Legal

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.

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“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 of Card Holders which is used to pay for goods and services with Crypto Assets at the Merchants in NAKA. Where applicable, Card Holders may also use Crypto Assets to pay at Merchants that accept Visa cards as a payment method, subject to separate terms and conditions.

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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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To initiate a payment, the Payer presents their NAKA Card to the Merchant’s POS device provided by the Acquirer. The payment request is signed with the Card Holder’s private key and countersigned by the Card Issuer, with both signatures verified by the deployed Smart Contract. Once validated, the Smart Contract transfers the Crypto Assets to the Acquirer’s address designated for the Merchant.

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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). 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.

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.

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.

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.

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

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) (solely when the Card Holder is able to use their NAKA Card at Merchants that accept Visa cards) based in -, being a citizen of - or incorporated in the United States of America, Belarus, Cuba, India, Iraq, Israel, Nepal, Nicaragua, Russia, Turkey and Ukraine,

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c) listed in any Sanctions List,

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d) 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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e) 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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f) 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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j) 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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k) 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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l) use the NAKA Pay to purchase controlled substances without a pharmaceutical license,

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1. purchase of guns, accessories, ammunition, and other weapons,
2. purchase of illegal material, including but not limited to child pornography,
3. gambling, betting, lotteries, sweepstakes, or games of chance,
4. prostitution or escort services,
5. sale of counterfeit or "gray market" goods or services,
6. political contributions, pawn shops, unlicensed auction sites, or
7. ponzi or pyramid schemes, or other unfair or deceptive activities,

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m) use the NAKA Pay for:

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1. purchase of music, movies, software, or any other licensed materials without appropriate authorization,
2. purchase of counterfeit goods; illegally imported or exported products,
3. unauthorized purchase of brand name or designer products or services, and 
4. purchase of any other products or services that directly infringe or facilitate infringement upon the trademark, patent, copyright, trade secrets, proprietary or privacy rights of any third party,

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n) use the NAKA Pay for intentionally promoting, supporting, or perpetrating violence or physical harm or hate toward any group or individual based on race, religion, disability, gender, sexual orientation, gender identity, national origin, immigration status, or any other legally protected characteristic under any law or regulation that applies to the Card Holder or Service Provider,

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o) use the NAKA Pay:

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1. with false, manipulated, inaccurate, or misleading information regarding Card Holder’s identity, business entity, the nature of business, and any other information requested by the Service Provider,
2. to facilitate transactions on behalf of another undisclosed person or entity or for products/services that were not disclosed during your application for the NAKA Card.

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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.
• 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.

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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.

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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.

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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,
• residential address (street, building number, postal code, city, country),
• official personal document number,
• personal identification number or date and place of birth,
• 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,
• compelled by a court order or other legally binding order from the competent legal authority,
• when necessary to report suspected illegal activity,
• 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.

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

These terms and conditions by NAKA SLV S.A. de C.V., Calle Cuscatlan, Casa 4312, Colonia Escalon, San Salvador (hereinafter: “Service Provider”) set forth the legal framework applicable to the NAKA Payment application (hereinafter: “NAKA Pay”).

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By using NAKA Card, 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 Card.

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If you are a natural person, you are only allowed to use NAKA Card if you are older than 16 years.

By using the NAKA Card, 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 within the NAKA Pay or by updating the “Version” of these terms and conditions. By continuing to use NAKA Card you confirm your acceptance of these terms and conditions. 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 use NAKA Card.

“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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“Card Holder” refers to any natural or legal person using a NAKA Card.

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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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“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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“POL” is Polygon Blockchain native Crypto Asset. More information on POL is available on the following link: https://polygon.technology/pol-token.

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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 of Card Holders which is used to pay for goods and services with Crypto Assets at the Merchants in NAKA. Where applicable, Card Holders may also use Crypto Assets to pay at Merchants that accept Visa cards as a payment method, subject to separate terms and conditions.

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“NAKA Pay” is a self-custodial wallet, where Card Holder takes custody of its own Private Key.

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

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

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“Polygon” is a “layer 2” Blockchain which enables faster Blockchain transactions and low transaction fees. More information on Polygon is available on the following link: https://polygon.technology/.

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“Private key” is a unique code that allows access to and management of Crypto Assets to the Card Holder.

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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 Card Holders 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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“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/.

NAKA Cards are manufactured by the Card Issuer, who is responsible for their design, EMV chip embedding, printing, and security features.

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Natural persons and authorized representatives can receive NAKA Card on special events hosted by the Service Provider or events where the Service Provider is presenting its Blockchain-based technical solutions. Natural and legal persons can also order NAKA Card via NAKA Pay.

To fully use NAKA Card, Card Holders must deploy a Smart Contract and establish a connection between the received NAKA Card and the deployed Smart Contract. This can only be done via NAKA Pay.

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Each NAKA Card is valid globally for a period of 1-year from the date of NAKA Card printing.

NAKA Card is acceptable at Merchants’ point-of-sale devices, who are included in the NAKA. Merchants who accept NAKA Cards are shown within the NAKA Pay under “NAKA Locations”.

To fully activate the NAKA Card, the Card Holder must set up a PIN and confirm it. Until then, Card Holder cannot use the NAKA Card.

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When the NAKA Card is connected to the Smart Contract it cannot be unconnected. However, the Card Holder has an option to block the NAKA Card (e.g., when a card is lost, stolen, or broken). By doing this it 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 Card Holder can add a new NAKA Card within the NAKA Pay.

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Card Holder can manage its NAKA Card via NAKA Pay, where it can set daily spending limit and single transaction limit, block or freeze NAKA Card, top-up and withdraws Crypto Assets from its NAKA Card, get familiar with NAKA Locations and see history of transactions performed with its NAKA Card. The functionalities listed are more thoroughly described in terms and conditions governing NAKA Pay.

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At all times the Card Holder shall ensure that its NAKA Card is kept at a safe place. Under no circumstance whatsoever shall the Card Holder allow the NAKA card to be used by any other natural person or legal entity.

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If a Card Holder enters NAKA Card PIN wrong for 5 times, its NAKA Card will be disabled for 24 hours. If a Card Holder tries to - or gains unauthorized access to the NAKA Card EMV chip, its NAKA Card will be permanently blocked.

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To perform a top-up of its NAKA Card Card Holder must have USDt on Polygon Blockchain, together with POL to pay for the Gas. To perform a withdrawal from its NAKA Card Smart Contract Card Holder must have a Polygon Blockchain address which can receive USDt and USDt on the connected Smart Contract.

NAKA Pay is purely self-custodial, meaning that the Service Provider does not have any custody, possession, or control of the Card Holder’s Crypto Assets or Private keys of the Card Holder’s NAKA Pay at any time. NAKA Pay is only software used for the Smart Contract deployment, establishing a connection between the Card Holder’s NAKA Card and the deployed Smart Contract, and NAKA Card management.

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The Card Holder 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 Card Holder that compromise or could compromise the NAKA Pay.

