: (i) Personal Information of Client or an Authorised Person; and (ii) any non-public data or information provided or submitted by or on behalf of Client or an Authorised Person as part of the Services
1.4. “Company” means all corporate entities under Rakkar Digital Group that provide Services and responsible for such services. The Company may change due to business adjustments, but any obligations to you under these Terms will still be performed by the changed entity. Your rights and interests under these Terms will not be affected by such changes. If a dispute arises, the entities responsible for performing these Terms with you and the parties involved will be determined based on the specific services you use and the actions that affect your rights and interests.
1.5. “Digital Asset” means a digital representation of value that may function as a medium of exchange, or medium for investment including non-fungible tokens (NFT) that may function as a medium for commercial transaction, and which is evidenced on, and can be electronically received and stored using, distributed ledger technology. For the avoidance of doubt, Digital Assets held by the Company for the Client are Client’s financial assets and are not assets of the Company
1.6. “Master Service Agreement” means the contracts between the Company and Client that establish a specific terms and conditions for the Parties’ obligations
1.7. “Representative” means any employees, officers, directors, representatives, contractors, and agents of a Party
1.8. “Services” means the services related to the custody of Digital Assets and additional optional services provided by the Company under this Terms, including the Technology Platforms, electronic materials including data, text, images, graphics or other contents
1.9. “Supporting Services” means services supporting the use of the Services, including access to the Company Representatives for support related to Account(s), training, etc.
1.10. “Technology Platforms” or “Platforms” means the technology platforms and application provided by the Company and made available to Client to access the Services and Account(s), including the website, mobile applications, APIs and any changes, improvements, extensions thereto or other versions thereof
2. Account
2.1. Eligibility
a) By accessing and using the Services, you represent and warrant that (a) you are an organisation with full legal capacity and authority to enter into these Terms; and (b) you have not previously been suspended or removed from using the Services. If you are entering into these Terms on behalf on a legal entity of which you are an authorised employee or agent, you represent and warrant that you have all necessary rights and authority to bind such legal entity.
b) You are prohibited to use the Services through the Platforms if you are in, under the control of, or a national or resident of a trade or economic sanctioned country. Sanction countries include countries that are the subject of, without limitation of, (i) the United Nations Security Council Sanctions List designated as a “Specially Designated National” by the Office of Foreign Assets Control (“OFAC”) or (ii) placed on the U.S. Commerce Department’s “Denied Persons List” or (iii) entity as set out in the Terrorism (Suppression of Financing) Act (Chapter 325 of Singapore), or (iv) in the respective regulations promulgated under the Monetary Authority of Singapore Act (Chapter 186 of Singapore), as amended, supplemented or replaced from time to time. We maintain the right to select its market and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.
2.2. Account Registration
All Client shall (i) complete an application form, order form and execute a Master Service Agreement, among other things, providing all such information as we may require, in its sole discretion, in order to comply with the applicable law or regulation and if such application is approved by our team (ii) agreeing to comply with these Terms. The Client must satisfy the Company’s account acceptance process, which included but not limited to, information necessary for the Company’s compliance with all applicable laws and regulations relating to AML process, know-your-customer/ know-your-business process (KYC/KYB), counter-terrorist financing, sanctions screening requirements, or any other legal obligations. The Company, at its sole discretion, may reject any application and decline to open an account to any client for any reason without notice or explanation. If you do not agree to these Terms, then you may not use the Services.
2.3. Identity/Entity Verification and Due Diligence
To prevent using the Services as a channel of money laundering, monetary support for terrorism, the Client are required to provide all the information requested by us for the purpose of identity verification, know-your-customer/know-your-business process (KYC/KYB), AML procedures, customer due diligence and any monitoring that may be required under any applicable law. You agree to provide complete and accurate information and agree to promptly update any information provide to us so that such information is complete and accurate at all times. If there is any reasonable doubt that any information provided by you is wrong, untruthful, outdated, inaccurate or incomplete, we shall have the right to send you a notice to demand corrections, remove relevant information directly or terminate all or part of the Services to you. We shall not be responsible for any expense or loss incurred by you in such situations. We take client due diligence obligations seriously and constantly strives to comply with relevant laws and regulations.
