These terms and conditions set forth the legal framework applicable to the NAKA Pay application (hereinafter: “NAKA Pay”).

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NAKA Pay is operated, made available, owned and jointly maintained by NAKA GLOBAL Ltd., Letališka cesta 33f, 1000 Ljubljana, Republic of Slovenia (“hereinafter: “NAKA GLOBAL”), acting exclusively on behalf of its subsidiaries NAKA SLV S.A. de C.V., Calle Cuscatlan, Casa 4312, Colonia Escalon, San Salvador, El Salvador (hereinafter: “NAKA SLV”), and NAKA CH Sagl, Crocicchio di Cortogna 6, 6900 Lugano, Switzerland (hereinafter: “NAKA CH”), and the said subsidiaries. For the users accessing the NAKA Pay from El Salvador, acting as the Service Provider shall be NAKA GLOBAL and NAKA SLV collectively, while for the users accessing the NAKA Pay from Switzerland, acting as the Service Provider shall be NAKA GLOBAL and NAKA CH collectively (hereinafter: “Service Provider”).

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By using NAKA Pay, you confirm that you have read these terms and conditions, and you agree to be bound by them. If you do not agree with them, you may not use NAKA Pay.

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If you are a natural person, you are only allowed to use the NAKA Pay if you are older than 16 years. In case the legal age in your jurisdiction is more than 16 years, you hereby confirm that you have obtained the required consent from your legal guardian for using the NAKA Pay.

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By accessing and using the NAKA Pay you represent that you are financially and technically sophisticated enough to understand the inherent risks associated with using cryptographic and blockchain based systems, and that you have a working knowledge of the usage and intricacies of Crypto Assets.

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The Service Provider reserves the right to change or modify these terms and conditions at any time and upon sole discretion. In such cases, the Service Provider will use reasonable efforts to provide notice of changes, such as by providing notice on the NAKA Pay or by updating the “Version” of these terms and conditions. By continuing to access or use NAKA Pay you confirm your acceptance of these terms and conditions in its current version. It is your sole responsibility to review them from time to time to view any changes and to ensure that you understand what terms and conditions apply when you access or use NAKA Pay.

“Acquirer” is a legal entity or sole entrepreneur that acts as an intermediary between the Merchants and NAKA. It establishes a contractual relationship with the Merchants, provides them NAKA payment technology, exchanges Crypto Assets for other Crypto Assets or Fiat, and settles Merchants.

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“Blockchain Node” is a device or a process that is part of a Blockchain and holds a complete or partial replica of records of all transactions on a Blockchain.

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“Blockchain” is an information repository that keeps records of transactions and that is shared across, and synchronized between, a set of network nodes using a Consensus Mechanism.

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“BTC” is the ticker for Bitcoin which is a native asset in the Bitcoin network. More information about BTC is available at the following link: https://bitcoin.org/.

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“Card Issuer” is a legal entity that facilitates the technical issuance of new NAKA Cards. It also performs EMV security checks including PIN and CVV correctness.

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“Consensus Mechanism” are rules and procedures by which an agreement is reached, among Blockchain Nodes, that a transaction is validated.

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“Crypto Asset” means a digital representation of a value or of a right that can be transferred and stored electronically using blockchain.

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“Digital ID” is an electronic representation of personal identity, used for verification processes.

“Digital Wallet” is any custodial or self-custodial mobile application that enables management and payment with Crypto Assets based on QR codes at the Merchants in NAKA.

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“ETH” is the ticker for the Ethereum Blockchain. More information on ETH is available on the following link: https://ethereum.org/.

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“Fiat” is a government-issued currency that is not backed by a physical commodity but by the government that issued it.

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“Gas” is a fee required to successfully conduct a transaction on Blockchain or execute a Smart Contract. It is paid to the Blockchain Nodes for ensuring the confirmation of Crypto Assets transactions. It is set by the Blockchain and fluctuates based on network traffic and transaction complexity.

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“LN-BTC” is the ticker for the Lightning Blockchain Network. More information on LN-BTC is available on the following link: https://lightning.network/.