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By using NAKA Card, the Card Holder represents and warrants that it is not a 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) (solely when the Card Holder is able to use their NAKA Card at Merchants that accept Visa cards) based in -, being a citizen of - or incorporated in the United States of America, Belarus, Cuba, India, Iraq, Israel, Nepal, Nicaragua, Russia, Turkey and Ukraine, 

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c) listed in any Sanctions List,

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

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

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

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b) use the NAKA Card for commercial purposes inconsistent with these terms and conditions,

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c) reverse engineer, duplicate, or disassemble any aspect of the NAKA Card, or do anything that might bypass or circumvent security measures of the NAKA Card employed,

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d) use the NAKA Card 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 Card Holder or Service Provider,

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e) use the NAKA Card with the proceeds of unlawful activity,

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

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

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h) use the NAKA Card to purchase controlled substances without a pharmaceutical license,

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i) use the NAKA Card for unlawful:

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1. purchase of guns, accessories, ammunition, and other weapons,
2. purchase of illegal material, including but not limited to child pornography,
3. gambling, betting, lotteries, sweepstakes, or games of chance,
4. prostitution or escort services,
5. sale of counterfeit or "gray market" goods or services,
6. political contributions, pawn shops, unlicensed auction sites, or
7. ponzi or pyramid schemes, or other unfair or deceptive activities,

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j) use the NAKA Card for:

1. purchase of music, movies, software, or any other licensed materials without appropriate authorization,
2. purchase of counterfeit goods; illegally imported or exported products,
3. unauthorized purchase of brand name or designer products or services, and 
4. purchase of any other products or services that directly infringe or facilitate infringement upon the trademark, patent, copyright, trade secrets, proprietary or privacy rights of any third party,

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k) use the NAKA Card for intentionally promoting, supporting, or perpetrating violence or physical harm or hate toward any group or individual based on race, religion, disability, gender, sexual orientation, gender identity, national origin, immigration status, or any other legally protected characteristic under any law or regulation that applies to the Card Holder or Service Provider,

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l) use the NAKA Card:

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1. with false, manipulated, inaccurate, or misleading information regarding Card Holder’s identity, business entity, the nature of business, and any other information requested by the Service Provider,
2. to facilitate transactions on behalf of another undisclosed person or entity or for products/services that were not disclosed during your application for the NAKA Card.

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By agreeing to these terms and conditions the Card Holder 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 Card Holder’s (a) use or misuse of the NAKA Card, (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 Card Holder agrees to promptly notify the Service Provider of any claims and cooperate with the Service Provider in defending them.

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Use of the NAKA Card 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 certain Smart Contracts that may be integral to the Card Holder’s ability to complete transactions with NAKA Card. Since transactions conducted on the NAKA Pay 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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The Card Holder is the one who deploys Smart Contract, establishes a connection between its NAKA Card and the deployed Smart Contract, and manages its NAKA Card. Consequently, the Service Provider is not an owner, custodian, or in control of Smart Contract, connected with the NAKA Card, and Crypto Assets on such a Smart Contract. The latter and the NAKA Card are solely owned by the Card Holder. The latter is also the only one who possesses the PIN of the NAKA Card.

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The Service Provider takes no action and does not participate in any way in the payment process conducted with the Card Holder’s NAKA Card. For the latter, the Service Provider only supplies the Card Holder 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 Card Holder’s action with the NAKA Card (i.e., when the Card Holder 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 Card Holder’s actions with the NAKA Card.

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

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The Service Provider makes no warranty or representation and disclaim all responsibility for whether the NAKA Card will meet Card Holder’s requirements.

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The Card Holder is solely responsible for determining what, if any, taxes apply to the transactions performed with the NAKA Card. The Service Provider is not responsible for determining, withholding, collecting, reporting, or remitting any taxes that apply or might apply to the transactions with the NAKA Card.

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Prices of Crypto Assets are subject to volatility and fluctuations. The Card Holder 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 Card 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 Card Holder’s NAKA Pay. The Card Holder accepts and acknowledges that the Service Provider will not be responsible for any communication failures, disruptions, errors, distortions or delays the Card Holder might experience when using the NAKA Card or any Blockchain.

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The Service Provider is not responsible or liable to the Card Holder for any loss of its Crypto Assets and takes no responsibility for losses, damages, or claims arising from: (a) Card Holder error, incorrectly constructed transactions, or mistyped addresses; (b) server failure 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 Card Holder 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 Card design, including its “look and feel”, is the property of the Service Provider. The Card Holder agrees not to take any action(s) inconsistent with such ownership interests. The Service Providers reserve all rights in connection with the NAKA Card and its content.

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The NAKA Card 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 prior written permission in each instance. In addition, the “look and feel” of the NAKA Card 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 prior written permission.

The use of the NAKA Card is free of charge. The Card Holder 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 when using the NAKA Card for the first time:

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• first and last name,
• residential address (street, building number, postal code, city, country),
• official personal document number,
• personal identification number or date and place of birth,
• exchange rate and its source,
• IP-address and device information.

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Data is collected via SumSub: (i) directly from Card Holder 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 Card Holder’s personal data in the following circumstances:

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• based on the explicit consent of the Card Holder,
• compelled by a court order or other legally binding order from the competent legal authority,
• when necessary to report suspected illegal activity,
• to investigate or report breach of these terms and conditions.

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Personal data is stored in the Acquirer’s database based on the Card Holder’s location: within  El Salvador for Card Holders from El Salvador and within Switzerland for Swiss Card Holders. 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 via SSL technology and encrypted. Access is restricted to authorized personnel of the Acquirer and the Service Provider, who are bound by confidentiality obligations. Personal data is kept for a period of 10 years after NAKA Pay is deactivated.

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Card Holder can exercise its personal data rights by sending a request to legal@naka.com. Service Provider reserve the right to verify Card Holder identity to prevent unauthorized access to third parties, who might request such rights on Card Holder’s behalf. Card Holder has the following personal data rights:

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1. 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,
2. right to correct: request correction or modification of incorrect or incomplete personal data,
3. right to erasure: (i) request deletion of personal data, if it is no longer needed for the purposes for which it was processed, (ii) Card Holder 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,
4. right to restrict processing: suspend the processing of personal data in certain circumstances (e.g. if Card Holder would like to correct their personal data),
5. right to data portability: receive the personal data provided in a structured, commonly used and machine-readable format,
6. 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 Card Holder’s interests, or processing is needed for the purpose of establishment, exercise or defense of legal claims),
7. right to lodge a complaint within: (i) El Salvador: at the Comisión Nacional de Activos Digitales (https://cnad.gob.sv/) and (ii) Switzerland: at the Federal Data Protection and Information Commissioner (https://www.edoeb.admin.ch/).

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 Card Holders behavior on NAKA Pay to create a better user experience. Data related to Card Holders use of NAKA Pay (e.g., your 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 Card Holders personal data, the Google Company ensures adequate levels of data protection regarding Google’s processing of personal data. Card Holder 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 Card Holders’ contact information for subsequent website visits, so that Card Holders don’t need to sign in any longer or that the NAKA Pay content display adjusts to Card Holder’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 addresses directly from the Polygon 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 Card Holder 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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NAKA is operated by the Service Provider who operates under the laws of El Salvador. Those Card Holders who choose to access the NAKA Pay from locations outside 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 law of 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 San Salvador.