2.4. Enhanced Due Diligence
You agree to provide us with additional or other information, documents and/or materials about yourself or your business to us for the purpose of performing enhanced due diligence. We may, among other things, establish your source of wealth and funds for any transactions carried out in the course of your use of the Services.
2.5. False Information
You understand and acknowledge that, wilfully or negligent submission of false or misleading information in connection with your application, or failure to timely update us with respect to material changes to your application information, may expose us to liability. You understand that this submission may result in costs to us, including but not limited to, the costs of defending against legal or regulatory actions brought by competent authorities, or civil and/or criminal monetary penalties. To the fullest extent of law, you agree that such costs as directly incurred by us as a result of your wilful or negligent submission of false or misleading information at account opening or at any time after becoming a client of us are an indemnifiable liability under these Terms.
2.6. Account Logins
You shall be responsible for the safeguarding and confidentiality of the acceptable device, personal identification numbers (PINs), biometrics and two-factor authentication application/tool to access our Services. We required multi-factor authentication to keep your Account(s) safe and secure. You are solely responsible for all of the activities including the improper or unauthorised use of the Account.
2.7. Authorised Person
Each Authorised Person represents and agrees on behalf of the Client, as well as his/her own behalf that he/she is fully authorised to execute all documents or otherwise complete our requirements in his/her capacity, has provided us all documents or other information necessary to demonstrate that authority and will provide other documents and complete other requirements as we may request from time to time. We may refuse to recognise such authorisation if, in our reasonable judgement, it appears to be incomplete or improperly executed. The Client shall be responsible for promptly notifying us of any changes to the identities or other information of its Authorised Person. We shall be entitled to rely on any instruction from an Authorised Person acting on behalf of the relevant Client.
2.8. Account Security
We are committed to maintaining the security of your assets with the highest standard. However, individual actions can pose various risks. It is important for you to aware of the risks and take measures to minimise or mitigate them. By using our Services, you agree to keep you login details confidential and not share them with any third party. It is your responsibility to take necessary security measures to protect your account and personal information. In the event that you believe that your Account has been hacked, compromised or damaged, you must contact your Customer Success Manager or our customer support immediately and notify us as soon as possible via our email at support@rakkardigital.com and may request us to suspend, freeze or restrict your Account.
2.9. Third-party Verification
You authorise us to make enquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such enquiries. By these enquiries, you acknowledge and agree that your personal information may be disclosed to agencies and that these agencies may respond to our enquiries accurately.
3. Services
3.1. Access
To access your Account or the Services, you must have the necessary acceptable devices with internet connection. Your Account or the Services can be accessed directly through the Technology Platform or by such other mode of access as we may prescribe from time to time. The use of the Technology Platform may be subject to additional terms and conditions as may be prescribed by us.
3.2. Deposits and Withdrawals
In order to complete a transaction, you will need sufficient funds in your Account. We may not support all funding methods at all times. You are solely responsible for your use of any external account, provider or service used to transfer funds to your Account. The timing associated with any deposit or withdrawal will vary and depend on the performance of third parties unrelated to the Company. You agree and understand that in certain situations, Digital Assets deposits and withdrawals may be delayed in connection with downtime, congestion or disruption to a network. We shall not be responsible for damages resulting from any failure or delay in funding the Account by you or third parties.
3.3. Digital Asset Custody
We store your Digital Assets in a custody account secured by us. The Company will custody the Digital Assets in segregated addresses under Client’s name or Accounts established for the benefit of the Client. We do not commingle the assets belonging to the client with those of other clients. Additionally, we do not transfer clients' assets to be held by any third-party safeguarding entity. Under no circumstances shall the company realize assets held as collateral to satisfy the client’s liabilities to us. The Digital Asset stored in your Account are pursuant to the Master Service Agreement terms entered into by and between you and the Company.