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“Merchant Agreement” is a contract between a Merchant and an Acquirer containing their respective rights, duties, and obligations for participation in NAKA.

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“Merchant” is a legal entity or a sole entrepreneur who concludes the Merchant Agreement with the Acquirer to be included in the NAKA.

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“NAKA Card” is a self-custodial card, issued to Payers which is used to pay for goods and services with Crypto Assets at the Merchants in NAKA.

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“NAKA Pay” is a mobile application that serves as a NAKA Card management tool and as a means of personal identification for QR payments with Crypto Assets.

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“NAKA” is a Blockchain-based payment network compatible with EMV and PCI DSS to facilitate transactions and settlements between Payers and Merchants through the utilization of Smart Contracts.

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“Payer” is a natural or legal person who makes a payment with the Crypto Assets to the Merchant using NAKA Card or a Digital Wallet.

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“PIN” is a personal identification number required to be entered to access the NAKA Pay and complete transactions with the NAKA Card.

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“POL” is the ticker for the Polygon Blockchain. More information on POL is available on the following link: https://polygon.technology/.

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“POS” (Point of Sale) device is a combination of hardware and software that Merchants use to process Payers’ transactions.

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“Private key” is a unique code that allows the Payer to access and manage the Crypto Assets.

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“Sanctions List” means: 1) SDN List, Non-SND List, FSE List, SSI List, NS-PLC List, CAPTA List, NS-MBS List and NS-CMIC list, published by the Office of Foreign Assets Control of the U.S. Department of the Treasury; 2) Consolidated list of persons, groups and entities subject to EU financial sanctions, published by the European Commission; 3) United Nations Security Council Consolidated List, 4) Consolidated list of financial sanctions targets, published by the Office of Financial Sanctions Implementation, part of HM Treasury and 5) any other global and national sanctions lists used by SumSub.

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“Seed Phrase” is a sequence of 12 random words that provide the information required to recover a lost or damaged NAKA Pay.

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“Smart Contract” is a software program stored on a Blockchain, which will execute itself when a set of predetermined conditions are met and is meant to implement automated transactions between Payers and Merchants. The Administrator is not an owner, custodian, or in control of Smart Contracts, used within NAKA.

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“SumSub” is a third-party identity verification service provider. More information on SumSub is available on the following link: https://sumsub.com/.

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“TRX” is the ticker for the TronBlockchain. More information on TRX is available on the following link: https://tron.network/.

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“USDt” is the ticker for the Tether Crypto Asset which is backed by the United States of America dollar (USD). More information on USDt is available on the following link: https://tether.to/.

Service Provider has developed and operates NAKA, which is based on Blockchain and is compliant with EMV and PCI DSS standards. It enables transactions between Merchants and Payers through the use of smart contracts and Merchant settlements. Payers can make payments using either (i) NAKA cards, issued by the Card Issuer within NAKA or (ii) Digital Wallets accepted within NAKA.

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As the operator of NAKA, the Service Provider is not the owner, custodian, or controller of the Smart Contracts used within NAKA for transactions between Merchants and Payers.

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(i) Payments with NAKA Cards

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In order to make payments with the NAKA Card, the Payer is required to use NAKA Pay to generate a Smart Contract on the Blockchain and connect it to their NAKA Card. In this case, the Service Provider only provides NAKA Pay and does not offer (i) custody or management of Crypto Assets, (ii) exchange between Crypto Assets or between Crypto Assets and Fiat, nor (iii) transfers of Crypto Assets, as the Smart Contract is exclusively managed by the Payer, who alone holds the private key used to interact with the Smart Contract. Payer is solely responsible for ensuring sufficient Crypto Assets before using NAKA Card for payments, by transferring USDt (on POL) from their chosen Digital Wallet to the Smart Contract linked to the NAKA Card. Payer is also the only one who can authorize a transaction within NAKA and initiate the transfer of Crypto Assets with their NAKA Card.