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These terms and conditions enter into force on 8 August 2025. For any questions or comments in connection with these terms and conditions, we are available at card.support@naka.com.

These NAKA Spend Card Terms (the “Card Terms”) are a binding agreement between you (“you”, or “your”), NAKA, and Issuer, including its affiliates, successors, and assignees (“Issuer,” “we”, “us”, or “our”) that govern your use of the NAKA spendCards, including the process for obtaining and managing NAKA spend Cards, access to which is provided to you by NAKA SLV, S.A. de C.V. (“NAKA”). 

Rates, fees, and other important information about your NAKA Spend Card (“Card”) are set forth in these Important Disclosures.  

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Your Card is currently  0% interest on all purchases. Issuer and NAKA reserve the right to implement interest in the future, for new purchases. NAKA will disclose any changes to this agreement prior to the introduction of interest and other charges associated with your Card.

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Fees

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Transaction Fee

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Foreign Purchases

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Penalty Fees

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WHEN YOU APPLY FOR A CARD ACCOUNT, ACTIVATE A CARD, OR OTHERWISE PARTICIPATE IN THE PROGRAM IN ANY WAY, YOU REPRESENT THAT YOU HAVE READ, UNDERSTAND, AND AGREE TO THESE CARD TERMS.

The Card is provided to you on behalf of NAKA in connection with your status as NAKA customer and pursuant to your separate agreement NAKA Pay: Terms and Conditions between you and NAKA (the “User Terms”). The Issuer is not a party to the NAKA User Terms and disclaims any liability for the performance of services covered therein. 

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NAKA has opened a NAKA Account for purposes of facilitating transactions you make using a Card based on a limit established by NAKA pursuant to the User Terms. You understand that you have access to the Services, as defined in the User Terms, and Card only to the extent authorized by NAKA. You acknowledge and agree that NAKA will satisfy obligations created through your use of the Card and you will repay NAKA based on the terms of your User Terms, subject to the terms below.

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Details on NAKA’s collection, use, and handling of your personal data are described in NAKA Privacy Policy. Please review it carefully and contact NAKA if you have any questions. By opening, using, or maintaining a Card, you consent to and direct Issuer to share information relating to transactions, including receipt information or other personal data with NAKA, in order to deliver the Services.

The card program is issued by the Issuer under license from Visa. The information about the cost of the Card described in the above table is accurate as of 2025-10-01. This information may change after that date. To find out what may have changed write the servicer, at support@naka.com.

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NAKA and Issuer reserve the right to amend these Card Terms or impose additional obligations or restrictions. You will be notified of material changes that significantly affect your rights or obligations under these Card Terms, their amendments or additional obligations or restrictions via email or another durable medium at least 30 days before they take effect. If you do not agree with the amendments, you have the right to terminate your use of the Services before the amendments take effect. Any related costs will be borne by you. By continuing to use the Services after the effective date, you accept the amendments. The date on the top of this page shows when the Card Terms were last updated. Capitalized terms that are not defined here have the definitions provided in the Platform Agreement and/or the User Terms.  

“Account” means an account NAKA has opened for purposes of facilitating transactions you make using a Card.

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“Card Networks” means the payment card networks including Visa or Mastercard.

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“Charge” means a payment for goods or services made to a merchant that accepts payments on the applicable Card Network.

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“Chargeback” means a dispute that you initiate against a merchant for an unresolved dispute with the merchant or where a Charge is unauthorized.

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“Fee” means charges we impose on you for use of Services or your use of a Card.  

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“Issuer” refers to the issuer of the card program. The issuer for this card program is Third National, an issuer on the Visa Network.

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“No Bar Authorization” means a card transaction for which the terminal or point-of-sale system does not obtain authorization from the card issuer, so the validity of the Card or the availability of funds is not confirmed at the time of the transaction. Such transactions may occur in offline environments, such as bars, restaurants, or fuel stations, and may be settled at a later time, with the associated risks borne by the merchant or as otherwise provided by applicable law.

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“Periodic Statement” means the periodic statements that reflect activity for all Cards issued to you identifying Charges, Fees, refunds, or other amounts owed or credited to your NAKA Account during the time covered by that statement.

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“Supported Blockchains” means the Ethereum Blockchain, Polygon Blockchain, Optimism Blockchain, Arbitrium Blockchain and other blockchain networks which may be added at the sole discretion of the Issuer.

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“USD Stablecoin (USD-S)” means a digital asset pegged to the value of the United States dollar, intended to maintain a stable 1:1 parity with USD, and issued by an authorized issuer backed by adequate reserves or other stabilization mechanisms.

These Card Terms become effective and legally binding when you activate or create your Card by following the instructions on the NAKA platform. You and we agree to comply with, and be bound by, this entire agreement. You should retain and carefully review these Card Terms. By creating a Card, you agree to the Arbitration Clause below as it pertains to this agreement, even if you do not use the Account or the Card.

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By using a Card you represent and warrant in your individual capacity that:

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• You are not a person who is blocked or sanctioned by the United States Government, including those identified by the United States Office of Foreign Asset Controls (OFAC).
• You will use the Services exclusively for purposes permitted by these Card Terms.
• All information you provide to us, either directly or through NAKA is and will be true, correct, and complete.  
• You will use the Card for personal, family, or household use.  
• You will only use the Card in compliance with applicable law.
• You attest that you are not a United States citizen, and that you are signing up for a Card that is intended for those outside of the United States.
• You were not solicited for the Services.

The Issuer of your Card is the entity identified on the back of your Card, or as specified in these Card Terms. In some cases, the Issuer may also be identified in other agreements or materials provided to you. Issuer is the creditor responsible for funding your payments for goods and services at a merchant through your Card and based on information provided by NAKA. Please note that the Issuer may require you to accept additional terms in addition to the agreements you have with NAKA, and your use of the Card will then also be subject to such additional terms.  

Daily spending limit: users can set an overall daily spending limit from USD-S 10.00 to USD-S 9,999.99. The default daily spending limit is set to USD-S 999.99.

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Single transaction limit: users can set an overall daily spending limit from USDt 10.00 to USD-S 9,999.99. The default daily spending limit is set to USD-S 999.99.

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ATM daily limit: USD-S 750.00 

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ATM single withdrawal limit: USD-S 250.00 

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No Bar Authorization limit: USD-S100.00 

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Issuer may additionally set spending limits on each Card or an aggregate spending limit across all Cards, at its sole discretion. NAKA Account Spending Limits are dynamic and may be modified at any time with or without notice to you, including temporarily increases or decreases or reducing spending limits to USD-S 0. Any authorized Charge or Fee on a Card may reduce your spending limit by a corresponding amount.

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When you use a Card to initiate a transaction at certain merchants where the amount of the final transaction is unknown at the time of authorization, Issuer may assess a value to such a Charge for an amount higher or lower than the final Charges. The initial “hold” Charge will reduce your spending limit until the final Charge is determined.

To mitigate currency exchange rate fluctuations that may occur between the execution of the payment and the settlement, NAKA shall apply a notional reserve equal to twenty-five percent (25%) of the initial payment amount. This reserve does not constitute an actual reservation or withholding of funds, but serves solely as a contractual buffer for currency risk. In the event of adverse currency movements, NAKA may claim up to, but not exceeding, twenty-five percent (25%) of the initial payment amount.