3.4. Supported Digital Assets
Our Services are available only in connection with those digital assets that we support, and this may change from time to time. Under no circumstances should you attempt to use your Account to store, send, request or receive digital assets in any form that we do not support. We assume no liability or responsibility in connection with any attempt to use your Account for digital assets that we do not support. You acknowledge and agree that the Company bears no responsibility and is not liable for any unsupported asset that is sent to a wallet associated with your Account. The list of supported digital assets can be found at our website (www.rakkardigital.com).
3.5. Managing Your Keys
We use MPC-CMP (Multi-Party Computation) technology to securely store your private key. Your key will be broken up into key shares, encrypted and divided among multiple parties/devices. The holder of the key will independently compute their part of the private key share to product a signature without revealing the encryption to other parties. Therefore, your private key will never be formed in one place at any given time.
3.6. Wallets
The Digital Asset wallets enabling you to store, track, transfer and manage your balances of supported Digital Assets. Your wallets and your Digital Asset transactions are your responsibility. We cannot cause transactions transferring Digital Assets from your wallets except in conjunction with an instruction from you to us.
3.7. Transactions
We will process the transactions in accordance with the instructions we receive from you and any instructions sent from your Account is deemed to be authorised and is binding on you. You should verify all transaction information prior to submitting instructions to us. We do not guarantee the identity of any user, receiver or requestee or other third party and we will have no liability or responsibility for ensuring that the information you provide is accurate and complete. The Client’s Direction shall not be considered to be received by the Company unless and until it has been approved by your designated approver(s)/quorum and received by the Company’s server.
3.8. Authorisation and Cancellations Transactions
By selecting ‘Confirm’, ‘Submit’ or ‘Approve’ button on the Platforms, you are authorising us to initiate the transaction. You cannot cancel, reverse, or change any transaction or requests after reaching a quorum marked as processing, confirming or completed that have been broadcast to the relevant blockchain network. You are responsible for maintaining an adequate balance and/or sufficient digital assets in your wallet to avoid insufficient funds.
3.9. Entitlements
The Company may, at its discretion, support or decline to support the claiming and receiving of entitlements accruing to the client from the Digital Asset held on their behalf. These entitlements may include, but are not limited to, staking rewards, airdrops, or other benefits arising from the ownership of such Digital Asset. The decision to support or not support the claiming of entitlements shall be made on a case-by-case basis, considering factors such as the nature of the digital assets, applicable regulations, and the Company’s operational capabilities. The client maintains the exercise of any right and power arising from ownership of the assets belonging to the client.
3.10. We assume no responsibility for the operation of the underlying software for blockchain protocols or Digital Asset networks, and we are not able to guarantee the functionality and/or security of network operations. You acknowledge and accept the risk that underlying software protocols relating to any Digital Asset you store in your wallet may change. We are not responsible for the operation of the underlying protocols and any loss of value you may experience as a result of such change.
3.11. Fees
a) Service Fee: The Client shall pay to the Company amount set forth on in the order form and subject to the terms and conditions per the Master Service Agreement.
b) Network Fee: Each transaction is subject to a network fee. The applicable network fee will be displayed to you on the Platform prior to your transaction confirmation. The network fee is paid to the network validators for processing and subject to change depending on the network activity at the time of transaction broadcast. The Company does not profit from the network fee.
4. Suspension, Termination and Cancellation
4.1. You may cancel or terminate your Account by contacting us with 30 days’ advance notice. You will not be charged for cancelling your Account, although you will be required to pay any outstanding amounts owed to us. For more information on terminating your Account, please refer to the Master Service Agreement.
4.2. We may suspend, restrict, or terminate your access to any, parts of or all of our Services and/or deactivate or cancel your Account, without reason by giving you 30 days' notice via email. You acknowledge that our decision to take certain actions may be based on confidential criteria that are essential for the purposes of our risk management and security protocols. You agree that we are under no obligation to disclose the details of such risk management and security procedures to you.