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(ii) Payments with Digital Wallets (using QR codes)

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In order to make payments with the Digital Wallet, Payer must use a NAKA compatible Digital Wallet which is provided by third-party service providers (e.g., BitPay, MetaMask, BitGet). Currently, the Service Provider does not provide any Digital Wallets within NAKA. Regardless of the type of Digital Wallet used, Payer must independently ensure sufficient holdings of USDt (on ETH, POL or TRX) or BTC (on LN-BTC) in the Digital Wallet intended for conducting transactions with Merchants within NAKA. To execute a payment with a Digital Wallet, the POS device, provided to the Merchant by the Acquirer, displays a QR code containing the payment details (i.e., (i) the amount in Crypto Assets and (ii) the Merchant’s Blockchain address). Payer then scans the QR code with their Digital Wallet and authorizes the payment amount in Fiat (displayed on the POS device) using the Crypto Assets from their Digital Wallet.

NAKA Pay is available on Google Play and Apple Store. To use it, Payer must download the NAKA Pay from the store to its electronic device (based on the operational system used on that electronic device) and create a new wallet or add an existing one.

Upon commencing the use of the NAKA Pay, the Payer must set a 4-digit passcode. This passcode serves as a fundamental security measure, granting access to the NAKA Pay and preventing unauthorized entry. Setting the NAKA Pay passcode initiates the creation of a Smart Contract, enabling the Payer to utilize the functionalities of the NAKA Pay. Following passcode setup, the Payer is presented with three options for backing up their NAKA Pay Seed Phrase: (i) a manual backup, (ii) iCloud backup, or (iii) Google Drive backup. Opting for Google Drive backup necessitates the creation of a master password. This master password is essential for decrypting the Seed Phrase stored on Google Drive, ensuring its security. Alternatively, selecting iCloud backup automatically encrypts the Seed Phrase, enhancing its security. The Service Provider does not retain any copies of the passcode, Seed Phrase, or master password. Consequently, in the event of their loss, the Service Provider cannot facilitate recovery.

Payer initiates this process by selecting the method for importing the Seed Phrase. Three options are available: (i) a manual import, (ii) iCloud import, or (iii) Google Drive import. If the Payer opts for manual import, it must enter the Seed Phrase manually into the designated fields. Alternatively, if the Payer chooses to import the Seed Phrase from iCloud or Google Drive, it will be prompted to input the master password to decrypt the Seed Phrase stored on Google Drive. Seed Phrase on iCloud will be decrypted automatically. Upon successful decryption, the Payer is required to set a 4-digit passcode. This passcode serves as a fundamental security measure, granting access to the NAKA Pay and preventing unauthorized entry. By completing these steps, the Payer successfully imports the NAKA Pay, gaining access to its functionalities.

Payer is required to establish a connection between its NAKA Card and the deployed Smart Contract. This connection is facilitated by scanning the QR code located on the NAKA Card. To initiate this process, the Payer must click on the “Let's Scan” option on the NAKA Pay home screen, which activates the electronic device's camera. If the QR code scan is successful, the Payer will be prompted to set a 4-digit PIN for its NAKA Card. This PIN serves as the key to unlocking deposits to the NAKA Pay and executing transactions with the NAKA Card. However, if the NAKA Card is already linked with another Smart Contract, the attempt to establish a connection is rejected. In such cases, the Payer is presented with two options: “Re-Scan QR Code” (this option allows the Payer to attempt scanning the QR code again by activating the electronic device's camera) or “Do It Later” (choosing this option redirects the Payer back to the home screen, deferring the connection establishment process for a later time).

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The Payer has the following features of the NAKA Card available:

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a) Payment Card Settings:

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Change PIN: Payer has the option to change PIN associated with its NAKA Card.

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Daily spending limit: Payer can set an overall daily spending limit from 10.00 USDt to 999.99 USDt. The default daily spending limit is set to 999.99 USDt.

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Single transaction limit: Payer can set a single transaction limit from 10.00 USDt to 999.99 USDt. The default single transaction limit is set to 500.00 USDt.