The primary purpose of your Account is for personal expenses. NAKA and Issuer reserve the right to block and terminate transactions and suspend access to your Account, unless prohibited by applicable law, for transactions and activity which presents patterns that do not conform with consumer purposes. You may use your Account to purchase or lease goods or services (each, a “purchase”) by presenting your Card or providing to participating merchants and establishments that honor the Card your Card number and additional information by any other means (for example, over the phone, online or through a mobile app). We will not be liable to you (or anyone else) if any merchant or other person cannot or will not process a purchase permitted under these Card Terms. Unless prohibited by applicable law, we may from time to time limit the type, number and dollar amount of any purchase, including any cash-like transaction, even if you have sufficient available credit to complete the purchase. Cash-like transactions include, but are not limited to, the following transactions to the extent they are accepted:

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• purchasing travelers checks, foreign currency, money orders, wire transfers, cryptocurrency, other similar digital or virtual currency and other similar transactions;

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• purchasing lottery tickets, casino gaming chips, race track wagers, and similar offline and online betting transactions;

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• person-to-person money transfers and account-funding transactions that transfer currency; and

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• making a payment using a third-party service including bill payment transactions not made directly with the merchant or their service provider.

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We reserve the right to deny any purchase for any reason, such as account default, suspected fraudulent or unlawful activity, internet gambling, or any indication of increased risk related to the purchase. We may terminate or suspend your use of the Card or the Account, with or without notice to you before or at the time we take such action. Cash advances and balance transfers are not available under these Card Terms.

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You acknowledge and agree that you have read and understood the prohibited activities list and that you will not engage in any such activities when using the Services or the Card.  

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You acknowledge and agree that you will not use the Card (1) for any expense which is not an expense incurred by you; (2) for any purpose prohibited by these Card Terms; (3) for, with, or for the benefit of any individual or entity who is blocked or sanctioned by the United States, including those identified by the United States Department of Treasury’s Office of Foreign Assets Control (OFAC); and (4) that you will use the Card for personal, family, or household use.  

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You will use all reasonable means to protect your Cards and log-in credentials to the Account from unauthorized use. You will not allow any other person or third party to use the Services or the Card on your behalf. You will immediately notify us where you know or suspect that access to your Account has been compromised or your Card has been lost, stolen, or compromised in any way.  

While you will generally repay NAKA for amounts transacted with your Card, you also promise to pay Issuer or its assignees for all amounts charged to the Account not repaid by NAKA, including all purchases, interest, and charges charged to your Account. You are obligated to repay NAKA or its assignees, for all transactions made using your Card by people you have authorized to use the Card even if their use of the Card exceeds the authorization which you gave them.

You are responsible for payment in full of all Charges and Fees. Your NAKA Account may include Periodic Statements identifying Charges, Fees, refunds, the amount of your Collateral, any other Card transactions, or other amounts owed or credited to your NAKA Account. Periodic Statements may be made accessible to you on your NAKA Account daily, monthly, or as otherwise prescribed by Issuer. You must notify us promptly if you believe that there are any errors on your Periodic Statement, and submit any disputes or Chargebacks in accordance with these Card Terms. We are not obligated to send you a monthly statement if we deem your Account to be uncollectible or applicable law does not require us to send you a monthly statement for other reasons.

Where applicable, you may make a repayment for a balance on one or more of your  Cards by any means that are permitted by NAKA and as provided in your Account. 

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Any failure to pay the full amount owed to NAKA or the Issuer, as applicable, when required is a breach of these Card Terms. You are responsible for all costs or expenses that we may incur in collecting amounts owed but not timely paid, including legal or collections fees and any interest at the maximum rate permitted under law.

At any time and where applicable, you may pay all or any part of your outstanding Account balance, without penalty. Payment of more than the payment due in one billing cycle will not relieve you of the obligation to pay the entire payment due in subsequent billing cycles.

Subject to applicable law you agree to pay the following fees:

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We will disclose any Fees to you (1) when you are approved for a Card through your NAKA Account, (2) by updating these Card Terms, or (3) through our website. We may update, add, or change Fees upon 30 days’ notice to you. Fees we determine may include interest or other finance related charges, periodic fees, fees for Card issuance or replacement, fees applicable to certain transactions, foreign transaction fees, usage fees, service fees, cash advance fees, fees for late payments, fees for failed payments or returned payments, fees for misuse of the Services, fees for Liquidation Events, or other fees we disclose to you. You are responsible for Fees in addition to Charges.

(a) Liquidation fee. There is no liquidation fee applied when a liquidation event pays off your outstanding obligations.

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(b) Each time a payment on your Account is returned or reversed for any reason or we must return any check, instrument, or transaction you send us because it is incomplete or faulty, we will charge you a returned payment fee of $5.00. However, we will not charge a returned payment fee if we are charging a late fee with respect to the same minimum payment due and will never charge a returned payment fee exceeding the minimum payment due that was due immediately prior to the date on which the payment was returned to us.

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(c) Additional fees. We may charge fees for special services you request in accordance with applicable law.

If you make a transaction using your Account in a foreign currency (including, for example, online purchases from a merchant located outside of the U.S.), the credit card association will convert any transaction in foreign currency into U.S. dollars using an exchange rate for the applicable central processing date that is (1) selected by the association from the range of rates available in wholesale currency markets, which rate may vary from the rate the association receives, or (2) the government mandated rate. The conversion rate you get may differ from the rate on the transaction date or the posting date, and from the rate that the credit card association gets. A merchant or other third party may convert a transaction into U.S. dollars or another currency, using a rate they select, before sending it to the credit card association.

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Foreign Transaction Fees up to 3%

NAKA or the Issuer may decide not to grant requests for Cards or limit the number of physical or virtual Cards provided to you.

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You are responsible for securing Cards, account numbers, and Card security features. You will promptly notify us and take appropriate measures to prevent unauthorized transactions when a Card is lost, stolen, breached, or needs to be replaced. In such cases, you may request the issuance of replacement Cards through your Account. Replacement Cards may have new account numbers that could require you to update the Card on file for any scheduled or recurring payments. You are solely responsible for updating Card information stored with merchants where account numbers have been changed.

You may only use Cards for bona fide personal charges and transactions.

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You agree to establish and maintain controls designed to ensure that the Cards are only used by you for purposes and in compliance with these Card Terms, any User Terms, and applicable law. You are responsible for Charges and transactions made by any person given access to Cards even if they are not the person associated with or named on the Card.

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NAKA, Issuer, Card Networks, or other intermediary third-party service providers (including merchant acquirers) may deny or reverse Charges for any reason. Issuer is not responsible for any losses, damages, or harm caused by any Charges that are denied or reversed.

If your Card is lost or stolen or if you think someone may be using your Card or Account without your permission, you must notify NAKA promptly by emailing us at support@naka.com. You will not be liable for any unauthorized use that occurs after you notify NAKA. You may, however, be liable for unauthorized use that occurs before receipt of your notice by NAKA. You have an obligation to assist us in our investigation if your Card is lost or stolen or you believe someone is using your Card or your Account without your permission.  

