Terms & Conditions

Last updated: August 8, 2024

1. Preliminary Provisions

1.1. This stablecoin purchase agreement (the “Terms” or the “Agreement”) governs the legal relationship between you (hereinafter, the “Applicant” or the “Client”) and us, Stable mint Ltd. (hereinafter, “Stable Mint”), a limited liability company registered in Malta with company registration number C 109060, and having its registered office at Level 2, The ‘Fort’, HardRocks Business Park, Burmarrad Road, Naxxar, NXR 6345, Malta in respect of the Services.

1.2. Subject to these Terms, Stable Mint issues and redeems the E-Money Tokens, and for such purposes is authorised by the Malta Financial Services Authority (the “MFSA”) as an electronic money institution licensed to issue and redeem electronic money in terms of the Financial Institutions Act (Cap. 376 of the laws of Malta). Particulars of the licence issued to Stable Mint and the specific Services covered by the licence may be obtained from the Financial Services Register available on the website of the MFSA which may be accessed at the following link: https://www.mfsa.mt/financial-services-register/.

1.3. Stable Mint will only provide the Services to the Applicant once the Applicant has:

  • 1.3.1. read and confirmed agreement these Terms;
  • 1.3.2. provided Stable Mint with all such information and documentation as may be reasonably required for Stable Mint to comply with its regulatory obligations in terms of Maltese law; and
  • 1.3.3. been onboarded as a client of Stable Mint in compliance with AML/KYC requirements.

1.4. Stable Mint reserves the right to change, suspend or discontinue any aspect of the Services at any time, including availability of any feature, database or content, without notice and without liability.

2. Interpretation

Unless defined elsewhere in these Terms, capitalized terms shall have the meanings ascribed to them in Schedule 1. Headings and sub-headings in these Terms are for convenience only and shall not affect their construction or interpretation. Words importing the singular shall include the plural and vice versa. References to any statute or statutory provision shall include any subordinate legislation made under it and shall be construed as references to such statute, statutory provision and/or subordinate legislation as modified, amended, extended, consolidated, re-enacted and/or replaced. References to parties include their respective permitted assignees and/or successors in title.

3. The Tokens

Stable Mint issues and redeems Tokens constituting electronic money tokens as defined under MICAR, each of which shall be pegged to their respective currency value. Tokens shall be issued at par value, with each unit thereof being fully backed by one (1) FIAT equivalent of the respective currency in an account with a credit institution or in secure, low-risk Euro denominated assets.

Tokens are not designed to create returns, profits, or financial benefits for holders.

4. Eligibility

Tokens are issued only to legal persons qualifying as Authorised Participants who are fully onboarded with Stable Mint. Once issued, Clients may transfer or trade Tokens to third parties (including natural persons) subject to restrictions and applicable regulatory requirements.

Holders of Tokens who are not onboarded may request redemption, subject to acceptance and full onboarding with Stable Mint.

5. The Platform

5.1. Stable Mint provides Services exclusively through the Platform accessed via https://www.stablemint.io. The Platform allows Clients to:

  • 5.1.1. Register and create an account;
  • 5.1.2. Receive onboarding progress notifications;
  • 5.1.3. Submit minting requests for Tokens;
  • 5.1.4. Submit redemption requests;
  • 5.1.5. Manage and action these requests.

5.2. Entering incorrect passcodes consecutively may automatically terminate the connection and block Platform access. The Client will be notified of blocking or suspension upon next login attempt.

5.3. Stable Mint shall not, in any event, be liable for any transaction effected on the Platform by any unauthorised third party, or for any unauthorised access or unauthorised instructions.

5.4. Clients are responsible for ensuring their system conforms to Platform technical requirements. They must keep user credentials secure and contact Stable Mint immediately at operations@stablemint.io if credentials are compromised.

5.5. Clients must properly log out when finished with transactions.

5.6. Stable Mint shall not be liable under any circumstances for any direct, indirect, or consequential loss which results or may result from the Client’s use of the Platform, nor be liable for losses suffered by a Client through the use of the Platform.

5.7. Stable Mint may suspend Platform Services at any time and will endeavour to inform Clients of anticipated service interruptions.

