Terms and Conditions

Luso Digital Assets Terms of Service
September 2024

PLEASE READ THESE TERMS OF SERVICE CAREFULLY.

BY CLICKING THE "CREATE ACCOUNT" BUTTON OR BY ACCESSING OR USING THE LUSO DIGITAL ASSETS’ SERVICES, YOU AGREE TO AND ARE LEGALLY BOUND BY THESE TERMS AND CONDITIONS AND ALL TERMS INCORPORATED BY REFERENCE.

These Terms and Conditions and any terms expressly incorporated herein (from now on the 'Terms') are apply to user’s access and use of this Site provided by Luso Digital Assets and to the trading, direct sales, and other relevant services offered by Luso as described in these Terms (collectively, 'Services').

These Terms and Conditions are agreed between the customer and Luso Digital Assets (also referred to as 'Luso').

By accessing, downloading, using, or clicking 'Agree' to accept any of Luso's Services, you agree that you have read, understood, and accepted all the terms and conditions outlined in this document and Luso's Privacy Policy. Additionally, by using certain features of the Services, you may be subject to specific additional terms and conditions applicable to those features

Eligibility

To be eligible to use any of the Services, the user must be at least 18 (eighteen) years old and reside in a country where Luso's Services are accessible and available. Please be aware that not all Services are offered in every country, especially in jurisdictions subject to sanctions, embargoes, or other restrictive measures or countermeasures, as defined primarily by the United Nations and the European Union. For further details, please refer to the "General" section.

Furthermore, access to certain Services may require the user to undergo an onboarding process and enhanced due diligence, which could lead to the denial of access to Luso's Services.

Definitions

The user will find on Luso's website a section dedicated to conceptual and explanatory definitions of cryptocurrencies, blockchain, their trading, and the services provided by Luso.

Services

Luso is a registered and supervised Virtual Asset Service Provider (VASP) by the Bank of Portugal, offering digital asset trading (cryptocurrencies and other virtual assets) to the public via the Internet.

Our goal is to create a customer experience that is simple, clear, and efficient, enabling new buyers to easily enter this market. We are committed to helping and educating our customers in this domain, ensuring they feel secure in their transactions and take responsibility for their funds. In this way, we aim to bridge the gap between tangible goods and digital assets.

The following services (the 'Virtual Asset Services') may be provided by Luso:

(A) one or more hosted virtual asset wallets (the 'crypto wallets') allowing you to store, track, and transfer cryptocurrencies;

(B) a cryptocurrency exchange service that allows you to obtain prices for your cryptocurrency purchases and sales and (subject to certain restrictions) to execute such purchases or sales on the website.

IMPORTANT NOTE: Luso operates under the supervision of the Bank of Portugal, so we are required to monitor transactions conducted through Luso (including the source of funds) to ensure compliance with BC/FT regulations.

Account Setup – Account at Luso Digital Assets

Luso may, at its sole discretion, limit the number of accounts you may hold, maintain, or acquire. To conduct any trading through the Services, the user must create a Luso account and provide all the requested information.

By creating an account, the user agrees to:

(A) provide accurate and truthful information;

(B) promptly maintain and update your Luso account information;

(C) keep the security of Luso personal account by protecting authentication methods and access to them;

(D) notify Luso immediately if the user discovers or otherwise suspects any security breach related to his account; and

(E) assume responsibility for all activities that occur on his account, as well as accept all risks of any authorized or unauthorized access to it to the fullest extent permitted by law.

Identity Check

By using the Services, the user agrees to provide Luso with the information that may be requested for identity verification and for the detection of money laundering, terrorist financing, or any other financial crimes. Also, consent to Luso maintaining a record of this information. Clients must complete certain verification procedures before using Luso's Services or accessing their accounts. The limits imposed on the use of Luso's Services will be adjusted based on the continuously collected information.

The information requested by Luso may include but is not limited to, personal details such as your name, residential address, phone number, email address, date of birth, tax identification number, government identification number, a copy of your identity card, bank account information, client type, client role, billing type, mobile device identifiers (e.g., international mobile subscriber identity and international mobile equipment identity), subscriber status details, and any other information that Luso is required to collect periodically under applicable law.

Enhanced Due Diligence

The user may also be required to undergo enhanced due diligence measures, during which Luso may ask to provide documents and/or additional information about the client or his business, furnish relevant records, and arrange meetings with Luso employees. Among other measures, Luso may establish the source of assets and/or funds for any transactions conducted while using the Services.