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Block: If a Payer loses or breaks its NAKA Card, or the latter is stolen from the Payer, it can block such a NAKA Card by selecting the block feature. By doing this, the Payer is unable to unblock the NAKA Card and must obtain a new NAKA Card to be used with the existing Smart Contract. In such cases, the Payer has an option to “Request new card” on the NAKA Pay home screen to order a new NAKA Card. In such cases Payer must undergo the same linking procedure as described above.

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Freeze: Payer can temporarily disable its NAKA Card with this feature for a period of its own choosing.

Show card details: this functionality shows Payer its NAKA Card number and date of its validity.

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b) Top-up NAKA Card:

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The Payer can transfer its Crypto Assets, stored with third-party service providers (e.g., Binance, MetaMask, Ledger) to the Smart Contract linked to its NAKA Card. By selecting “Top-up” within the NAKA Pay interface, the Payer gains access to the information about the currency (USDt), network (POL), Blockchain deposit address, and a QR code containing the Blockchain deposit address. The Payer also has the option to share the Blockchain deposit address via various messaging methods supported on its electronic device (e.g., email and messaging applications). The Payer will have to pay Gas on POL, as well as any associated fees from the third-party service provider, to facilitate the transfer of Crypto Assets to the Smart Contract. Upon completion of payments and Blockchain confirmations, the transferred Crypto Assets will be deposited into the Smart Contract, and the corresponding amount balance will be updated on the NAKA Pay home screen. There are no restrictions on the number of top-ups or the amount of USDt that can be sent to the Smart Contract associated with the Payer’s NAKA Card.

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c) Withdrawal of Crypto Assets:

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The Payer can withdraw USDt from the Smart Contract which is connected to its NAKA Card. Upon selecting the “Withdraw” option within the NAKA Pay interface, the Payer is prompted to enter the desired withdrawal amount. Following this input, the Payer is notified that the withdrawal amount will be reserved for a duration of 1 hour before becoming eligible for withdrawal. Subsequently, the Payer is prompted to enter the Blockchain withdrawal address, with a reminder to ensure that the provided address can accept USDt on POL. During the 1-hour reservation period, the Payer maintains the option to cancel the withdrawal request by selecting “Cancel Withdraw”. However, once the 1-hour period elapses, the Payer must confirm the withdrawal by clicking on “Complete Withdraw”. Only one withdrawal request can be initiated within a single hour, and the Payer is unable to make multiple withdrawal requests simultaneously.

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d) NAKA Locations:

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Payer is shown and can also search through the locations of Merchants that accept NAKA Cards and Digital Wallets as a type of payment.

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e) Transaction history:

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Payer is shown the following transaction details with their NAKA Card: amount in Fiat, amount in USDt, Acquirer’s exchange rate between Fiat and USDt, date and time, Merchant’s name, point-of-sale, and address.

In accordance with the Travel Rule for Crypto Asset transfers, the Acquirer is required to verify the identity of the Payer (regardless of the type of payment, either with NAKA Cards or by using Digital Wallets). To do so, the Payer must create a Digital ID using NAKA Pay before adding a NAKA Card for the first time or before initiating a payment via their Digital Wallet.

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For NAKA Card users, the Digital ID is automatically shared during the transaction. For Digital Wallet users, the Digital ID must be shared manually: the POS provided to the Merchant by the Acquirer displays a QR code, which the Payer must scan using the built-in scanner in NAKA Pay.

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For details on the data collected and how it is processed, please refer to Chapter 8 – Personal Data.

NAKA Pay is purely self-custodial, meaning that the Service Provider does not have any custody, possession, or control of the Payer’s Crypto Assets or Private keys of the Payer’s NAKA Pay at any time. NAKA Pay is a software tool used solely for deploying Smart Contracts, linking the Card Holder’s NAKA Card with the deployed Smart Contract, managing the NAKA Card, and creating and sharing the Digital ID.

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The Payer is solely responsible for keeping its NAKA Pay secure and should never share NAKA Pay Private key or Seed Phrase with anyone. The Service Provider is not liable for any acts or omissions by the Payer that compromise or could compromise the NAKA Pay.

