Terms of use

General Terms and Conditions

The present terms and conditions regulate the execution of the SmartCredit.io (hereinafter referred to as Platform), any User’s rights and obligations on the Platform, and rights and obligations of the Platform.

1. Platform Management
   1. The Platform is operated by Decentral Autonomous Blatform Ltd, a BVI company (hereinafter referred to as the Platform Operator)
   2. The active legislation of BVI applies to any agreements or transactions made through the Platform.
2. Access to Services
   1. You are not permitted to access the Platform if you are a citizen or resident of, or physically located in, any of the following jurisdictions: Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Libya, Mali, Nicaragua, Democratic People’s Republic of Korea (North Korea), Somalia, Sudan, Syria, Yemen, Zimbabwe, or any other state, country or region that is subject to sanctions enforced by the US Office of Foreign Asset Compliance. You must not use any software or networking techniques, including the use of a Virtual Private Network (VPN) to modify your internet protocol address or otherwise circumvent or attempt to circumvent this prohibition
3. Registration on the Platform and Creation of a User Account
   1. Only registered users, who have accepted these Terms and Conditions are deemed to enter into an agreement with the Platform Operator. Only such registered Users are entitled to use the services offered by the Platform, including the opportunity to enter into Loan Agreements with other users acting as either Lenders or Borrowers.
   2. In order to submit a Registration Application and to conclude the Agreement, the User must be eligible, and the User shall confirm that, throughout the use of the Platform, according to the following criteria:
      1. a User is a physical person or legal entity in their respective domicile;
      2. if the User is an individual the User must be at least 18 years old;
      3. no insolvency procedures of the User have been initiated to the best of the User’s knowledge;
      4. cryptocurrencies are legal in the User’s domicile;
      5. pursuant to a judgment that has taken effect, the User does not have limited legal capacity due to disorders of mental nature.
   3. The User shall acknowledge that, at the time of submitting the Registration Application and at the conclusion of the Agreement, he/she is fully legally capacitated and is not under the influence of alcohol, drugs, psychoactive, toxic, or other intoxicating substances.
   4. The User shall register on the Platform and confirm the present Terms and Conditions. After the user has been registered, a User’s Account is automatically created on the Platform. Upon registration of the User on the Platform, the Platform assigns a unique User ID number.
      1. In order to activate the account and gain full User access to the Platform and services, the User must go through the KYC procedure. Failure to provide information necessary for the KYC policy may result in the termination of the account.
   5. To access and use the User’s Account, the Platform identifies the User by the User’s wallet address.
   6. If the User is a legal entity, then the legal entity shall provide all documents to the Platform via email.
   7. To use services offered on the Platform, and to enter into Loan Agreements, the User must take the steps prescribed in Section 3 of the Terms and Conditions to enable the Platform to identify the User in accordance with the applicable AML policy.
   8. The Platform may reject the registration of a new user on the Platform without giving a reason for rejection.
   9. The User’s Account is private, and only the owner of the User’s Account (the User) is authorized to enter into and use it.
      1. The Platform may provide access to third parties in accordance with the applicable law or on the basis of a related court ruling.
   10. No provision herein shall constitute an investment or loan advice or consultation and in no way shall any of the Parties view the Platform as an investment advisor or a loan intermediary. All the Parties confirm that they understand and accept that the Platform is a marketplace that creates an opportunity for the Parties to enter into loan agreements and use crypto-assets (virtual value in the understanding of the applicable legislation) as collateral for the said agreements.
4. User Identification and Confirmation of Transactions
   1. The Platform identifies the User according to the rules of the internal control system and AML policies of the Platform.
   2. In order to identify the User sufficiently, the Platform may, at its sole discretion, at any time, upon getting in touch with the User, request additional documents or information confirming the User’s identity and unilaterally determine any additional requirements for the User identification, as well as introduce changes in the User identification process.
   3. The Present Agreement is considered to have come into force from the moment the User agrees to it and the Platform accepts him/her as a User by creating a corresponding User Account in the Platform.