5.8. Stable Mint may send instructions, communications, and notifications via email or the Platform. The Client will be deemed to have received and to have been duly notified of any instruction, communication and notification sent via email or through the Platform as soon as such instruction, communication and notification is sent.

5.9. Stable Mint shall consider every request, instruction or transaction received through the Platform as a request, instruction or transaction authorised by the Client. Stable Mint shall be under no duty to verify the identity or authority of the person making any such request, apart from verifying the user ID, Password, or security access code.

5.10. Stable Mint will not check authenticity, validity, or correctness of Platform requests, instructions, or transactions and is authorized to act on them.

5.11. Stable Mint may refuse or terminate execution of instructions if it reasonably believes they are invalid, unauthorized, or if the Client has not complied with these Terms. The Client shall hold Stable Mint harmless from any liability for any loss he may suffer as a result of Stable Mint’s refusal in these circumstances.

5.12. Stable Mint will only act on the Client’s request or instruction insofar as it is in Stable Mint’s opinion, not suspicious, practicable and reasonable to do so.

5.13. Stable Mint shall ensure that all transactions effected through the Platform are carried out as soon as reasonably practicable. Some transactions may take time, particularly if services are suspended for maintenance. Stable Mint shall not be liable for any damages incurred or suffered by the Client as a result of any such delay.

5.14. Once a transaction is processed, it cannot be stopped, modified, or delayed. Clients can view full transaction details in online statements. Stable Mint is under no obligation to provide physical receipts or written confirmation.

6. Client Onboarding

6.1. Applicants must be onboarded as clients to access Services. They must register and create a Platform account, then submit an onboarding request through the Platform (or via email at onboarding@stablemint.io for Authorised Participants).

6.2. Stable Mint will conduct know-your-customer and anti-money-laundering checks per applicable law and its AML policy. Information requests are made through the Platform, with onboarding status updates also via Platform.

6.3. Stable Mint may, at its sole discretion, decline to onboard an Applicant as a client for any reason whatsoever. Stable Mint is under no obligation to inform Applicants of reasons for declining onboarding.

7. Issuance of Tokens

7.1. Once onboarded as a Client and qualifying as an Authorised Participant, the Client is eligible for Token issuance.

7.2. To request Tokens, Clients must submit a mint request form through the Platform specifying currency, number of Tokens, blockchain, bank account details, and Digital Wallet address. Stable Mint will not accept mint requests below the Minimum Amount.

7.3. Upon mint request approval, Clients must deposit matching funds to the designated Stable Mint account. Should the funds not originate from the bank account details specified by the Client in the mint request form, Stable Mint reserves the right to decline the transaction and return the funds to the originating account.

7.4. Once funds are received from the specified bank account, Stable Mint will mint the Tokens and transfer them to the Client’s Digital Wallet.

7.5. Stable Mint is not bound by any particular timeframe within which it has to mint and issue Tokens in favour of a Client. However, it will endeavour to mint and issue the Tokens as soon as reasonably possible following transfer of funds by the Client.

7.6. Stable Mint may cancel mint requests containing bugs, mistakes, or suspected agreement breaches.

8. Redemption of Tokens

8.1. Token holders may request redemption at par value by submitting a redemption request form through the Platform, specifying number of Tokens, blockchain, Digital Wallet address, and bank account details for redemption proceeds. Stable Mint will not accept redemption requests below the Minimum Amount.

8.2. After screening, Clients must transfer Tokens to Stable Mint’s Operational Wallet. If the Tokens are not transferred by the Client from the Digital Wallet address provided by the Client in the redemption request form, Stable Mint may reject the transfer and return the Tokens.

8.3. Once Stable Mint receives Tokens from the specified Digital Wallet, it will burn them and remit proceeds to the specified account.

8.4. Stable Mint is not bound by any particular timeframe within which it has to redeem a Client’s Tokens. However, it will endeavour to redeem the Tokens and transfer the redemption proceeds as soon as reasonably possible.

8.5. Stable Mint may cancel redemption requests containing bugs, mistakes, or suspected agreement breaches.

9. Prevention of Anti-Money Laundering Legislation

9.1. Stable Mint has responsibilities under the Prevention of Money Laundering Act (Cap. 373, Laws of Malta) and related regulations, including confirming client identity and permanent address. Clients may be asked to provide documents establishing accuracy of provided details.