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By accessing and using NAKA Pay the Payer represents and warrants that it is not a prohibited person and is not acting for or on behalf of any prohibited person which is:

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a) based in -, being a citizen of - or incorporated in the Democratic People’s Republic of Korea (North Korea), Iran, Syrian Arab Republic, Crimea, and the self-proclaimed Donetsk People’s Republic, Luhansk People’s Republic, Kherson People's Republic, and Zaporizhzhia People's Republic, Afghanistan, Algeria, Angola, Burkina Faso, Chad, Congo (Kinshasa and Brazzaville), Eswatini, Gabon, Gibraltar, Guinea-Bissau, Haiti, Yemen, South Sudan, Cambodia, Cameroon, Kenya, Liberia, Mali, Myanmar, Mozambique, Niger, Nigeria, Solomon Islands, Senegal, Tanzania, Trinidad and Tobago, Turkmenistan, Uganda, Vanuatu, United Arab Emirates, Vietnam, Venezuela, Panama, Madagascar, Laos, China, South Africa, Jamaica and Barbados,

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b) listed in any Sanctions List,

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c) directly or indirectly owned 50 percent or more by any natural or legal person or group of persons in the aggregate that is included in any Sanctions List or based in -, being a citizen of - or incorporated in a jurisdiction from the point a) of this subsection,

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d) a government or a government official of a jurisdiction with a high risk for money laundering and terrorism financing or a jurisdiction from the point a) of this subsection,

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e) prohibited by a decision of a public authority to participate in or conduct services performed by the Service Provider.

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The Payer agrees that it will not violate any laws, contracts, or intellectual property, and is solely responsible for its own actions when using NAKA Pay. The Payer explicitly agrees that it will not:

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a) claim a NAKA Pay name or its content for the purpose of reselling it, confusing others, and deriving others’ goodwill,

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b) use such software, protocol, code, script, or similar, that could damage, disable, overburden, or impair the functioning of the NAKA Pay in any manner, extract data, or otherwise interfere with or modify the rendering of the NAKA Pay or its functionality,

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c) use the NAKA Pay for commercial purposes inconsistent with these terms and conditions,

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d) reverse engineer, duplicate, decompile, disassemble, or decode any aspect of the NAKA Pay, or do anything that might discover source code or bypass or circumvent measures employed to prevent or limit access to any service, area, or code of the NAKA Pay,

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e) sell or resell the service of the NAKA Pay,

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f) use the NAKA Pay directly or indirectly, for or in connection with money laundering, terrorist financing, or other illicit financial or criminal activity, or in any way in connection with the violation of any law or regulation that applies to the Payer or Service Provider,

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g) use the NAKA Pay with the proceeds of unlawful activity,

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h) infringe or violate the intellectual property rights or any other rights of the Service Provider,

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i) use the NAKA Pay directly or indirectly, for, on behalf of, for the benefit of, or in connection with prohibited persons, defined above,

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j) use the NAKA Pay in any manner that could interfere with, disrupt, negatively affect, or inhibit other Payers from fully enjoying the NAKA Pay.

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By agreeing to these terms and conditions the Payer agrees to the fullest extent permitted by applicable law, to indemnify, defend, and hold harmless the Service Provider, and its respective past, present, and future employees, officers, directors, contractors, consultants, shareholders, service providers, subsidiaries, affiliates, agents, representatives, predecessors and successors, from and against all actual or alleged claims, damages, awards, judgments, losses, liabilities, obligations, taxes, penalties, interests, fees, expenses (including, without limitation, attorneys’ fees and expenses), and costs (including, without limitation, court costs, costs of settlement, and costs of pursuing indemnification and insurance), of every kind and nature whatsoever, whether known or unknown, foreseen or unforeseen, matured or unmatured, or suspected or unsuspected, that are caused by, arise out of or are related to the Payer’s (a) use or misuse of the NAKA Pay, (b) violation or breach of any of these terms and conditions or applicable law, and (c) violation of the rights of or obligations to a third party, including another user or third party, and (d) negligence or willful misconduct. The Payer agrees to promptly notify the Service Provider of any claims and cooperate with the Service Provider in defending them.