   4. The Registration Application filed in compliance with procedures established in the Terms and Conditions confirms that the User wishes to use the Platform and the services offered therein pursuant to the Agreement provisions.
   5. While registering and logging into the User’s Account on the Platform, the User must log in with his wallet address
   6. The User’s activities performed on the Platform after login shall be regarded as the User’s signature or acceptance. All payments, payment orders, instructions, applications, agreements, as well as other documents confirmed or submitted by the User on the Platform after login shall be binding upon the User and the Platform.
   7. If the User’s private key has become known or may have become known to a third party, the User must immediately inform thePlatform about it in writing. Once such information is provided, the Platform shall block access to the User’s Account as soon as possible.
   8. The Platform is entitled to, however, it is not obliged to, block access to the User’s Account in cases when the Platform suspects that the User’s Account has been accessed without due authorization, including but not limited to: if the Platform suspects that the User’s password has become known or may have become known to a third party or the Platform has suspicions of the execution of illegal transactions, as well as in other cases at the discretion of the Platform, in order to ensure the safety of services, inviolability, the confidentiality of the User or to prevent losses that might be inflicted upon the Platform or the Users.
   9. The Platform shall be entitled not to approve a transaction, if:
      1. the User fails to comply with the Terms and Conditions or the relevant Loan Agreement signed through the Platform;
      2. the Platform has suspicions about the identity of the User, and the Platform has not been able to contact the User to confirm the content of the transaction;
      3. the User’s instruction is unclear or corrupted due to the interruption in communication;
      4. in other cases, stipulated in Clause 3.10. herein.
5. Currencies and Transfer of Funds
   1. The Platform selected ERC20 crypto-currencies to be used as collateral for the purpose of the loans
   2. The loans issued through the Platform will be in (Loan Underlying):
      1. Ethereum
      2. SMARTCREDIT token
   3. The loans may be also issued in stablecoins (Loan Underlying):
      1. DAI
      2. USDC
      3. USDT
      4. Other stablecoins
   4. The Platform is entitled to make changes to the given list of stablecoins at any time in the future. The loans already active shall remain active despite any changes made to this list after the loan was already granted.
   5. The minimum loan amount that can be granted through the Platform shall be equivalent to 200 USD
   6. The Platform shall not be liable for the inability to transfer funds due to force majeure circumstances, including unforeseeable and uncontrollable changes in the field of electronic payments or crypto-assets turnover, or relevant changes in the applicable legislation.
   7. The Platform shall be entitled to make deductions from the user interest payments in order to ensure that the User’s obligations arising from the Loan Agreements are performed, including the payment of the Platform commission fees and Loss Provision Fund fees
   8. If at the time of registering a User or during the period of validity of the Agreement, any suspicions arise about money laundering, terrorism financing, or any other illegal activities, the Platform shall be entitled to not register a User on the Platform, nor accept funds from the User and/or block access to the Platform.
6. Entering into Loan Agreements
   1. Following the User’s identification, the User shall be entitled to submit a Loan Request by filling out the relevant form
   2. The Borrower wishing to enter a Loan Request must make an appropriate application through the Platform, filling out the provided form and listing the required information, including:
      • Loan Amount;
      • Loan Repayment Date;
      • Additional optional parameters are provided by the Loan agreement form;
      • Providing the necessary amount of crypto-assets as Loan Collateral
   3. The Lender shall, at his/her own discretion define his personal Fixed Income Funds, which invest automatically in the Borrower’s Loan Requests
   4. The Lender and Borrower enter into the Loan Agreement at the moment where the funds are transferred from the Lenders Fixed Income Fund to the Borrower
   5. If no Fixed Income Fund accepts a Borrower’s Loan Request, then the Loan Request is terminated
7. User’s Rights and Obligations
   1. The User shall undertake:
      1. not to use the Platform for illicit conduct, including but not limited to fraud and money laundering;
      2. upon registration on the Platform and when using the Platform, to provide only true information;
      3. to use only secure means and devices of electronic communications and data transfer;
      4. to promptly, however no later than within 3 (three) Business Days, to inform the Platform in writing, if the User’s name, surname, email address, account number, or other information provided on the Platform changes;
      5. in communication with the Platform, exercise decency, and observe universal moral standards.