By providing Luso with this or any other requested information, the user confirms that it is true, accurate, and complete, and that had not withheld or omitted any information that may influence Luso's assessment for account registration or the provision of its services.

By using the Services, the user agrees to promptly notify Luso in writing of any changes in circumstances that may render the information provided false, inaccurate, or incomplete. Clients also further agree to provide any additional documents, records, or information that may be required by Luso and/or applicable law.

Luso will treat the information collected in accordance with its Privacy Policy. The user authorizes Luso to make inquiries, either directly or through third parties, that it deems necessary to verify identity or to protect the user and/or Luso against financial crimes. Based on the results of these inquiries, Luso may take actions it reasonably considers necessary

When Luso conducts these inquiries, the user acknowledges and agrees that personal information may be disclosed to credit institutions and financial crime prevention entities, which may respond to inquiries in full. This process is strictly for identity verification purposes and should not result in any adverse effects.

Ownership

The ownership of the digital assets will always remain within the client and will not be transferred to Luso.

All interests in the digital assets hold in accounts at Luso, through the custody service provider, and held by the client, are not property of Luso.

The owner of the digital assets is the client, who assumes all risks of loss of such assets. Luso does not present or treat user´s assets as belonging to itself. Except as required by law or as provided in these Terms, Luso will not sell, transfer, lend, mortgage, or otherwise dispose of digital assets from the digital wallets unless instructed by the client.

Suspension, Termination and Cancellation

Luso may: (a) refuse to complete, suspend, block, cancel, or reverse a transaction that it has authorized (even ager funds have been debited from your Luso account); (b) suspend, restrict, or terminate access to any or all of Luso's Services; and/or (c) deactivate or cancel the client's Luso account, with immediate effect for any reason, including but not limited to:

(A) Reasonably believing that we need to do so to protect Luso's reputation;

(B) Being required to do so by applicable law, regulation, or any court or other authority to which we are subject in any jurisdiction;

(C) There being reasonable and well-founded suspicion that you are acting in violation of these Terms;

(D) Having concerns that a transaction may be erroneous or regarding the security of the Luso account, or suspecting that Luso's services are being used fraudulently or without authorization;

(E) Suspecting money laundering, terrorist financing, or fraud;

(F) The use of the client's account being subject to any pending litigation, investigation, or government action and/or perceiving an increased risk of legal or regulatory non-compliance associated with the activity of the Luso account; and/or

(G) Engaging in any action that may circumvent Luso's controls, such as opening multiple Luso accounts or abusing promotions that it may occasionally offer.

Luso may also refuse to complete or block, cancel, or reverse a transaction it has authorized when there are no virtual assets in the client's wallet to cover the transaction and (when applicable) associated fees at the time we receive notification of the transaction or if the credit or debit card or any other valid payment method linked to the client's Luso account or crypto wallet is declined.

If Luso refuses to complete a transaction and/or suspends, restricts, or terminates the client's Luso account, and/or ends their use of its Services, it will (unless it is illegal for Luso to do so) notify it of its actions and the reasons for the refusal, suspension, or termination, and when appropriate, provide the procedure for correcting any factual errors that led to the refusal, suspension, or termination of the account

In the event that Luso´s refuse to complete a transaction and/or suspend the client's account, will lig the suspension or complete the transaction as soon as reasonably possible, once the reasons for the refusal and/or suspension no longer exist. However, Luso has no obligation to allow the user to restore a transaction at the same price or on the same terms as the suspended, reversed, or canceled transaction.

We may suspend, restrict, or terminate access to any or all of Luso's Services and/or deactivate or cancel the Luso account without cause, with two months’ prior notice. The client acknowledges that Luso's decision to take certain actions, including limiting access, suspending, or terminating the account, may be based on confidential criteria essential for risk management and security procedures. The client also agrees that Luso is not obligated to disclose the details of its risk management and security procedures.

Refund Requests

In the case of receiving a refund request due to a complaint, Luso has 10 (ten) days to review it, and if accepted, an additional 20 (twenty) days for processing the refund. The refund will be processed by sending the value of the acquired digital assets from the buyer to the seller, and the amount received in the currency received by Luso to the buyer.

The client will be responsible for any charges that the trading platform may impose. However, the refund request is only valid if Luso accepts the buyer's justification and will not be accepted if, for example, that justification is due to fluctuations in the corresponding virtual currency.