4.3. In the event that your Account is suspended or terminated, we will immediately cancel all pending transactions or refuse to complete a transaction associated with your Account.
5. Intellectual Property Rights
Intellectual property rights means, with respect to any thing, material or work (hereinafter, a “Work”): any and all (i) worldwide copyrights, trademarks, trade secrets and any other intellectual property and proprietary rights and legal protections in and to such Work including but not limited to all rights under treaties and conventions and applications related to any of the foregoing; (ii) all patents, patent applications, registrations and rights to make applications and registrations for the foregoing; (iii) all goodwill associated with the foregoing; (iv) all renewals, extensions, reversions or restorations of all such rights; (v) all works based upon, derived from, or incorporating the Work; (vi) all income, royalties, damages, claims, and payments now or hereafter due or payable with respect thereto; (vii) all causes of action, either in law or in equity for past, present or future infringement based on the Work; (viii) rights corresponding to each of the foregoing throughout the world; and (ix) all the rights embraced or embodied therein, including but not limited to, the right to duplicate, reproduce, copy, distribute, publicly perform, display, license, adapt, prepare derivative works from the Work, together with all physical or tangible embodiments of the Work.
5.1. You agree not to copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer of sale of, create derivative works from, or in any other way exploit any of the Work related to the Services, including for any purpose competitive to us or any commercial purpose, in whole or in part.
6. Privacy Policy
Please refer to our Privacy Policy for information on how we collect, use or disclose your information and personal data. You acknowledge and agree that your use of the Services is subject to our Privacy Policy.
7. Third-Party Service Provider
From time to time and without notice, we may engage third-party service provider(s) to facilitate and support your Services. In addition to these Terms, you agree to comply with any and all terms and conditions as may be imposed by any and all such third parties in connection with the use of such third-party service(s). If you do not comply with any such terms and conditions imposed by these third parties, then you may be restricted to certain Services. Under no circumstances shall we be responsible or liable to you or any Authorised Person for any direct or indirect losses, damages, costs by reason of, or arising from, or as a consequence of your breach of any terms and conditions that may be imposed by any and all such third parties.
8. Liability
8.1. Indemnification
You agree to indemnify us, our affiliates and service providers, and each of our, or their respective officers, directors, agents, employees and representatives, in respect of any costs (including attorneys’ fees and any fines, fees, or penalties imposed by any regulatory authority) that have been reasonably incurred in connection with any claims, demands or damages arising out of or related to a) your use of our Services b) your breach and/or our enforcement of these Terms or c) your violation of any law, rule or regulation, or the rights of any third party during your use of our Services.
8.2. Limitations of Liability
Under no circumstances shall the Company, its affiliates, shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers or contractors related to any services offered by or on behalf of the Company and its affiliates, be liable to you for any individual claim or series of connected claims for any indirect, incidental, special, punitive, or consequential damages (including but not limited to losses, costs, liabilities or expenses) whether in contract or tort, or otherwise which you may suffer, even if any of the foregoing parties have been advised as to the possibility of such damages.
Nothing in these Terms shall limit our liability to the extent of a final judicial determination that such damages were a result of our fraud, fraudulent misrepresentation, gross negligence, or deliberate misconduct.
Notwithstanding the foregoing, in no event will the liability of the Company, its affiliates, shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers or contractors related to any services offered by or on behalf of the Company and its affiliates, any performance or non-performance of the Company’s services, or any other product, whether under contract, statute, strict liability or other theory, exceed the total fees you paid to us under these terms during the twelve months immediately preceding the event that led to the claim.