   2. By accepting the present Terms and Conditions, the User asserts that he/she is capable of making decisions on entering into Loan Agreements.
   3. The User is solely responsible if any third parties have obtained the User’s private key and accessed the User’s Account due to the negligence of the User.
   4. Any User acting as a Borrower under a Loan agreement acknowledges that he shall not be able to borrow funds in the amount that exceeds the LTV of the crypto-assets he/she has provided for the collateral purposes.
   5. The User shall be personally liable, shall free the Platform from any liability, and shall compensate for any costs, losses, and damages that may occur due to the specifics of the crypto-asset regulations of the User’s home jurisdiction.
   6. The User shall be personally liable for any tax obligations that may appear from his/her/its actions on the Platform and he/she shall not hold the Platform responsible for payment of any taxes that arise due to his/her/its actions.
8. Loan Interest and Loan Amount
   1. The Borrower has to pay the Loan Amount and Loan Interest till the Loan Repayment Date. If this is not the case, then Borrower’s Default occurs.
9. Borrower’s Default
   1. If the Borrower is not paying Loan Amount, Loan Interest plus Service Fees (Borrower’s Obligation) till the Loan Repayment Date, then the Borrower will Default
   2. Defaulted Borrower’s Loan Collateral will be liquidated and exchanged into the Loan Underlying
   3. If the liquidation results are more than Borrower’s Obligation, then Borrower can claim back his remaining funds via the Platform
   4. If the liquidation results are less than Borrower’s Obligation, then Borrower’s obligation to pay the Remaining Amount will be transferred from the Lender to the Loss Provision Fund
10. Borrower’s Collateral Liquidation
    1. Any User acting as a Borrower is obligated to personally review the cryptocurrency exchange rates to maintain the collateral at the sufficient LTV and act accordingly should the collateral value drop below the required level
    2. Should the collateral value drop below the limit set by the Platform, the Platform may (but is not obligated to) notify the Borrower, who will be obligated to remedy the situation in accordance with the signed Loan Agreement
    3. Should the Borrower fail to remedy the situation, the Borrower’s obligation to pay will be transferred from the Lender to the Loss Provision Fund. Loss Provision Fund is entitled to convert the Loan Collateral to the Loan Underlying of the loan agreement, repaying the Loan Amount and Loan Interest, retain its Service Fees, and return the remaining funds, if any, to the Borrower
    4. If Borrower’s collateral liquidation results in more than Loan Amount plus Loan Interest plus Service Fees, then the Borrower can claim back his funds after the Loan Repayment Date
    5. If Borrower’s collateral liquidation does not cover the Loan Amount plus Loan Interest plus Service Fees, then the Borrower’s loan remains open in the Remaining Amount. The interest continues to accumulate on the Remaining Amount until the Borrower will pay the Remaining Amount to the Loss Provisions Fund. The borrower’s loan will be closed after the Borrower fulfills all his obligations
11. Loss Provision Fund
    1. Loss Provision Fund is managed by the Platform
    2. The Borrower shall pay to the Loss Provision Fund a Service Fee for every Loan Agreement
    3. If Borrower’s Collateral Liquidation does not cover the Loan Amount and Loan Interest, then Loss Provision Fund will cover the missing amount
    4. If the Borrower Defaults, then the Borrower’s obligation to pay the Remaining Amount will be transferred from the Lender to the Loss Provision Fund
    5. If Borrower’s Collateral Liquidation does not cover the Loan Amount, Loan Interest, and Service Fees, then the Borrower’s obligation to pay the Remaining Amount will be transferred from the Lender to the Loss Provision Fund
    6. If the Borrower pay’s his Remaining Amount, then his loan will be closed
    7. Loss Provision Fund has the right to sell its claims against the Borrower to the Loan Liquidation companies
12. Lender
    1. The Lender defines his personal Fixed Income Funds and deposits assets into his Fixed Income Funds.
    2. The Lender enters into Loan Agreements with the Borrower automatically after the Platform matches the Loan Requests with the Fixed Income Funds and transfers the funds from the Lender’s Fixed Income Fund to the Borrower.