Liability

Luso uses its own platform but also trading platforms to advertise its business. However, in the case of advertising on trading platforms, it has no connection to the managing entity of those platforms

Therefore, if the trading platform experiences any errors, failures, delays, or any other type of anomaly in the trading or wallet management process, as well as in the event of natural disasters such as typhoons, tsunamis, earthquakes, floods, and/or anomalies related to cyberattacks, viruses, and other malware, Luso is not responsible for these issues. If any of these situations occur, they should be reported exclusively to the customer support team of the trading platform. Please note that the client's account with Luso is not a deposit account or bank account, similar to those available with licensed banking institutions for that purpose.

The Luso account and digital assets are not covered by insurance against losses or subject to government protections or protections from any comparable organization worldwide.

The client agrees to indemnify Luso, its subsidiaries, service providers, and each of their respective executives, directors, agents, employees, and representatives against any costs (including legal fees, fines, and penalties imposed by any regulatory authority) that have been reasonably incurred in connection with any claims, demands, or damages arising from or related to a breach of these Terms, or a violation of any law, rule, or regulation, or the rights of any third party.

Luso's total aggregate liability to the client for any individual claim or series of related claims for losses, costs, liabilities, or expenses that they may incur as a result of, or in connection with any breach by Luso of these Terms will be limited to a maximum aggregate amount equal to the value of the virtual assets deposited in the wallet at the time of the breach in question. When considering a specific claim related to a specific transaction, this amount will further be limited to the purchase/sale value (as applicable) of the transaction in question.

In addition to the above limitation of liability, under no circumstances will Luso, its service providers, or any of their respective officers, directors, agents, employees, or representatives be liable for any of the following types of losses or damages arising from or related to these Terms or otherwise:

(A) any loss of profits or loss of revenue or anticipated earnings, including any loss of anticipated business profits and/or any actual or hypothetical business losses, whether direct or indirect, even if we have been advised or are aware or should have been aware of the possibility thereof;

(B) any loss or damage to reputation or goodwill; any loss of business or opportunities, customers, or contracts; any loss or waste of overhead, or any other loss of actual or anticipated revenue or savings, whether direct or indirect, even if we have been advised or are aware or should have been aware of the possibility thereof;

(C) any loss of use of hardware, software, or data and/or any data corruption; including, among others, any losses or damages arising from or related to any inaccuracy, defect, or omission in cryptocurrency pricing data; any error or delay in transmitting such data; and/or any interruption in such data; and

(D) any loss or damage that does not arise directly as a result of Luso's breach of these Terms (regardless of whether the client can prove such loss or damage).

The limitation of liability is subject to all obligations we have under applicable laws and regulations, including the duty to exercise reasonable diligence in providing Luso's services. Nothing in these Terms shall limit liability arising from fraud or fraudulent misrepresentation, gross negligence, willful misconduct, or for death or personal injury resulting from negligence, whether caused by Luso or its subcontractors.

The Luso Services, Platform, and Site are provided "as it is," without any other capabilities assured by Luso regarding the availability of these Services. Specifically, Luso's do not offer any implied warranties of title, merchantability, fitness for a particular purpose, and/or noninfringement. We make no promise that access to the Site, any of Luso's Services, or any of the materials contained therein will be continuous, uninterrupted, timely, or error-free. We make no representations about the accuracy, order, timeliness, or completeness of the historical data of virtual asset prices available on the Site. Any materials, information, views, opinions, projections, or estimates presented through the Site are provided by Luso solely for informational purposes and are subject to change without notice.

The user should conduct it’s own assessment of the relevance, timeliness, accuracy, adequacy, commercial value, integrity, and reliability of the materials, information, opinions, projections, or estimates provided in the Services, Platform, and/or Site. Consequently, no warranty is given by Luso and no liability is accepted for any loss arising, directly or indirectly, as a result of the customer's action on any materials, information, views, opinions, projections, or estimates provided in or made available through the Services, Platform, and/or Site.

The Luso Services, Platform, and Site are not intended to provide specific investment, tax, or legal advice or to make any recommendations regarding the suitability of any investments or products for any particular person. The customer should seek financial, legal, regulatory, tax, or other advice before making a cryptocurrency purchase. If the user chooses not to seek advice from a relevant advisor, then should consider whether the available products are suitable.