8.3. Limitations of Loss
In reference to Clause 8.2 (Limitations of Liability), in no event shall we, our affiliates or service providers, or any of our or their respective officers, directors, agents, employees or representatives, be liable for any of the following types of loss or damage arising under or in connection with these Terms or otherwise:
a) any loss of, or damage to, reputation or goodwill; any loss of business opportunity, customers or contracts; any loss or waste of overheads, management or other staff time; or any other loss of revenue or action or anticipated savings, whether direct or indirect, even if we are advised of or knew or should have known of the possibility of the same;
b) any loss of hardware, software or data and/or any corruption of data; including but not limited to any losses or damages arising out of or relating to any inaccuracy, defect or omission of digital asset price data; any error or delay in the transmission of such data; and/or any interruption in any such data; and
c) any damages or interruptions caused by any computer viruses, spyware, scareware, trojan horses, worms or other malware that may affect your devices, or any phishing, spoofing or other attacks;
d) any loss or damage whatsoever which does not arise directly as a result of our breach of these Terms, whether or not you are able to prove such loss or damage.
8.4. No Warranties
The Services and Technology Platforms are provided on as “as is” and “as available” basis, with no further implications, representation, warranty, condition or undertaking of any kind in particular the implied warranties of title, merchantability, fitness for a particular purpose and/or non-infringement. We do not make any promises that access to the Technology Platforms, any of the Services, or any of the materials contained therein, will be continuous, uninterrupted, timely, or error-free.
8.5. Our Services and Technology Platforms are not intended to provide specific investment, tax, legal or investment advice or to make any recommendations about the suitability of any investments or products for any particular investor. You should seek your own independent financial, legal, regulatory, tax or other advice before making an investment.
8.6. Force Majeure
We are not liable for any breach of these Terms, including delays, failure in performance or interruption of Services, where they arise directly or indirectly from abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all effects to the contrary, nor are we liable where the breach is due to the application of mandatory legal rules.
9. Technology Platforms Availability and Accuracy
9.1. We do not guarantee that the Technology Platforms will be available without interruption, and we do not guarantee that any transaction will be executed, accepted or that your Account will be accessible. The Technology Platforms may become degraded or unavailable during certain times. We may suspend access during scheduled or unscheduled system maintenance or upgrades and modify the Services at any time. The Company will use commercially reasonable efforts to provide advance notice. This may result in limitations on access to your Account or the Services, including the inability to initiate or complete transactions and may also lead to support response time delays. Please note that our customer support response times may be delayed.
9.2. Under no circumstances shall we be liable for any alleged damages arising from service interruption.
9.3. The Technology Platforms content may not always be entirely accurate, complete or current including technical inaccuracies or typographical errors. The information on the Technology Platforms may change from time to time without notice. Accordingly, you should verify all information before relying on it. All decisions based upon such information may not be the responsibility or liability of the Company.
9.4. We shall not be liable for the unavailability of the Technology Platforms arising from the Client’s failure to update the Platforms that was communicated to you by us.
9.5. Links to third party materials, including without limitation any websites, may be provided but not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any such third-party materials accessible or linked to from the Platforms.
10. Conflict of Interest Disclosure
10.1. Identification and Disclosure of Conflicts
The Company acknowledges that potential or actual conflicts of interest may arise in the course of providing custody services. In compliance with regulatory guidelines, the Company commits to transparently disclosing to customers:
- The specific services or business practices that may give rise to conflicts of interest.
- The nature and scope of the identified conflicts of interest.
10.2. Risks Associated with Conflicts of Interest
The Company will clearly communicate the risks associated with any identified conflicts of interest to ensure that customers can make informed decisions regarding their interactions with the Company.
10.3. Mitigation Measures
The Company has established and will maintain robust measures to prevent or mitigate conflicts of interest, including:
- Implementing governance frameworks, controls, and procedures to manage identified conflicts.
- Conducting periodic reviews to identify and address emerging conflicts of interest.
The Company is committed to maintaining transparency and fairness in its operations and will continuously assess and update its measures to manage conflicts of interest effectively.
10.4. Residual Risks
Where the Company determines that certain conflicts of interest cannot be fully prevented or mitigated, customers will be informed of the residual risks and their potential impact.
11. Compliance with Local Laws
It is your responsibility to comply with the local laws related to the legal use of the services in their jurisdiction, as well as other applicable laws and regulations. You acknowledge and confirm that your funds come from legitimate sources and not from illegal activities. We may require you to provide information and materials as per relevant laws or government orders to verify the legality of the sources and use of your funds.