13. Service Fees of the Platform
    1. The Borrower shall pay to Platform a Service Fee
    2. The Borrower shall pay a Service Fee to the Loss Provision Fund for the loss provisions
    3. In the case of Borrower’s Collateral Liquidation, the Platform may charge a conversion fee
    4. In the case of Borrower’s Default, Loss Provision Fund may charge late payment fees
14. Ethereum Gas Charges
    1. Some Services involve the use of the Ethereum Blockchain, which may require that you pay a fee, commonly known as “Ethereum Gas Charges,” for the computational resources required to perform a transaction on the Ethereum Blockchain. You acknowledge and agree that the Platform has no control over:
       1. Any Ethereum Blockchain transactions
       2. The calculation or method of payment of any Ethereum Gas Charges
       3. Any actual payments of Ethereum Gas Charges. Accordingly, you must ensure that you have a sufficient balance of Ether stored at your Ethereum Address to complete any transaction on the Ethereum Blockchain before initiating such an Ethereum Blockchain transaction.
15. No Broker, Legal or Fiduciary Relationship
    1. The Platform is not your broker, lawyer, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you regarding any other decisions or activities that you affect when using the Platform.
    2. Neither our communications nor any information that we provide to you is intended as or shall be considered or construed as, advice.
16. Liability
    1. The User shall be held liable for all losses incurred as a result of unauthorized conduct if the User has acted illicitly or has intentionally (on purpose) or due to gross negligence failed to fulfill the requirements prescribed in these Terms and Conditions.
    2. The User shall assume liability for all losses, assumed commitments, or other activities carried out on the User’s Account until the Platform has been warned about situations stipulated in these Terms and Conditions and when the Platform has had sufficient time to block access to the User’s Account.
    3. The Platform shall be fully released from any liability towards the User for any losses that the User has or might suffer as a result of using the Platform including:
       1. if the User fails to uphold his/her obligations under the Loan Agreement
       2. if the User has failed to observe the Agreement provisions
       3. as a result of the illicit conduct of third parties until the moment when the User’s Account is blocked pursuant to procedures established by the present Terms and Conditions
       4. due to interrupted communications and other interruptions or obstacles that are not dependent on the Platform
       5. if pursuant to the Terms and Conditions, the User’s access to the User’s Account has been blocked
       6. due to the User infringing the Loan Agreement or the User’s illicit conduct
       7. due to the specifics of the legal regulation of the User’s home jurisdiction regarding crypto-assets turnover or taxation
17. Your Assumption of Risks
    1. You represent and warrant that you:
       1. know, understand, and accept the risks associated with your Ethereum Address(es), Ethereum Private Key(s), the Ethereum Blockchain, and Ether
       2. accept the risks associated with Borrower’s Collateral Liquidation, and are responsible for conducting your own independent analysis of the risks specific to any Loan Request. You hereby assume, and agree that the Platform will have no responsibility or liability for, such risks. You hereby irrevocably waive, release and discharge all claims, whether known or unknown to you, against the Platform, its affiliates, and their respective shareholders, members, directors, officers, employees, agents, and representatives related to any of the risks set forth herein.
18. User’s Personal Data
    1. The Platform is entitled to process all User’s personal data received from the User in accordance with the Privacy Policy available for review at smartcredit.io/privacy-policy. By entering into the present agreement, the User also accepts the provisions of the Privacy Policy.
    2. The purpose of processing the User’s personal data is keeping User records, offering, rendering, and maintaining services, financial and statistical analysis, exercising, and protecting the rights of the Platform and/or User arising from the Agreement.