In the event that the Cardholder fails to initiate any payment transaction with the Card for a continuous period of three (3) consecutive calendar months, NAKA reserves the right, at its sole discretion, to temporarily suspend (freeze) the Card. Upon such suspension, the Issuer shall provide the Cardholder with written notice by electronic mail to the most recent address on record.

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Following such notice, the Cardholder shall have a period of one (1) calendar month to reinstate the Card by unfreezing it and thereafter effectuating at least one valid payment transaction.

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Should the Cardholder fail to complete both steps within the aforesaid period — namely, (i) unfreezing the Card and (ii) executing at least one payment transaction — the Issuer shall be entitled, without further notice, to permanently block the Card and terminate the Cardholder’s right of use, without prejudice to any other rights or remedies available to the Issuer under applicable law or contract.

You are responsible for reviewing your Periodic Statements promptly and identifying any Charges that you believe are unauthorized or that you dispute.

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If you and a merchant have a dispute regarding a Charge identified on your Periodic Statement, such as delivery of incorrect goods or services or being charged the wrong amount, you should first attempt to resolve the dispute with the merchant. If the dispute is not resolved to your satisfaction or if you believe the Charge is unauthorized, you may initiate a Chargeback through your NAKA Account. You must report any disputed Charge or error no more than 60 days after the disputed Charge is posted on your Periodic Statement. We may require additional details on the transaction and our review of your disputed Charge will be conditioned on you providing all of the information we may require to review the disputed Charge.  

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You understand that the Card is subject to Card Network rules regarding Chargebacks. The Card Networks have additional established procedures for resolving Chargebacks that may require you to provide further details of the disputed Charge or associated documentation.

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Charges relating to disputed Charges and Chargebacks that are pending resolution may still be due and owing as of the date that payment is due as provided in the applicable Periodic Statement. Chargebacks resolved in your favor will be credited to your NAKA Account on either the current or a future Periodic Statement. We may impose Fees, reduce your spending limits, or suspend access to your NAKA Account or the Services if you fail to pay Charges relating to Chargebacks that are pending resolution on the payment date.

Subject to applicable law, we may suspend, revoke or cancel your Account privileges, your right to use the Card or deny any transaction, in our sole discretion at any time, with or without cause and with or without giving you notice. Any termination of credit privileges, whether initiated by us or by you, will not affect any of our rights or your obligations under these Card Terms, including your obligation to repay any amounts you owe us according to the terms of these Card Terms. On our demand or upon termination of credit privileges, you agree to surrender to us or destroy the Card. If you attempt to use the Card after the termination of credit privileges (whether or not we have provided notice of such termination), the Card may be retained by a merchant, ATM or financial institution where you attempt to use the Card. 

Subject to applicable law, we may at any time change, add to or delete terms and conditions of these Card Terms, including interest rates and this Change of Terms provision. Such changes may be based on our anti-fraud policies and procedures, your level of compliance with these Card Terms, prevailing economic conditions and/or any other factors. We will give you notice of any change, addition or deletion as required by applicable law. As of the effective date, the changed terms, at our option, will apply to new purchases and the outstanding balances of your Account, to the extent permitted by applicable law.

In the event of your default under these Card Terms, we may, subject to applicable law (including any applicable notice requirement): (a) declare all or any portion of your outstanding Account balance to be immediately due and payable; (b) instead allow you to repay your Account balance by paying the minimum payment due each billing cycle, without waiving any rights under subsection (a); and/or (c) commence a collection action against you and charge you for any court costs and/or any reasonable attorneys’ fees and costs we are charged in connection with such action by any attorney who is not our salaried employee. After a default, interest charges will continue to accrue until your total Account balance, including accrued interest charges, is paid in full, subject to applicable law.

We may at any time and in our sole discretion delay or waive enforcing any of our rights or remedies under these Card Terms or under applicable law without losing any of those or any other rights or remedies. Even if we do not enforce our rights or remedies at any one time, we may enforce them at a later date. For example, we may accept late payments without losing any of our rights under these Card Terms.

You authorize NAKA, Issuer and their partners (one and each of Issuer’s joint or independent affiliates, agents, assigns, and service providers (collectively, the “Messaging Parties”)) to use automatic telephone dialing systems, artificial or prerecorded voice message systems, text messaging systems and automated email systems, or any system capable of storing and dialing telephone numbers to deliver messages relating to these Card Terms, your Account, or your relationship with the Messaging Parties more generally (including but not limited to: messages about, upcoming payment due dates, missed payments and returned payments) to any telephone number(s) you provide to the Messaging Parties. You also agree that these messages may deliver prerecorded and/or artificial voice messages. You understand that telephone messages may be played by a machine automatically when the telephone is answered, whether answered by you or someone else, and that these messages may also be recorded by your answering machine. You also authorize the Messaging Parties to deliver messages to you via mail or email at any addresses you supply to them or that they obtain through any legal means.

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You understand that anyone with access to your mail, telephone or email account may listen to or read the messages the Messaging Parties leave or send you, and you agree that the Messaging Parties will have no liability for anyone accessing such messages. You further understand that, when you receive a telephone call, text message or email, you may incur a charge from the company that provides you with telecommunications, wireless and/or internet services, and you agree that the Messaging Parties will have no liability for such charges except to the extent required by applicable law. You expressly authorize the Messaging Parties to monitor and record your calls with the Messaging Parties. If any telephone number you have provided to the Messaging Parties changes, or if you cease to be the owner, subscriber, or primary user of any such telephone number, you agree to immediately give notice to the Messaging Party who delivered the messages of such facts so that the Messaging Party can update its records.

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This authorization is part of our bargain concerning these Card Terms, and we do not intend it to be revocable. However, to the extent you have the right to revoke your consent to communications by autodialed calls and text messages to your mobile number under applicable law, you may exercise this right by contacting the applicable Messaging Party directly or by sending a request by email to support@naka.com with the subject line “END COMMUNICATIONS.” You may opt-out of receiving most of these messages at any time by sending us a request to support@naka.com or by responding “STOP” to any text message. To stop emails only, you can follow the opt-out instructions included at the bottom of the Messaging Parties’ emails.

These Card Terms will be interpreted in accordance with the laws of Puerto Rico without regard to conflict-of-law provisions. Judicial proceedings (other than small claims actions) that are excluded from the Arbitration section below must be brought in state or federal court in Puerto Rico, unless we both agree to some other location, and you hereby consent to the venue and personal jurisdiction of such court.

PLEASE READ THIS "DISPUTE RESOLUTION AND ARBITRATION" PROVISION VERY CAREFULLY. IT LIMITS YOUR RIGHTS IN THE EVENT OF A DISPUTE BETWEEN YOU AND ISSUER.

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Binding Arbitration:

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(a) You and Issuer agree that any and all past, present and future Disputes (defined below) shall be determined by arbitration, unless your Dispute is subject to an exception to this agreement to arbitrate set forth below. You and Issuer further agree that any arbitration pursuant to this section shall not proceed as a class, group or representative action. The award of the arbitrator may be entered in any court having jurisdiction. “Dispute” means any dispute, claim, or controversy between you and Issuer that arises out of or relates to (i) these Card Terms (including any addenda hereto or other terms incorporated herein by reference), (ii) the breach, termination, enforcement, interpretation or validity hereof, including the determination of the scope or applicability of the agreement to arbitrate hereunder, or (iii) any Services (including, without limitation, the Card).

