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Terms of Use for Black Forest Digital Assets Website

Last Updated: February 3, 2026

These Terms of Use ("Terms") govern your access to and use of the website www.bfda.io (the "Website") operated by Black Forest Digital Assets, a Virtual Asset Service Provider ("VASP") duly registered with the National Bank of Georgia ("NBG") in accordance with the Organic Law of Georgia on the National Bank of Georgia and the Rule for the Virtual Asset Service Provider’s (VASP’s) Registration at the National Bank of Georgia, Registration Cancellation, and Regulation (Order No. 94/04, as amended).

By accessing or using the Website, you agree to be bound by these Terms. If you do not agree, you must not access or use the Website.

As a registered VASP, we operate in full compliance with Georgian laws, including anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations, the Travel Rule, and other supervisory requirements enforced by the NBG. These Terms incorporate all applicable legal obligations and may be updated to reflect changes in regulations.

  1. Definitions

• Convertible Virtual Asset: A virtual asset that can be exchanged for fiat currency, other virtual assets, or used for payments or investments, excluding non-fungible tokens (NFTs) and central bank digital currencies (CBDCs). • Services: Virtual asset services provided by us, including but not limited to exchange between virtual assets and fiat currencies, exchange between virtual assets, transfer of virtual assets, safekeeping or administration of virtual assets, and participation in or provision of financial services related to issuer offerings or sales of virtual assets. • User: Any individual or entity accessing or using the Website or Services. • Travel Rule: Requirements under NBG regulations for exchanging originator and beneficiary information during virtual asset transfers exceeding specified thresholds (e.g., 1000 USD for cold wallet transactions).

  1. Eligibility and User Accounts

• You must be at least 18 years old or the age of majority in your jurisdiction to use the Website or Services. • To access certain Services, you must create an account and provide accurate information. You are responsible for maintaining the confidentiality of your account credentials. • As required by NBG regulations, all Users must undergo Know Your Customer (KYC) verification, including submission of identification documents, proof of address, and other information to comply with AML/CFT standards. We reserve the right to refuse or terminate accounts that fail verification. • Users from sanctioned jurisdictions or those listed on international sanctions lists are prohibited from using the Services.

  1. Services and Compliance

• We provide Services involving convertible virtual assets only. Virtual assets are not legal tender in Georgia and may not be used as a means of payment except as permitted by NBG decrees. • All transactions must comply with the Travel Rule: For transfers, we will collect and share required information (e.g., full name, account number, address, and identification number of the originator and beneficiary). You consent to this data sharing as necessary for compliance. • For transactions involving cold wallets exceeding 1000 USD (or equivalent), additional identification steps may be required to verify the real person behind the wallet. • We maintain a risk assessment and management system to mitigate AML/CFT risks, including ongoing monitoring of User activities. Suspicious activities will be reported to relevant authorities.

  1. User Obligations and Prohibited Activities

• You agree to use the Website and Services solely for lawful purposes and in compliance with Georgian laws, NBG regulations, and international standards (e.g., FATF recommendations).

• Prohibited activities include:

o Engaging in money laundering, terrorist financing, or any illegal activities.

o Using anonymous or privacy-enhanced virtual assets (e.g., privacy coins) if prohibited by regulation.

o Providing false information during KYC or transactions.

o Accessing the Services through agents or third parties without our explicit approval (prohibited under NBG rules).

o Attempting to circumvent security measures, hack, or disrupt the Website.

o Using the Services from jurisdictions where they are restricted.

• You must promptly report any suspected unauthorized access or suspicious activity on your account.

  1. Risks Disclosure

• Virtual assets are highly volatile and carry significant risks, including total loss of value, market fluctuations, regulatory changes, and cybersecurity threats. We do not guarantee any returns or the stability of virtual assets.

• Users acknowledge that virtual assets are not insured by any government scheme in Georgia.

• We are not liable for losses due to market conditions, technical failures (beyond our control), or force majeure events.

  1. Intellectual Property

• All content on the Website, including text, graphics, logos, and software, is owned by us or our licensors and protected by Georgian and international intellectual property laws. You may not copy, modify, or distribute any content without our written consent.

  1. Disclaimers and Limitations of Liability

• The Website and Services are provided "as is" without warranties of any kind. We disclaim all implied warranties, including merchantability and fitness for a particular purpose.

• To the fullest extent permitted by law, we shall not be liable for any indirect, incidental, consequential, or punitive damages arising from your use of the Website or Services, even if advised of the possibility of such damages.

• Our total liability shall not exceed the fees paid by you for the specific Service in question during the preceding 12 months.

• These limitations apply in accordance with Georgian law and NBG supervisory standards.

  1. Termination and Suspension

• We may suspend or terminate your access to the Website or Services at any time if you violate these Terms, fail to comply with AML/KYC requirements, or upon NBG directive.

• Upon termination, you must cease all use of the Services, and any outstanding obligations (e.g., transaction settlements) remain enforceable.

  1. Governing Law and Dispute Resolution

• These Terms are governed by the laws of Georgia, without regard to conflict of laws principles.

• Any disputes arising from these Terms shall be resolved exclusively in the courts of Tbilisi, Georgia.

• We comply with NBG requirements for consumer protection, including transparent dispute resolution processes.

  1. Changes to Terms

• We may update these Terms at any time to reflect changes in laws, regulations, or our Services. Continued use after updates constitutes acceptance.

• Material changes will be notified via the Website or email.

  1. Privacy and Data Protection

• Our collection and use of personal data comply with Georgian data protection laws and NBG requirements. See our Privacy Policy for details.

• Data may be shared with authorities for AML/CFT compliance or as required by the Travel Rule.

  1. Contact Information

• For questions or complaints, contact us at compliance@bfda.io.

• Our NBG registration confirmation is available upon request and displayed in accordance with NBG amendments to the Regulation on Registration and Regulation of Virtual Asset Service Providers.

By using the Website, you confirm that you have read, understood, and agree to these Terms. These Terms align with our commitment to regulatory compliance as a registered VASP under NBG supervision.