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Access and use of the NAKA Pay may be interrupted from time to time for any of several reasons, including, without limitation, the malfunction of equipment, periodic updating, maintenance, repair, preventing potential violations of these terms and conditions, or other actions that the Service Provider, in its sole discretion, may elect to take.

The Service Provider is not an owner, custodian, or in control of the Blockchain networks. The Service Provider is not responsible for and makes no guarantees regarding Blockchain networks environment operation and functionality. The Service Provider also does not control Smart Contracts that may be integral to the Payer’s ability to complete transactions with NAKA Card or Digital Wallets. Since transactions conducted within NAKA are directly linked to the Blockchain, they are irreversible, and the Service Provider has no ability to reverse them on the Blockchain.

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NAKA Pay provided by the Service Provider is only a digital infrastructure for deploying Smart Contracts, linking the Card Holder’s NAKA Card with the deployed Smart Contract, managing the NAKA Card, and creating and sharing the Digital ID. Consequently, the Service Provider is not an owner, custodian, or in control of Smart Contract, generated by the Payer via NAKA Pay, and Crypto Assets on such a Smart Contract. The latter is solely owned by the Payer who created it. The Payer is also the only one who possesses the Private key used to interact with such a Smart Contract.

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The Service Provider takes no action and does not participate in any way in the payment process conducted with the Payer’s NAKA Card or Digital Wallet:

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• For NAKA Card payments the Service Provider only supplies Payers with an interface to manage its own NAKA Card and Smart Contract connected with it. Since the Smart Contract is activated and controlled solely upon Payer’s action with the NAKA Card (i.e., when the Payer taps its NAKA Card to the Merchant’s point-of-sale device) or via NAKA Pay (top-up, withdrawal and setting up limits), the Service Provider cannot limit or block any Payer’s actions in relation to the Smart Contract.

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• For Digital Wallet payments, the Service Provider only supplies the Acquirers with POS devices capable of generating QR codes required for transactions. The Digital Wallet is activated and operated solely by the Payer and is provided by a third-party service provider. As such, the Service Provider has no control over, and cannot restrict or block, any actions taken by the Payer in connection with the Smart Contracts used to execute the payment.

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The Payer understands that by providing NAKA Pay the Service Provider is not: operating a trading platform of Crypto Assets, exchanging Crypto Assets for Fiat or other Crypto Assets, nor it is placing and issuing Crypto Assets. Since transactions with the Smart Contract connected to the NAKA Card and Digital Wallets are performed by the Payer itself, the Service Provider is also not an owner nor custodial of the Smart Contract, NAKA Card, or the Payer’s Digital wallet. The Service Provider is also not executing any order on behalf of the Payer, nor providing custody, administration or transfer services of Payer’s Crypto Assets, advice on Payer’s Crypto Assets and portfolio management of Payer’s Crypto Assets.

Access to and use of the NAKA Pay is at the Payer’s own risk. NAKA Pay is provided on an “as is” and “as available” basis and the Service Provider makes no warranty or representation and disclaims all responsibility for whether the NAKA Pay will meet Payer’s requirements.

Prices of Crypto Assets are subject to volatility and fluctuations. The Payer acknowledges that it fully understands this and that it may lose money.

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The regulatory regime governing Blockchain and Crypto Assets is uncertain and new regulations or policies may materially adversely affect the further development of the NAKA Pay and its utilities.

There are risks associated with using internet and Blockchain based products, including, but not limited to, the risk associated with the hardware, software, and internet connections, the risk of malicious software introduction, and the risk that third-parties may obtain unauthorized access to the Payer’s NAKA Pay. The Payer accepts and acknowledges that the Service Provider will not be responsible for any communication failures, disruptions, errors, distortions or delays the Payer might experience when using the NAKA Pay or any Blockchain.