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(b) This agreement to arbitrate shall be construed under and be subject to the Federal Arbitration Act, notwithstanding any other choice of law set out in these Card Terms.

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Arbitration Procedure:

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(a) Before filing a claim against Issuer, you agree to try to resolve the Dispute informally by providing written notice to Issuer of the actual or potential Dispute. Similarly, the Issuer will provide written notice to you of any actual or potential Dispute to endeavor to resolve any claim we may possess informally before taking any formal action. The party that provides the notice of the actual or potential Dispute (the "Notifying Party") will include in that notice (a "Notice of Dispute") your name, the Notifying Party's contact information for any communications relating to such Dispute, and sufficient details regarding such Dispute to enable the other party (the "Notified Party") to understand the basis of and evaluate the concerns raised. If the Notified Party responds within ten (10) business days after receiving the Notice of Dispute that it is ready and willing to engage in good faith discussions in an effort to resolve the Dispute informally, then each party shall promptly participate in such discussions in good faith.

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(b) If, notwithstanding the Notifying Party's compliance with all of its obligations under the preceding paragraph, a Dispute is not resolved within thirty (30) days after the Notice of Dispute is sent (or if the Notified Party fails to respond to the Notice of Dispute within ten (10) business days), the Notifying Party may initiate an arbitration proceeding as described below. If either party purports to initiate arbitration without first providing a Notice of Dispute and otherwise complying with all of its obligations under the preceding paragraph, then, notwithstanding any other provision of these Card Terms, the arbitrator(s) will promptly dismiss the claim with prejudice and will award the other party all of its costs and expenses (including, without limitation, reasonable attorneys' fees) incurred in connection with such Dispute.

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(c) You and Issuer each agree to resolve any Disputes that are not resolved informally as described above through final and binding arbitration as discussed herein, except as set forth under Section 12.3 below. You and Issuer agree that the American Arbitration Association ("AAA") will administer the arbitration under its Commercial Arbitration Rules (the "Rules"). The Rules are available at www.adr.org or by calling the AAA at 1-800-778-7879. A party who desires to initiate arbitration must provide the other party with a written Demand for Arbitration as specified in the AAA Rules. (The AAA provides a general Demand for Arbitration.) Arbitration will proceed on an individual basis and will be handled by a sole arbitrator. The single arbitrator will be either a retired judge or an attorney licensed to practice law and will be selected by the parties from the AAA's roster of arbitrators. If the parties are unable to agree upon an arbitrator within fourteen (14) days of delivery of the Demand for Arbitration, then the AAA will appoint the arbitrator in accordance with the AAA Rules. The arbitrator(s) shall be authorized to award any remedies, including injunctive relief, that would be available to you in an individual lawsuit, subject to any effective and enforceable limitations of liability or exclusions of remedies set forth herein. Notwithstanding any language to the contrary in this paragraph, if a party seeks injunctive relief that would significantly impact other Issuer users as reasonably determined by either party, the parties agree that such arbitration will proceed on an individual basis but will be handled by a panel of three (3) arbitrators. Each party shall select one arbitrator, and the two party-selected arbitrators shall select the third, who shall serve as chair of the arbitral panel. That chairperson shall be a retired judge or an attorney licensed to practice law and with experience arbitrating or mediating disputes. In the event of disagreement as to whether the threshold for a three-arbitrator panel has been met, the sole arbitrator appointed in accordance with this Section shall make that determination. If the arbitrator determines a three-person panel is appropriate, the arbitrator may -- if selected by either party or as the chair by the two party-selected arbitrators -- participate in the arbitral panel. Except as and to the extent otherwise may be required by law, the arbitration proceeding and any award shall be confidential.  

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(d) You and Issuer further agree that the arbitration will be held in the English language in New York, New York, or, if you so elect, all proceedings can be conducted via videoconference, telephonically or via other remote electronic means.  

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(e) Filing costs and administrative fees shall be paid in accordance with the AAA Rules; provided that the prevailing party will be entitled to recover its reasonable attorneys' fees, expert witness fees, and out-of-pocket costs incurred in connection with the arbitration proceeding, in addition to any other relief it may be awarded.  

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(f) You and Issuer agree that, notwithstanding anything to the contrary in the Rules, the arbitration of any Dispute shall proceed on an individual basis, and neither you nor Issuer may bring a claim as a part of a class, group, collective, coordinated, consolidated or mass arbitration (each, a "Collective Arbitration"). Without limiting the generality of the foregoing, a claim to resolve any Dispute against Issuer will be deemed a Collective Arbitration if (i) two (2) or more similar claims for arbitration are filed concurrently by or on behalf of one or more claimants; and (ii) counsel for the claimants are the same, share fees or coordinate across the arbitrations. "Concurrently" for purposes of this provision means that both arbitrations are pending (filed but not yet resolved) at the same time.

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TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NEITHER YOU NOR ISSUER SHALL BE ENTITLED TO CONSOLIDATE, JOIN OR COORDINATE DISPUTES BY OR AGAINST OTHER INDIVIDUALS OR ENTITIES, OR ARBITRATE OR LITIGATE ANY DISPUTE IN A REPRESENTATIVE CAPACITY, INCLUDING AS A REPRESENTATIVE MEMBER OF A CLASS OR IN A PRIVATE ATTORNEY GENERAL CAPACITY. IN CONNECTION WITH ANY DISPUTE, ANY AND ALL SUCH RIGHTS ARE HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVED. Without limiting the foregoing, any challenge to the validity of this paragraph shall be determined exclusively by the arbitrator.

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Notwithstanding your and Issuer’s agreement to arbitrate Disputes, you and Issuer retain the right to bring an individual action in small claims court.

To the extent applicable law permits, any dispute arising out of or relating to these Card Terms, whether in arbitration or in court, will be conducted only on an individual basis and not in a class, consolidated or representative action. Notwithstanding any other provision of these Card Terms or the AAA Rules, disputes regarding the interpretation, applicability, or enforceability of this class waiver may be resolved only by a court and not by an arbitrator. If this waiver of class or consolidated actions is deemed invalid or unenforceable, neither party is entitled to arbitration.

If for any reason a claim or dispute proceeds in court rather than through arbitration, each party knowingly and irrevocably waives any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to these Card Terms.

Except as otherwise required by applicable law or provided in these Card Terms, in the event that the agreement to arbitrate is found not to apply to you or your Dispute, you and Issuer agree that any judicial proceeding may only be brought in a court of competent jurisdiction in Puerto Rico. Both you and Issuer irrevocably consent to venue and personal jurisdiction there; provided that either party may bring any action to confirm an arbitral award in any court having jurisdiction.