9.2. The Client undertakes and agrees to promptly provide Stable Mint with any information requested and that all information provided will be accurate and up to date.

9.3. If Stable Mint believes information is outdated or inaccurate, it will request further information. Stable Mint reserves the right to require clients to undergo verification again if deemed necessary. Stable Mint shall not be held liable for any losses incurred as a result of the Client’s failure to update information provided to Stable Mint.

9.4. If Clients fail to provide requested information, Stable Mint reserves the right to suspend, close or limit the Client’s access to the Platform and/or the Services.

9.5. Clients consent to Stable Mint or third parties verifying provided information.

10. Prohibited Jurisdictions

10.1. Service access is prohibited for Applicants or Clients residing in, located in, citizens of, or otherwise subject to jurisdiction of:

  • (i) Countries subject to sanctions or trade embargoes by Switzerland, the UN Security Council, the EU, U.S. authorities (particularly OFAC), the country of residence, or other authorities;
  • (ii) Jurisdictions identified by the Financial Action Task Force (FATF) for AML/CFT deficiencies in FATF’s High-Risk Jurisdictions listing;
  • (iii) Jurisdictions where Services are prohibited, restricted, or unauthorized under local laws or regulations.

10.2. Services may not be available in countries where local law prohibits their use. Clients should consult legal advisors if in doubt. Stable Mint will not be responsible for the use of its services by persons in countries where the use of such services is prohibited.

10.3. The Client warrants that before entering into this Agreement, they have checked and ascertained that the provision of the services to said Client does not violate and/or breach any law, rule, regulation and/or code of practice.

10.4. Clients agree to indemnify Stable Mint on first written demand regarding actions or claims arising from breaching this section or using Services prohibited by local law. The Client will remain liable for any costs Stable Mint incurs in this regard.

11. Client Representations and Warranties

The Client represents and warrants that:

  1. Performance of these Terms will not violate or conflict with applicable law or regulation;
  2. The Client has necessary authority and all required consents to enter these Terms;
  3. Supplied funds are at all times free from charges, pledges, encumbrances, or security interests, beneficially owned by the Client; the Client indemnifies Stable Mint against all related claims;
  4. The Client is in compliance with all applicable laws, including tax laws, exchange controls, and registration requirements;
  5. Information provided to Stable Mint is complete, accurate, and not misleading;
  6. The Client is not subject to a Prohibited Jurisdiction.

The above warranties and representations shall be deemed to be repeated on each day for the duration of your relationship with us until this Agreement is terminated.

12. Indemnity

The Client agrees to defend, indemnify, and hold harmless Stable Mint, its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising from:

  • (i) Client breach of these Terms;
  • (ii) Client’s Platform use;
  • (iii) Minting and issuing Tokens to the Client;
  • (iv) Client Token redemption.

13. Liability

Stable Mint shall not be liable for: (a) any Loss suffered or incurred by the Client as a result of or in connection with the provision of any of the Services and/or use of the Platform unless and to the extent that such Loss is suffered or incurred as a result of Stable Mint’s gross negligence, wilful default or fraud; (b) any Loss due to actions taken by Stable Mint in accordance with its rights under the Terms; or (c) any consequential or other indirect Loss suffered or incurred by the Client.

14. Intellectual Property and Information Technology

14.1. The Platform and its entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, branding and get-up, video and audio, and the design, selection, and arrangement thereof), are owned by the Company, its licensors, or other providers of such material and are protected by international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.

14.2. These cannot be copied, used, or imitated without Stable Mint’s prior written consent. All rights not expressly granted are reserved.

14.3. Stable Mint grants a non-exclusive, revocable, royalty-free and non-transferable licence to use the Platform solely for the purpose of using the Services.

14.4. Certain Platform components contain open-source software over which Stable Mint has no control or ownership.

14.5. Stable Mint makes no warranties or representations regarding the Platform.

14.6. Clients shall not:

  • (i) Reverse engineer, decompile, disassemble, or attempt discovering Platform modules, components, scripts, source code, or underlying ideas;
  • (ii) Modify, translate, or create derivative works based on the Platform;
  • (iii) Rent, lease, distribute, sell, resell, assign, or transfer Platform rights;
  • (iv) Create links to the Platform or frame/mirror content;
  • (v) Replicate Platform functionality or appearance.