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The Service Provider is not responsible or liable to the Payer for any loss of its Crypto Assets and takes no responsibility for losses, damages, or claims arising from: (a) Payer’s error, incorrectly constructed transactions, or mistyped addresses; (b) server failures or data loss; (c) unauthorized access or use; (d) any unauthorized third-party activities, including without limitation the use of viruses, phishing, brute forcing or other cyber-attacks; (e) any issues with the Blockchain.

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No advice or information, whether oral or obtained from the Service Provider, will create any warranty or representation not expressly made herein. The Payer accepts the inherent security risks of providing information and dealing online over the internet and will not hold the Service Provider responsible for any breach of security.

The NAKA Pay, including its “look and feel” (e.g., text, graphics, images, logos, page headers, button icons, URLs, and scripts), proprietary content, information, and other materials, and all content and other materials contained therein, including, without limitation, logos and all designs, texts, graphics, pictures, data, software, other files, and the selection and arrangement thereof are the property of the Service Provider.

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The Payer agrees not to take any action(s) inconsistent with such ownership interests. The Service Providers reserve all rights in connection with the NAKA Pay and its content, including, without limitation, the exclusive right to create derivative works.

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The NAKA Pay name, logo, trademarks, and any Service Provider product or service names, designs, logos, and slogans are the intellectual property of the Service Provider. As such it may not be copied, imitated, or used, in whole or in part, without the Service Provider’s prior written permission in each instance. In addition, the “look and feel” of the NAKA Pay constitutes the service mark, trademark, or trade dress of the Service Provider and may not be copied, imitated, or used, in whole or in part, without the Service Provider’s prior written permission.

The use of the NAKA Pay is free of charge. The Payer is only obliged to pay the Gas for topping-up USDt to the Smart contract of its NAKA Card.

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The amount of Gas is not in any way determined by the Service Provider and is not paid to the Service Provider. Gas payment is final and irreversible regardless of whether a successful transaction on Blockchain occurs.

In compliance with the Travel Rule for Crypto Asset transfers, the following personal data is collected by the Acquirer:

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• first and last name,

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• residential address (street, building number, postal code, city, country),

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• official personal document number,

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• personal identification number or date and place of birth,

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• IP-address and device information.

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Data is collected via SumSub: (i) directly from Payer during registration, (ii) by automatic collection when using NAKA Pay (e.g., IP-address, device information), and (iii) from third party sources (e.g. reputational information).

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Acquirer may disclose Payer’s personal data in the following circumstances:

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• based on the explicit consent of the Payer,

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• compelled by a court order or other legally binding order from the competent legal authority,

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• when necessary to report suspected illegal activity,

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• to investigate or report breach of these terms and conditions.

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Personal data is stored in the Acquirer’s’s database based on the Payer’s location when using the NAKA Card or making payments with Digital Wallets, either in Switzerland or El Salvador. Service Provider has access to the said personal data as a processor based on the service contract between the Service Provider and the Acquirer. All personal data is transmitted using SSL encryption and securely stored. Access is restricted to authorized personnel of the Acquirer and the Service Provider, who are bound by confidentiality obligations. Personal data is retained for a period of 10 years following the deactivation of NAKA Pay. 

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Payers can exercise their personal data rights by sending a request to legal@naka.com.  Acquirer reserves the right to verify Payer identity to prevent unauthorized access to third parties, who might request such rights on Payer’s behalf. Payer has the following personal data rights:

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a) right to access: (i) request confirmation of whether Service Provider processes personal data, (ii) request a copy of personal data and (iii) obtain information about how Service Provider processes personal data,

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b) right to correct: request correction or modification of incorrect or incomplete personal data,

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c) right to erasure: (i) request deletion of personal data, if it is no longer needed for the purposes for which it was processed, (ii) Payer withdraws consent and there is no additional legal ground for processing, (iii) personal data is unlawfully processed or (iv) the erasure is required to comply with applicable legislation,

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d) right to restrict processing: suspend the processing of personal data in certain circumstances (e.g. if Payer would like to correct their personal data),