The existence of and all information regarding any Dispute will be held in strict confidence by the parties and will not be disclosed by either party except as reasonably necessary in connection with the conduct of the arbitration or the confirmation or enforcement of any arbitral award. Any such permitted disclosure will, to the maximum extent reasonably practicable, be made subject to obligations of confidentiality at least as stringent as the provisions of this paragraph. If any disclosure of information regarding any Dispute is required under applicable law, the parties shall reasonably cooperate with one another to obtain protective orders or otherwise to preserve the confidentiality of such information.

This agreement to arbitrate shall survive the termination or expiration of these Card Terms. With the exception of the provisions of this agreement to arbitrate that prohibit Collective Arbitration, if a court decides that any part of this agreement to arbitrate is invalid or unenforceable, then the remaining portions of this agreement to arbitrate shall nevertheless remain valid and in force. In the event that a court finds the prohibition of Collective Arbitration to be invalid or unenforceable, then the entirety of this agreement to arbitrate shall be deemed void (but no provisions of these Card Terms unrelated to arbitration shall be void), and any remaining Dispute must be litigated in court pursuant to the preceding paragraph.

You will indemnify and defend each of NAKA and Issuer, and their affiliates, and their respective partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, and representatives (each an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all claims, litigation, investigations, proceedings, losses, damages, fines, penalties, liabilities, settlements, costs, fees, and expenses incurred by any Indemnitee or asserted against any Indemnitee by any person: (i) arising out of, in connection with, related to, or as a result of, a breach by you or by any Company Administrator or Company User of any of the representations, warranties, covenants, or agreements contained in these Card Terms, the User Terms, any terms applicable to any Third Party Provider or any other agreements with any Issuing Partner or that otherwise relate to the Services or the use of the Card; (ii) for amounts owed by Company to third parties; (iii) for acts or omissions of Company Administrators, Company Users, or other Company employees or agents; (iv) for Company's use of the Services; or (v) for disputes over charges between Company and merchants. NAKA and Issuer may defend any claim subject to indemnification hereunder, using counsel of its choice, and you will pay or promptly reimburse Issuer for the reasonable fees of such counsel and all related costs and reasonable expenses.

If you are a user from a jurisdiction that does not allow the certain indemnification obligations, you agree that the foregoing section titled “Indemnity” is intended to be as broad as permitted under the laws of such jurisdiction. If any portion of this section is held to be invalid under the laws of such jurisdiction, the invalidity of such portion will not affect the validity of the remaining portions of the applicable sections.

You are applying for a NAKA Card. If you consent to this Consent Statement for this Program, it applies even if you do not obtain (or are not offered) a NAKA Card.

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Your affirmative consent to this E-sign & Electronic Communications Notice (“Consent”) (1) permits us to provide you such Communications electronically, (2) enables you to sign and authorize Communications electronically through the use of the Dashboard or API's provided by NAKA (the “Dashboard", "Platform" or “Service”), and (3) allows NAKA and its partners to collect such e-signings. If you do not consent to electronic delivery of Communications, you will not be able to use the Service.  

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By registering for a NAKA Account, applying for a card, or accessing NAKA Dashboard, you agree that such registration constitutes your electronic signature, and you consent to us providing notices to you electronically. You understand that this consent has the same legal effect as a physical signature. And by providing your consent, you agree that Electronic Communications will have the same legal effect as paper-based documents.

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You have the right to receive legal disclosures, notices, and communications (together, the "Covered Items") in paper form by regular mail. We may instead provide these Covered Items to you electronically if you: (1) give us your Consent to do so and (2) satisfy the System Requirements below. For purposes of this Consent Statement, the Covered Items include all servicing and collection communications on your account, as well as all legal disclosures, notices and communications that NAKA is required to provide in writing regarding the account.

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In this Consent Statement, “we”, “us”, and “our” refer to: NAKA SLV, S.A. de C.V. and our service providers.

Your Consent will remain effective until: (1) you or we have terminated the Program or your Card; or (2) you opt-out of electronic communications. If you terminate your Card, your Consent will still continue with respect to the pre-termination rights of NAKA (including rights created by your Consent to this Consent Statement). See your cardholder agreement for information on how to terminate your Card.

In this document, "provide" means to deliver, make available, send, notify or similar term. We may provide the Covered Items electronically through files, including those in PDF format, downloaded from our website. It is your responsibility to review the Covered Items promptly, so you can take appropriate action.

You may make copies of the Electronic Communications by using the "print" or "save" functionality of the application in which you are viewing the Electronic Communications (e.g. Web browser, Adobe® Reader® software). We retain copies of the Electronic Communications for the time periods required by law and will provide you with copies upon request within those time periods. We do not necessarily retain copies for longer than is required by law. Save or print copies of Electronic Communications to ensure you have them when needed.

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If you require a paper copy of any Electronic Communication, you may request one by contacting us at support@naka.com. We may charge a reasonable fee for paper copies unless prohibited by law.

We reserve the right to provide the Covered Items in paper form at all times at our discretion even if you have given us Consent to provide it electronically. For example, but without limitation, we may do this if we have a system outage or if we suspect fraud.

To access and retain Electronic Communications, you must have:

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• A device with internet access (computer, smartphone, or tablet).
• A current version of a web browser (such as Chrome, Firefox, Safari, or Edge).
• Software capable of opening and viewing PDF documents (such as Adobe Acrobat Reader).
• A valid email account.
• Sufficient storage or printing capability to retain records.

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By providing your Consent, you confirm that you meet these requirements.

You are free to withdraw your Consent at any time and at no charge to you. If you do withdraw your Consent prior to the approval of your application, this will prevent you from receiving credit from us over the Internet. If at any time you wish to withdraw your Consent, you may do this by emailing us at support@naka.com. If you decide to withdraw your Consent, the legal effectiveness, validity and/or enforceability of any prior electronic Disclosures will not be affected.

You agree to keep your email address and other contact information up to date. You can update your information by contacting us at support@naka.com.

By clicking "I Agree," checking a box, or otherwise electronically accepting this Consent, you confirm that you:

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• Have read and understand this Consent.
• Agree to receive Electronic Communications.
• Meet the system requirements listed above.

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If you do not agree to this Consent, you should discontinue using our electronic services. For any questions, contact us at support@naka.com.

At NAKA SLV, S.A. de C.V., we strive for continuous development and improvement of our services as we want to adapt them to your requirements as much as possible. To achieve this, we need to collect and process certain personal data in some cases.

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The purpose of this Personal Data Protection Notification (“Notification”) is to make you acquainted with what kind of personal information we collect and for what purposes, what we do with them, how we ensure their security, and what rights you can exercise in connection with the processing of your personal data. We treat the protection of your personal data with the utmost seriousness and responsibility. We fully comply with our obligations regarding lawful, fair, and transparent personal data processing. We advise you to get yourself fully acquainted with the contents of this Notification.

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To ensure the compliance of this Notification with the regulations governing personal data protection, NAKA reserves the right to modify or amend the Notification accordingly. You will be suitably notified of any changes in due course, e.g.,by e-mail or through a website notification.

The controller of the personal data processed in accordance with this Notification is NAKA SLV, S.A. de C.V. (“NAKA”),company registration number 2023108736, with NIT 0614-070323-102-9 and with a business address at CalleCuscatlan, Casa 4312, Colonia Escalon, the municipality of San Salvador, El Salvador. If you have any questions orrequirements regarding the processing of your personal data, please contact us at support.sv@naka.com.