12. Feedback, Queries, and Complaints
If you have any feedback, questions or complaints, please contact us via our email at support@rakkardigital.com. When you contact us, please provide us with your entity name, email address, and any other information that we may need to identify you, your Account and the transaction.
Customer Service Business hours: 24/7
13. General
13.1. Taxes
Client shall be liable for all taxes relating to any Digital Assets held on behalf of Client or any transaction related thereto. Client shall remit to the Company for the amount of any Tax that the Company is required under applicable Laws (whether by assessment or otherwise) to pay on behalf of, or in respect of activity in the Account of Client. You may access your transaction history through the Platforms.
13.2. Notices
Any notice, report and other communication to be given by the Company to the other Client in connection with these Terms and Services shall be sent by email to the Client’s email which is registered with the Account. Any notice shall be considered to have been received and effective on the date on which it is sent.
13.3. Entire Agreement
These Terms includes all appendixes referenced herein, constitutes the entire agreement and understanding of the Parties with respect to the matters herein set forth.
13.4. Headings and Subheadings
Section headings in these Terms are for convenience only and shall not govern the meaning or interpretation of any provision of this Terms.
13.5. Amendments
We reserve the right to make any amendments, supplements or replacements to the Terms to any of the Services by uploading the revised Terms of the Platforms at any time. Any and all modifications or changes to these Terms will be effective immediately upon being announced on the Platforms or released to users. Copies of the most up-to-date version of the Terms will be made available on the Platforms. As such, your continued use of Services act as an acceptance of the amended Terms. If you do not agree to any modification, you may terminate the service and close your Account.
13.6. Assignment
You may not assign any of your rights under these Terms or delegate your performance under these Terms to anyone else. We shall have the rights to transfer or assign our rights licenses, interests and/or our obligations at any time, including as part of merger, acquisition or other corporate reorganisation involving the Company, provided that this transfer does not materially impact the quality of the Services you receive. You reserve the right to terminate the services with immediate effect in the event we transfer/assign and the Terms.
13.7. Severability
If any provision or any portion of the provisions of these Terms will be held to be invalid, illegal or unenforceable for any reason, such invalidity, illegality or unenforceability shall not affect the validity and enforceability of any other legal and enforceable provisions hereof, which shall be construed as if such illegal or unenforceable provision or provisions had not been inserted herein, unless the severance of such illegal or unenforceable provisions would or shall destroy the underlying business purposes of these Terms.
13.8. Survival
Any expiration or termination of these Terms will not affect any accrued claims, rights or liabilities of Parties, and all provisions which must survive to fulfil their intended purposes, or by their nature are intended to survive such expiration or termination will survive, including Sections 4-8, 10, and 11.
13.9. Governing Law and Jurisdiction
These Terms are governed by and construed in accordance with the Singapore Laws. The courts of Singapore have exclusive jurisdiction to hear and decide any suit, action or proceedings, and to settle any disputes, which may arise out of or in connection with these Terms, and for those purposes, each Party irrevocably submits to the jurisdiction of the courts of Singapore.
13.10. Limited License
We grant you a limited, non-exclusive, non-sublicensable, non-transferable license, subject to these Terms, to access and use the Platforms, and related content, materials, information solely for approved purposes as permitted by us from time to time. Any other use of the Platforms is expressly prohibited and all other rights, title and interest in the Platforms is exclusively the property of the Company and our licensors. You agree not to copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer of sale of, create derivative works from, or in any other way exploit any of the materials, in whole or in part. The materials shall include all the relevant logos, trademarks and registered marks of us and our licensors.
13.11. Relationship
You hereby agree that the Company, in providing the Services, has not acted and is not acting as a fiduciary or a professional advisor of you and has not provided or providing to you, recommendations or advice with respect to particular investment decisions or advice of any other nature.
Last updated: November 2024