    3. The crypto credit score is provided by the chainaware.ai
19. Termination of the Agreement
    1. The Platform is entitled to restrict the User’s right to use the Platform and/or terminate the present Agreement and delete the User’s Account without a warning, if:
       1. the User breaches the present Terms and Conditions or the Loan Agreement or otherwise illicitly uses the Platform;
       2. the User has provided false or misleading information or counterfeit documents;
       3. if the Platform suspects money laundering, terrorism financing, or an attempt to do so, with the involvement of the User or the User’s Account.
    2. The Platform has the right to unilaterally terminate the Agreement at any time
20. Conduct in Case of the Platform Operator Insolvency
    1. In case the Platform Operator becomes insolvent, the conclusion of new loan agreements on the Platform shall be immediately stopped.
    2. In case the Platform Operator becomes insolvent, Users shall be given complete information from the database of the Platform about the transactions concluded on the Platform.
21. Other Terms and Conditions
    1. All transactions on the Platform are executed in crypto-assets set in sections 5.1, 5.2 and 5.3
    2. To develop and improve the services offered on the Platform, the Platform is entitled to introduce unilateral amendments to the present Terms and Conditions. If the User continues to use the Platform such is considered as acceptance of the amended Terms and Conditions.
    3. The Platform is entitled to unilaterally amend the price of its Service Fees at any time, including to determine new commission fees and at the unilateral discretion of the Platform.
    4. The Parties shall undertake not to divulge such information to any third parties, that derive the present Agreement, except as prescribed in the law and in cases established in the Agreement.
    5. The present Terms and Conditions are binding until the moment when all commitments of the User originating from Loan Agreements, have been fully met.
    6. The present Terms and Conditions are drawn up in English.

DISCLAIMER

THE BORROWING / LENDING AT Platform IS PROVIDED “AS IS” AND “AS AVAILABLE”. Platform DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESSED, IMPLIED, OR STATUTORY, NOT EXPRESSLY SET OUT IN THESE TERMS, AND INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. Platform BEARS NO RESPONSIBILITY IN CASE OF LIQUIDATIONS. IN ADDITION, Platform MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE REGARDING THE RELIABILITY, TIMELINESS, QUALITY, SUITABILITY, OR AVAILABILITY OF THE Platform OR ANY INFORMATION REQUESTED OR OBTAINED THROUGH THE USE OF THE Platform, OR THAT THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE. YOU AGREE THAT THE ENTIRE RISK ARISING OUT OF YOUR USE OF THE Platform, AND ANY INFORMATION REQUESTED OR OBTAINED IN CONNECTION THEREWITH, REMAINS SOLELY WITH YOU, TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW.

LIMITATIONS

WHERE PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL Platform OR ANY OF ITS SERVICE PROVIDERS, SUPPLIERS OR REPRESENTATIVES (INCLUDING DIRECTORS AND EMPLOYEES) BE LIABLE TO YOU OR ANY THIRD PARTY UNDER ANY LEGAL OR EQUITABLE THEORY, INCLUDING BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY AND OTHERWISE, FOR ANY: (A) LOSS OF PRODUCTION, USE, BUSINESS, REVENUE OR PROFIT, OR LOSS OF DATA OR DIMINUTION IN VALUE, OR (B) CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, ENHANCED OR PUNITIVE DAMAGES, ARISING FROM YOUR USE OF THE PLATFORM, REGARDLESS OF WHETHER YOU OR SUCH PERSONS WERE ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES OR SUCH LOSSES OR DAMAGES WERE OTHERWISE FORESEEABLE. THE FOREGOING LIMITATIONS WILL SURVIVE AND APPLY EVEN IF ANY LIMITED REMEDY SPECIFIED IN THESE TERMS OF USE IS FOUND TO HAVE FAILED ITS ESSENTIAL PURPOSE. Platform AGGREGATE LIABILITY UNDER THESE TERMS OF USE WILL NOT EXCEED ONE HUNDRED US DOLLARS ($100).