Luso will make reasonable efforts to ensure that transactions involving virtual assets, debit and credit requests involving virtual asset wallets, bank accounts, and credit and debit cards are processed in a timely manner. However, Luso makes no predictions or guarantees regarding the time required to complete processing, which depends on many factors outside our control. Luso is committed to making reasonable efforts to ensure that electronic debit and credit requests involving bank accounts, credit cards, and check issuance are processed in a timely manner.

Luso will make reasonable efforts to ensure that transactions involving virtual assets, debit and credit requests involving virtual asset wallets, bank accounts, and credit and debit cards are processed in a timely manner. However, Luso makes no predictions or guarantees regarding the time required to complete processing, which depends on many factors outside our control. Luso is committed to making reasonable efforts to ensure that electronic debit and credit requests involving bank accounts, credit cards, and check issuance are processed in a timely manner

Except for the express statements set forth in these Terms, the customer acknowledges and agrees that they have not relied on any other statement or understanding, written or spoken, regarding the use and access to Luso's Services and Site.

Luso is not liable for any breach of these Terms, including delays, failure to perform, or interruptions of the Services, that arise directly or indirectly from abnormal and unforeseeable circumstances beyond Luso's control, the consequences of which would have been unavoidable despite all contrary efforts. Luso also bears no responsibility when the breach is due to the application of mandatory legal regulations

Customer Feedback, Inquiries, Complaints, and Dispute Resolution

If the customer has any comments, questions, or complaints, please contact Luso via the ‘Customer Support’ email at support@lusodigitalassets.com. When reaching out to Luso, please provide your name, email address, and any other information we may need to identify you, customer’s Luso account, and the transaction related to his comments, questions, or complaints.

If have a dispute with Luso, you agree to first contact the support team to attempt to resolve the issue. If we are unable to resolve the dispute through the support team, both parties agree to utilize the complaints process established in this Section. The customer agrees to use this process before initiating any legal action against Luso. If you do not follow these procedures before commencing legal action, we reserve the right to request that the relevant court/authority dismiss such action/request, unless and until the customer completes the following steps. In the event of an unresolved complaint through contact with Luso Support, please specify the grounds for the complaint, how you would like us to resolve it, and any other information you consider relevant. Luso will acknowledge receipt of the complaint request upon submission via email. A customer complaints officer (the Chief Compliance Officer, hereinager referred to as "CCO") will review the complaint. The CCO will analyze the complaint based on the information provided by the customer and any information supplied by Luso.

Within 15 (fifteen) business days of receiving the complaint, the CO will address all points raised in it by sending an email (“Resolution Notice”) in which they will:

(i) offer to resolve the complaint in the manner requested; (ii) decide to reject the complaint and explain the reasons for the rejection; or (iii) propose an alternative resolution to the complaint. Under certain circumstances, if the CCO cannot respond to the complaint within 15 (fifteen) business days, the CCO (unless prohibited by applicable law) will send a feedback response indicating the reasons for the delay in responding to the complaint and specifying the timeframe within which they will respond (which will not exceed 35 business days from receipt). Any resolution offer made to the customer will only become binding on Luso if accepted by the customer. An offer of resolution shall not constitute any admission by Luso of any irregularity or liability in relation to the matter of the complaint.

If Luso had not successfully resolved the complaint through the complaint process outlined above, the customer may escalate the complaint through the resolution processes below, as applicable.

Both parties agree not to initiate any of the resolution processes below concerning the entirety or part of the complaint until the complaint process established above has been completed. However, nothing shall be interpreted as preventing either party from seeking similar interim measures and/or remedies in any court of competent jurisdiction:

(A) For complaints or disputes arising from or related to these Terms or the provision of Luso's Services, Platform, or Site that cannot be resolved through the aforementioned complaint process, the parties submit to the non-exclusive jurisdiction of the courts of Portugal, without prejudice to any mandatory rights available to consumers (being individuals not engaged in conduct related to their trade, business, or profession) to initiate proceedings against Luso before the competent court.

Data Protection

The client acknowledges that we may process the personal data provided and/or to be provided in the future, and/or in relation to their employees and other associates, or other individuals, in connection with these Terms or the Services of Luso. We will process this personal data in accordance with the Privacy Policy, which will be an integral part of these Terms.