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e) right to data portability: receive the personal data provided in a structured, commonly used and machine-readable format,

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f) right to object: object to the processing if the processing is based on legitimate interest (in such cases Service Provider will stop processing unless it has compelling legitimate grounds for further processing, which overrides Payer’s interests, or processing is needed for the purpose of establishment, exercise or defense of legal claims),

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g) right to lodge a complaint within: (i) Switzerland: at the Federal Data Protection and Information Commissioner (https://www.edoeb.admin.ch/) and (ii) El Salvador: at the Comisión Nacional de Activos Digitales (https://cnad.gob.sv/).

Service Provider uses the following cookies on NAKA Pay:

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The Service Provider also uses the Google Analytics web service by Google Inc. Google Analytics is a web analysis service providing information on Payers behavior on NAKA Pay to create a better user experience. Data related to Payers use of NAKA Pay (e.g., IP address, browser type, language settings, operating system, etc.) collected by the Google Company will be transferred to Google’s server in the United States of America, where this data will be stored and analyzed. The relevant data in an anonymized form will then be sent to the Service Provider. Pursuant to the “Model Contractual Clauses” approved by the European Commission, obliging them to protect Payers personal data, the Google Company ensures adequate levels of data protection regarding Google’s processing of personal data. Payer can withdraw its consent to the use of web analysis at any time by downloading Google Analytics Opt-out Browser Add-on.

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The Service Provider uses cookies to improve NAKA Pay functioning and the user experience in NAKA Pay viewing. Temporary cookies are used to measure the number of NAKA Pay visitors to check the efficiency of NAKA Pay content display and improvement. Persistent cookies are used to save Payers’ contact information for subsequent website visits, so that NAKA Pay content display adjusts to Payer’s device. NAKA Pay also uses saved cookies originating from other sites like Facebook, Twitter, Google, etc.

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The data collected through cookies is processed exclusively for statistical purposes and for collecting demographic data and visitor interests (but only in such a way that your identity cannot be revealed), for identifying server problems and for NAKA Pay editing.

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The Service Provider processes NAKA Pay Blockchain addresses for NAKA Card payments directly from Blockchain with analytical tools to: (i) provide, operate, maintain, improve, and analyze the NAKA Pay; (ii) investigate and prevent conducts that may violate these terms and conditions and/or are otherwise harmful or unlawful; (iii) comply with the applicable laws; and (iv) to cooperate with investigations by the law enforcement or other authorities due to suspected violations of law.

These terms and conditions shall govern the access and use of the NAKA Pay in its entirety.

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The Payer acknowledges that breaching any of the provisions of the terms and conditions outlined herein will result in irreparable harm to the Service Provider, prompting the latter to seek monetary compensation.

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The NAKA Pay is operated by the Service Provider who operates under the laws of Switzerland and El Salvador, respectively, depending on the location from which the user accesses the NAKA Pay. Those Payers who choose to access the NAKA Pay from locations outside Switzerland or El Salvador do so at their own initiative and are responsible for compliance with applicable local laws.

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If any of the provisions of these terms and conditions proves void or invalid in any other way, this does not affect the validity and enforceability of the other provisions if they can also exist without the void or invalid provision. In this case, such void or invalid provision is considered separable from the other provisions, which are modified accordingly in the case of separation.

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These terms and conditions are governed under the laws of Switzerland (for the users accessing the NAKA Pay from Switzerland) and El Salvador (for the users accessing the NAKA Pay from El Salvador). In the case of any disputes arising out of or in connection with the NAKA Pay (including disputes in connection with the existence, validity or termination of these terms and conditions or any other obligation derived from or in connection with the NAKA Pay), the competent court is in Lugano, Switzerland for the users accessing the NAKA Pay from Switzerland, or San Salvador, El Salvador for the users accessing the NAKA Pay from El Salvador.

These terms and conditions enter into force on 8 August 2025.

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For any questions or comments in connection with these terms and conditions, we are available at card.support@naka.com.