15. Tokens on the Blockchain

15.1. Tokens are issued on decentralized blockchains including Ethereum and BNB Chain. Stable Mint reserves the right to operate on additional blockchains.

15.2. Blockchains experience “forks” creating alternative versions. Where forks occur, multiple Digital Token versions may be created. Due to the nature of the Tokens, if a fork creates two or more Digital Tokens which purport to be a Token, it is only possible for one of those Digital Tokens to be a Token.

15.3. Only Tokens on blockchains Stable Mint announces as supported are considered Tokens. Other fork-derived tokens are not Tokens.

15.4. Stable Mint is under no obligation to support any particular blockchain or protocol, any forked version of any particular blockchain or protocol or any Digital Tokens resulting from a fork of a blockchain.

15.5. Where blockchains are forked, Stable Mint may temporarily or for an extended period suspend Services with little or no notice. Stable Mint will determine whether to support particular forks. Clients must take necessary actions to migrate Tokens to Stable Mint-supported blockchains. Stable Mint assumes no liability or responsibility whatsoever arising out of or relating to your failure to effectuate such migration.

15.6. Stable Mint assumes no liability for losses arising from supporting or not supporting particular blockchains, forks, or resulting tokens.

16. Communications

16.1. By accepting these Terms, Clients consent to Stable Mint sending Communications via the Platform or email to their primary address from onboarding.

16.2. It is the Client’s responsibility to ensure that all Communications received from Stable Mint have been reviewed and addressed (where necessary).

16.3. Stable Mint shall have no liability to the Client for any direct, indirect or consequential loss arising from breach of confidentiality or otherwise if any other person has sight of or obtains access in any manner to any Communication sent to the Client’s email address.

16.4. Internet communications cannot be guaranteed timely, secure, error-free, or virus-free. Stable Mint assumes no liability for errors, non-delivery, or omissions in email communications. Proper receipt by Stable Mint constitutes conclusive evidence of transmitted instructions.

16.5. Stable Mint will act on email instructions if communication reasonably appears from the Client. Stable Mint shall not be liable for acting in good faith on such communication. In the event that the communication was not sent by the Client, Stable Mint shall not accept liability for any loss the Client may incur.

16.6. Stable Mint shall not be liable for any loss the Client incurs if either the Client or Stable Mint do not receive an email which is sent to the last e-mail address notified to the other party.

16.7. Stable Mint is under no duty to verify identity of persons giving phone or email instructions. Any transaction made pursuant to any communication received by Stable Mint and reasonably believed to have been sent to Stable Mint by the Client shall be binding upon the Client.

16.8. Clients agree to hold Stable Mint harmless and indemnify it from and against all actions and/or losses incurred by Stable Mint which shall have arisen directly or indirectly out of or in connection with Stable Mint accepting and acting in reliance on any such phone or e-mail communication.

16.9. All Communications are in English.

17. Taxation

Stable Mint does not provide tax advice. Clients remain entirely responsible for their tax affairs, including declarations, returns, payments, and legal compliance. Stable Mint strongly advises the Client to understand the tax consequences of entering into any transaction under these Terms and to seek appropriate legal, accounting or tax advice.

Stable Mint assumes no liability for adverse tax consequences and is authorized to disclose Client information to relevant tax authorities.

If Stable Mint believes Clients must report income or may be subject to tax elsewhere, it may be obligatory to share account information with Maltese or other countries’ tax authorities. Such disclosures may be to authorities directly or to Malta for sharing with overseas authorities. Stable Mint may request additional information. If the Client does not provide any requested information within a reasonable time or within any stated deadline, Stable Mint may be obliged by the law and/or regulations to withhold all or parts of any specified receipts on the Client’s account.

Withheld amounts may be passed to Maltese or relevant overseas tax authorities. Stable Mint will do this only where it reasonably believes it is required under governing law or regulations.