Thus, the client declares and warrants that:

(A) the disclosure to Luso of any personal data relating to individuals other than the client has been or will be made in compliance with all applicable data protection and privacy laws, and that such data is accurate, up-to-date, and relevant at the time of disclosure;

(B) before providing any personal data to Luso, the client acknowledges having read and understood the Privacy Policy, and in the case of personal data relating to an individual other than the client, has read or provided the individual in question with a copy of, or directed the individual to a webpage containing, that Privacy Policy; and

For more information on data protection measures, please refer to the Privacy Policy available on Luso's website

Security

Luso assumes no responsibility for any loss the user may incur due to the compromise of his account login credentials that is not attributable to Luso and/or due to failure to comply with the Terms and Conditions of the Site, or to follow or act in accordance with any notices or alerts we may send.

If the customers suspect that his Luso account or any security data has been compromised, or if he is aware of any fraud or attempted fraud or any other security incident (including a cybersecurity attack) affecting the customer and/or Luso, he must:

(A) notify Luso Support as soon as possible via email at support@lusodigitalassets.com;

(B) continue to provide accurate and up-to-date information during the security breach; and

(C) take all reasonable steps we require to mitigate, manage, or report any security breach. Failure to provide immediate notification of any security breach may be taken into account when determining the appropriate resolution of the matter.

Luso shall not be held liable for any damages or disruptions caused by computer viruses or other malicious code that may affect the client's computer or other equipment, or for any phishing, spoofing, or other attacks. Luso advises the regular use of reliable and readily available screening and antivirus software. The client should also be aware that SMS and email services are susceptible to spoofing and phishing attacks and must exercise caution when opening and reading messages that purport to originate from Luso.

General

Customers are required to comply with all applicable laws, regulations, licensing requirements, and third-party rights (including, without limitation, data protection laws and anti-money laundering and counter-terrorism financing laws) when using Luso's Services, Platform, and Website. It is the responsibility of customers to ensure that they meet the legal requirements of their country of residence regarding the use of Luso's services. The company reserves the right to suspend or terminate the accounts of customers who violate any laws or regulations or engage in fraudulent or suspicious activities. Luso collaborates with regulatory authorities to uphold the integrity of the Luso platform and foster a trustworthy investment environment for all customers.

Luso grants a limited, non-exclusive, and non-transferable license, subject to these Terms, to access and use the Site and related content, materials, and information solely for purposes approved as permitted by Luso. Any other use of the Site or Content is expressly prohibited, and all other rights, titles, and interests granted are the exclusive property of Luso and its licensors. The client agrees not to copy, transmit, distribute, sell, license, reverse-engineer, modify, publish, or participate in the transfer or sale, create derivative works, or otherwise exploit any content, in whole or in part, from “www.lusodigitalassets.com.” All logos related to Luso's Services or displayed on the Site are trademarks or registered trademarks. The client may not copy, imitate, or use them without prior written consent from Luso.

In connection with the use of Luso's Services and interactions with other clients and third parties, the client agrees to comply with the Policies and Terms. Nothing contained herein shall be interpreted as granting, by implication or otherwise, any license or right to virtual assets.

Furthermore, the client undertakes not to use the Services for illegal, unlawful, fraudulent, unethical, or unauthorized purposes, or to promote or facilitate any illegal, unlawful, fraudulent, unethical, or prohibited activities.

Luso reserves the right to monitor, review, retain, and/or disclose any information necessary to comply with any applicable law, regulation, sanction, legal process, or governmental request at any time.

The client also agrees not to use any robot, spider, crawler, scraper, or other automated means or interface not provided by Luso to access the Services or extract data.

Luso will refuse to accept a client and will decline to provide any of its Services if they engage in any of the following activities—or if their business and/or activities are in any way connected to such activities—that fall outside the company's risk appetite:

(A) Money laundering activities;

(B) Terrorist financing activities;

(C) Trade (or any potential connection to trade, manufacturing, transportation, financing, consulting, assistance, or use) of weapons, ammunition, defensive measures, or other military or defense equipment, and the involvement of personnel (as applicable), directly, indirectly, or in any manner;

(D) Industries that involve child labor or forced labor;

(E) Sex industry/pornography;

(F) Activities resulting in the destruction of virgin forests;

(G) Trade in diamonds without certification from the Kimberley Process;

(H) Animal testing or activities that promote or encourage animal cruelty (e.g., hunting, trade in animal parts, whaling, etc.) that may lead to negative publicity about Luso;

(I) Manufacture, sale, or marketing of unlicensed chemicals or pharmaceuticals;

(J) Unregulated gambling/black market gambling;

(K) Unregulated financial activities;

(L) Unregulated charities;

(M) Unregulated virtual assets; and

(N) Shell banks.