• when this is absolutely necessary or when you have given your consent,
• for which we are required by applicable laws,- which is necessary for the performance of a contract,- for statistical purposes,- for identifying server problems and for website editing,
• for verification procedures (“Know Your Customer” or “KYC”) required by applicable anti-money laundering legislation,
• for business analyses,
• for offer development,
• for information system security,
• for improving or adapting the services to the individual,
• for measuring the efficiency of its promotional activities and advertising,
• because of other legitimate interests.

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By visiting our website you accept and agree with the General Terms of Use of our website and enter into an agreement with NAKA and/or you entered (or you are in the process of entering) into an agreement for the use of the NAKA service, which constitutes a contractual basis for processing your personal data. The data is coded and transferred to the server in a protected format. Such system prevents your personal data to be intercepted.

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During one's visit, NAKA also collects one's personal data through cookies, based on the legitimate interests for the purpose of improving the functionalities, user experience, safety, for smooth website functioning and for counting its website visitors. All further information on the use of cookies is accessible at the Cookie Notification

We acquire personal data from various sources. In most cases, you directly provide them to us by visiting our website, during KYC procedures, by filling out online forms for a customer identification and verification and/or subscribing to our newsletter. We can also use other information and data accessible through or provided by public sources (public registers, databases, internet applications, social media).

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NAKA processes the following types of personal data:

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a) personal and contact information

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This includes all the personal data you provide when filling in online forms or communicating with us by phone, e-mail or in any other way. It also includes all the data you provide for the requirements of KYC procedures or when you fill out the form for entering into an agreement with us or other service provider on the website, subscribe to our newsletter, or report any kind of problem that arises during your visits to our website. In such cases, we collect and save data which can include your name, e-mail address, phone number, nationality, tax identification number, number of the identification document, and other provided data.We will process your personal information to notify you of updates and upgrades until you terminate your user account.The personal data that we process to send offers and notifications on novelties is kept until your consent withdrawal or, in any case, for a maximum period of 5 years from your consent. After that period, we will again ask you for your consent.

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b) server data

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When you use our website, we collect various data in the server log, i.e.: the dates and times of the visits; the visited subpages; your IP address; time zone settings; the time you have spent on our website: the websites you visit immediately before or immediately after visiting our website; screenshots of clicks on our website; the information you viewed or sought; webpage response time; downloading errors; the lengths of the visits to individual webpages and data on webpage interactions.

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c) device data

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We collect data on the computer or mobile device which you use to access our website, including its model, the operating system and version of your software, the Internet browser used and other identifiers of your device.

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d) data on contacts with us

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We keep records of your contacts with us, especially of the dates (sometimes also times) of the contacts and the reasons for them. This holds for all kinds of contacts (phone, SMS, regular mail, e-mail, live).

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e) geolocation data

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Geolocation data or GPS coordinates (longitude, latitude) are acquired at your visit to our website so that we can help you find the most suitable product and/or service. NAKA processes location data in a form that cannot be connected to a specific or identifiable person, or on the basis of prior user consent.

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f) data from social networks

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In our marketing campaigns, we also use social media (e.g., Facebook) and, although we do not keep the data published on your profile, we use it for targeted marketing activities, but only if you consent to this during your use of the media.In the scope of third-party cookies, we also offer user service improvements, content dissemination through various social media, and personalization of our offer according to your wishes and requirements which are evident from your previous web browsing. Despite all our efforts, we cannot guarantee the security of the content of the connected external websites or check such content. You, therefore, click external links at your own risk. We are not liable for any damages or implications resulting from visiting any external link. If you follow a link to another website, you thereby leave our website, and this Personal Data Protection Notification does not apply to your use of other websites or your activities on them.

Your personal data will only be revealed to those third parties that will process your personal data on our behalf. The third parties are our parent and/or subsidiary entities and our contract partners performing use analysis, e-mailing, consulting, direct marketing as well as data collecting and storing services on our behalf. Your personal data constitutes a business secret of NAKA. NAKA’s employees process your personal data in accordance with their authorizations and our internal policies. The contracted data processors are obliged to protect confidential data and respect the rights of individuals in the same manner as NAKA’s employees, therefore, your data is safe.

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The law may permit us to transfer your personal data outside the jurisdiction of El Salvador. In such cases any transfer of your personal data will be compliant with the applicable data protection legislation.

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In the scope of our legal obligations, we may communicate your personal data to the regulatory authorities for the purposes of discovery and prevention of money laundering and terrorist financing as well as for prevention and investigation of abuse or fraud in connection with the use of the NAKA Service.

To protect personal data, NAKA will use all the organizational, technical and other suitable procedures and measures necessary to prevent unauthorized data destruction, modification, loss or any unauthorized processing. Among others, these measures can include internal rules on personal data protection, additional employee training, internal controls of processing activities, etc. Other possible measures can include minimalization of personal data collection, pseudonymization, transparency, enabling individuals to monitor the processing, as well as continuous safety measure upgrades.

The period of keeping your personal data depends on the basis and purposes of processing an individual personal data category. Personal data is only kept for as long as this is legally required or allowed and necessary to achieve the purpose for which the data has been collected or processed. After achieving the purpose, we will only keep the personal data we are legally obliged to keep, or we might need for evidence or defense purposes in case of a possibility of legal claims. The rest of the data is erased, blocked, or anonymized unless otherwise legally required for certain types of data.

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The personal data that we process to send offers and notifications on novelties is kept until your consent withdrawal or, in any case, for a maximum period of five years from your consent. After that period, we will again ask you for your consent.

You can always request to view or access your personal data, or request its correction or erasure, or restrict or object to its processing. We will notify you if your request affects the possibility of further operation of the website or our business collaboration. In certain cases, you also have the right to data portability of your personal data to a different controller. This depends on the technical capacities and internal policies of individual controllers.

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Your consent to the processing of personal data for the purpose of sending offers and novelty notifications may be withdrawn at any time; however, the withdrawal of your consent does not affect the lawfulness of the processing of your personal data based on your consent for the period prior to the withdrawal.

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NAKA does not take responsibility for the credibility, accuracy, and promptness of the personal data you provide. You as a user are yourself obliged to ensure the accuracy and promptness of all the data you provide.

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In the event of a violation of protection of your personal data, we will notify you in accordance with the conditions laid down by the applicable legislation.

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Your requests will be fulfilled without undue delay, but in any case, within one month of the receipt of your request unless otherwise provided by the applicable legislation. In the event of complexity and a large number of requests, this time limit may be extended by up to two months. We will notify you of any such extension within one month of receiving your request, together with the reasons for the delay.

This Notification is published on our website and enters into force on 28 March 2025.

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In addition to this Notification, we also advise you to read the General Terms of Use of our website, which are published on our website and together with this Notification form a binding agreement between you and NAKA.

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This notification may be changed at any time if this is necessary due to a change of personal data processing or due to a new interpretation, decision or opinion in connection with the personal data processing legislation. Any notification changes will be communicated to you in advance.

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NAKA SLV, S.A. de C.V.