18. Record Keeping

Stable Mint may monitor and/or record telephone conversations and retain any recordings or transcripts thereof and any other written communication Stable Mint has with the Client for such time as Stable Mint shall consider necessary or appropriate. These may be used for account administration, training, regulatory compliance evidence, or court evidence.

19. Data Protection

Stable Mint processes personal data per its privacy notice. Clients acknowledge being informed of this notice, accessible at Privacy Policy or by emailing operations@stablemint.io.

20. Set-Off

If Clients fail to pay Stable Mint amounts owed, Stable Mint may use money it owes to reduce or repay the Client’s debt.

This right may be exercised even if amounts are contingent or not yet due, if Stable Mint reasonably believes Clients will be unable to pay when due.

Stable Mint may exercise set-off without advanced notice if it reasonably believes Clients will prevent set-off repayment.

By entering these Terms, Clients irrevocably and unconditionally authorise Stable Mint to implement these provisions regarding set-off, which authorisation is given as a mandate by way of security.

21. Amendments

Changes to these Terms not in the Client’s favour require at least two (2) months’ advance notice, unless regulatory requirements necessitate immediate changes, in which case changes are effective immediately without notice.

Clients may accept or reject changes before the proposed date. Absence of formal rejection constitutes deemed acceptance.

If Clients reject changes, the relationship automatically terminates on or before the implementation date.

22. Termination

22.1. The relationship between Stable Mint and Clients is indefinite and remains in force until terminated.

22.2. Clients may terminate by giving 30 calendar days’ written notice. Stable Mint may terminate by giving 14 calendar days’ notice.

22.3. Stable Mint may terminate immediately without notice if:

  1. Stable Mint reasonably believes Clients infringed the Agreement or provided false information;
  2. The Client or authorized representatives behave inappropriately (e.g., employee abuse);
  3. Maintaining the relationship might cause Stable Mint to break applicable law, regulation, or duty;
  4. The Client becomes bankrupt, insolvent, or unable to pay debts;
  5. Any voluntary arrangement, composition, reconstruction, winding up, bankruptcy, dissolution, administration, receivership, or analogous proceeding is taken;
  6. The Client exposes Stable Mint to government, regulator, or law enforcement action;
  7. Stable Mint determines the relationship is prejudicial to its interests.

22.4. Upon termination, Clients shall transfer all Tokens to Stable Mint’s Operational Wallet. Following receipt, Stable Mint will burn Tokens and transfer redemption proceeds to the last account notified through the Platform.

22.5. Termination is without prejudice to other Stable Mint rights or remedies and does not affect provisions expressly continuing after termination. Indemnities survive termination.

23. Assignment

Clients may not transfer or assign rights or obligations without Stable Mint’s prior written consent.

Stable Mint may assign or transfer rights, obligations, or the entire Agreement. Upon assignment, Stable Mint will notify Clients in text form through the Platform.

24. Complaints

Clients may complain through the Platform or by emailing operations@stablemint.io. Stable Mint’s complaints procedure is available on the Platform and as Schedule 2 to these Terms.

25. Fees and Expenses

25.1. Compensation including fees and charges payable to Stable Mint are calculated per its Schedule of Fees and Charges, amendable at Stable Mint’s sole discretion. Payment is due at times specified or as notified by Stable Mint.

25.2. Stable Mint shall give at least one month’s notice of any proposed increase of any such fees and charges. Updated schedules are available upon Client request.

25.3. Beyond stated fees and charges, Clients may be charged ancillary fees and expenses (regulatory levies, professional fees, broker commissions, legal fees, bank charges, delivery costs, postage, telephone costs, and similar charges) enabling Service provision or disbursed for Client benefit. Stable Mint may charge additional fees as communicated before service provision.

26. Waiver

Failure to insist on strict compliance or any act or omission by Stable Mint does not constitute waiver of its rights.

27. Severability

If any provision is or becomes invalid or unenforceable, it will be treated as if not in the Terms, and remaining provisions remain valid and enforceable.

28. Previous Agreements

Clients acknowledge these Terms replace all previous agreements and correspondence regarding contemplated services.

29. Entire Agreement

Save as otherwise expressly provided herein, these Terms and the documents referred to herein constitute the entire agreement between Stable Mint and the Client in connection with the provision of the Services.