This restriction applies if the funds originate from or are intended to finance any of these prohibited activities. By these Terms, the client agrees not to engage in or finance any of the Prohibited Activities described above.

The use of Luso's Services on the Website is subject to international export controls and economic sanctions requirements. By sending, receiving, buying, selling, trading, or storing virtual assets through the Website or Luso's Services, the client agrees to comply with these requirements

It is prohibited to acquire virtual assets or use any of Luso's Services through the Website if:

(A) the client is under the control of, or is a citizen or resident of, Crimea and Sevastopol, Iran, North Korea, Sudan, Syria, Russia, Belarus, Baikonur, Libya, or any other country subject to a U.S. embargo, United Nations sanctions, European Union financial sanctions regimes, or Her Majesty's Treasury (each referred to as a "sanctioned country"), or if the client is a person included on economic sanctions lists published periodically by the relevant authorities;

(B) the client intends to provide any virtual assets acquired or stored in a sanctioned country (or to a citizen or resident of a sanctioned country) or to a sanctioned person;

(C) the client is a resident of the United States of America; or

(D) the client is a resident of the United Kingdom.

Luso may also apply enhanced control measures if the client is a citizen or resident of a high-risk country. Regardless of residency or citizenship in such countries, the client agrees to comply with any additional requests we may make to mitigate the risk associated with that citizenship or residency.

This list will not be made publicly available but includes countries with high levels of corruption, geopolitical instability, lack of financial inclusion, and strict banking secrecy, among other factors.

Nothing in these Terms shall be construed or intended to be construed as establishing a partnership, association, or joint venture between the client and Luso, nor shall it be deemed that the client or Luso acts as agents or financial consultants for one another.

Luso refrains from engaging in any form of targeted promotion and does not endorse advertisements specifically directed at citizens or residents of the United Kingdom or the United States of America.

Luso provides its services both on its official website and on third-party platforms. On these external platforms, Luso publish offers for the buying and/or selling of cryptocurrencies. It is important to emphasize that these offers on third-party platforms serve solely as commercial statements and are intended to be accepted by any client of the respective third-party platform who may be interested in conducting business with Luso, regardless of their origin or residency. These offers published on third-party websites do not constitute a marketing communication, an invitation, or encouragement to engage in any activity.

By accepting these Terms and Conditions and using any of the Services, the user expressly acknowledges, for all legal purposes, that trading in crypto assets with Luso is the result of a voluntary and informed decision, based on in own will and without being influenced by any promotional advertisement or incentive.

Luso is committed to transparently disclosing all potential risks associated with crypto assets. Emphasizing the importance of conducting thorough research and understanding the volatile nature of the market. Users should be aware that the value of assets may fluctuate, and they could lose a significant portion or even all of their capital. It is imperative that clients carefully consider their risk tolerance and financial situation before engaging in any activities through Luso's platforms. The company will not be held liable for any losses incurred by clients due to market fluctuations or unforeseen circumstances.

If, for any reason not prohibited by law, the customer receives information about another user through Luso's Services, he must keep that information confidential and use it solely in connection with Luso's Services. The client may not disclose or distribute information about any user to third parties for any reason, nor may they use that information except as reasonably necessary to conduct a transaction and for other reasonably incidental functions, such as support, reconciliation, and accounting, unless they obtain the express consent of that user to do so. You may not send unsolicited communications to another user through Luso's Services.

It is the client’s responsibility to keep their contact information (including email address and phone number) updated in their Luso account profile to ensure they can receive any notices or alerts we may send (including notices or alerts regarding actual or suspected security breaches). The client also agrees to keep Luso properly informed of any changes to the information provided during the account creation process.

It is the sole responsibility of the client to determine whether and to what extent any taxes apply to any transactions they conduct through Luso's Services, and to withhold, collect, report, and remit the correct amount of tax to the tax authorities. The transaction history is available through the Luso account.

By holding virtual assets on behalf of the client and when Luso's is unable to contact them, with no record of the use of Luso's Services for several years, applicable law may require us to report the virtual assets as unclaimed property to the authorities. Luso will attempt to locate the client using the contact information and address provided in our records; however, these measures were unsuccessful, Luso may be obligated to surrender any virtual assets to the authorities as unclaimed property. Luso reserves the right to deduct an inactivity fee or other administrative charges from these unclaimed funds, as permitted by applicable law.