Stable Mint is not liable for losses arising from agreements, representations, statements, or undertakings made before these Terms’ effective date, except those expressly incorporated or referenced.

30. Governing Law and Jurisdiction

These Terms are governed, construed and interpreted in accordance with the laws of Malta and the parties irrevocably submit to the jurisdiction of the Maltese courts in respect of any disputes arising in connection with this Agreement.

Schedule 1 - Definitions

Authorised Participant: A legal entity accredited with Stable Mint by an Authorized Participant framework agreement requesting issuance or redemption of Tokens.

Communications: Information provided by Stable Mint relating to the Services, including transaction information, agreements, policies, updates, and related account information.

Digital Token: A digital representation of value or right able to be transferred and stored electronically using distributed ledger technology or similar technology.

Digital Wallet: A software application or other mechanism providing means for holding, storing, and transferring Digital Tokens.

Electronic Money Token: A Digital Token maintaining stable value by referencing an official currency value.

Minimum Amount: The minimum number of Tokens that may be issued and redeemed as notified by Stable Mint.

Operational Wallet: The Digital Wallet of Stable Mint, details of which may be notified through the Platform.

Platform: The online software platform operated by Stable Mint for Token issuance and redemption.

Fees and Charges: Fees and charges due by Clients to Stable Mint.

Services: The issuance and redemption of Tokens.

Tokens: The Electronic Money Tokens issued and redeemed by Stable Mint per these Terms and the white paper issued August 6, 2024, as amended.

Schedule 2 - Complaints Procedure

The Complaints Management Procedure (the “Procedure”) of Stable Mint Limited (the “Company”) provides information to eligible natural or legal persons (the “Complainant”) lodging complaints to the Company.

The Procedure ensures complaints are handled promptly, equally, fairly, and efficiently.

Filing a Complaint

Complaints may be made in writing addressed to the Company’s Complaints Management Function using:

Email: complaints@stablemint.io

Mail: Trident Park, Notabile Gardens, No.2 – Level 3, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta

Complaints are addressed to the Company’s Product Manager, Enea Exhenry.

Verbal complaints should be summarized by the Company with written confirmation requested from the Complainant.

Complainants should provide as much detail as possible including:

  • Complainant name and address
  • Contact details (telephone and/or email)
  • External representative name and details (if applicable)
  • Complaint description and impact
  • Supporting documentation
  • Incident occurrence date

Complaints are lodged free of charge.

Procedure for Acknowledging, Investigating, and Responding to Complaints

1. Acknowledgement

The Company acknowledges complaints in writing within two (2) business days of receipt, including the Complaints Procedure.

Complaints may be lodged by letter, fax, email, telephone, or in person. Verbal complaints should either be submitted in writing by the Complainant or summarized by the Company with written confirmation requested. If not followed up in writing, the Company will nevertheless investigate.

2. Investigation

The Complaints Management Function investigates received complaints. Investigation may involve appointing sufficient standing and competent employees not directly involved with subject matters. Third-party legal advisors may be appointed as necessary.

The Company competently, diligently, and impartially gathers and investigates all relevant evidence and information, considering:

  • Complaint subject matter
  • Whether complaint should be upheld
  • Appropriate remedial action or redress
  • Whether other parties may be solely or jointly responsible

3. Resolution

When investigation completes, the Company will:

  • Offer redress or remedial action when appropriate
  • Explain the assessment, decision, and remedial action or redress offers promptly, fairly, clearly, and understandably, using plain language
  • Comply promptly with accepted remedial action or redress offers

A “final response” is a written Company response that:

  • Accepts the complaint and offers redress or remedial action where appropriate; or
  • Offers redress or remedial action without accepting the complaint; or
  • Rejects the complaint with reasons

If final responses do not fully satisfy Complainants, they may refer complaints to the Officer of the Arbiter for Financial Services per the Arbiter for Financial Services Act (Cap. 555).

The Arbiter for Financial Services contact information:

Address: Office of the Arbiter for Financial Services, First Floor, St. Calcedonius Square, Floriana FRN1530

Telephone: Freephone (local calls): 80072366; Telephone: (+356) 21249245

Further details: http://financialarbiter.org.mt