For security reasons, if Luso receives legal documentation confirming the death of the client or other information leading to believe they have passed away, Luso will freeze the account. During this period, no transactions will be completed until: (i) the designated executor opens a new Luso account or informs Luso of an existing account in their name, as described below, and the entire Luso account balance is transferred to that new account, or (ii) Luso receives satisfactory proof from the client that they are not deceased.

If Luso have reason to believe that the client may have passed away but do not have satisfactory proof of death, the client authorizes us to conduct investigations, directly or through third parties, that we deem necessary to verify whether they are deceased. Upon receiving satisfactory proof from Luso that the client has died, the designated executor, as specified in a valid will, will be required to open a new Luso account or inform us about another existing Luso account in their name, to which the entire balance of the deceased client's account will be transferred.

If the client has not designated an executor, Luso reserves the right to (i) treat any individual with the right to inherit the Luso account as the executor, as determined by Luso ager receiving and reviewing the documentation, at our sole and absolute discretion, including (but not limited to) a will or similar document, or (ii) require a court order designating an executor from a court with competent jurisdiction over the client’s estate.

If Luso determines, at our sole and absolute discretion, that there is uncertainty regarding the validity of the executor's designation, then it reserves the right to require a court order to resolve this matter from a court with competent jurisdiction before taking any action concerning the Luso account. Accordingly, unless the designated executor already has a Luso account (in which case they may still be required to undergo additional identity verification procedures), it is mandatory for an executor to open a new Luso account ager the death of the account holder. The client agrees that the executor will be required to open a new Luso account and provide the necessary information to complete the onboarding process in order to access the content and assets of the deceased's Luso account.

These Terms (including documents referenced herein) constitute the entire understanding and agreement between the client and Luso regarding the matters addressed herein, superseding all prior discussions, agreements, and understandings of any kind (including, without limitation, any previous versions of these Terms) between the client and Luso.

The section titles of these Terms are for convenience only and do not govern the meaning or interpretation of any provision of these Terms.

These Terms are personal to the client/user and may not be transferred or assigned to any other person. Luso may transfer or assign rights, licenses, interests, and/or obligations at any time, including as part of a merger, acquisition, or other corporate reorganization involving Luso, provided that such transfer or assignment does not materially affect the quality of the Services provided by Luso to the client. Subject to the foregoing, these Terms shall bind and inure to the benefit of the parties, their permitted successors, and assigns. The client reserves the right to terminate the agreement with immediate effect in the event that we transfer and/or assign the agreement.

The client should not expect any guarantees regarding their virtual assets unless they have obtained prior written approval from Luso.

If any provision of these Terms is deemed invalid or unenforceable under any applicable law, it shall not affect the validity of any other provision. If any provision is found to be unenforceable, that provision will be severed, and the remaining provisions will remain in effect.

Luso may not always strictly enforce Luso's rights under these Terms. If we choose not to assert our rights at any time, it is a temporary measure, and we may choose to enforce those rights again at any time.

This agreement and any information or notifications provided by the client or Luso must be in Portuguese or English. Any translation of these Terms or other documents is provided solely for the convenience of the client/user and may not accurately represent the information in the original English version. In the event of any inconsistency, the Portuguese version of these Terms or other documents shall prevail.

In the event that Luso is acquired or merged with a third entity, Luso reserves the right, in any of these circumstances, to transfer or assign the information we collect from the client and the business relationship (including these Terms) as part of such merger, acquisition, sale, or other change in management.

All provisions of these Terms that, by their nature, extend beyond the expiration or termination of these Terms, including, without limitation, the sections related to suspension or termination, cancellation of the Luso account, general use of the Platform or Website, disputes with Luso, and general provisions shall remain binding and in effect following the termination or expiration of these Terms.

These Terms and the relationship between Luso and the clients shall be governed by the laws of Portugal and the non-exclusive jurisdiction of the Portuguese courts, subject to any applicable local mandatory law or consumer rights.

Client’s Declaration

The Client declares that the execution of this contract was preceded by a careful reading of it, having been informed and clarified on all its clauses and content by Luso. The Client also declares acceptance of these Terms and affirms that it is of their own free will and with full and complete understanding that they enter into this contract.