CUSTODY TERMS OF SERVICE
1. Custodial Services
1.1. HydraX Digital Assets Pte. Ltd. (“HDA”) holds a Capital Markets Services Licence (Licence No. CMS101077) to deal in capital markets products and for providing custodial services.
1.2. By signing up on HDA’s platform, you agree and accept that HDA shall provide custodial services for monies and security tokens belonging to you (i.e. an “End User”), on such terms and conditions set out herein. Such terms and conditions may be varied and made available through HDA’s website or at such other source as may be notified to you. HDA reserves the right to amend these terms and conditions as necessary in its discretion.
1.3. HDA will provide custodial services for your Digital Assets deposited into the Digital Asset Wallets, and your Fiat Assets deposited in a Segregated Trust Account (the “Custodial Accounts”). HDA shall also keep records specifying your right of ownership and entitlement to the Digital Assets or Fiat Assets deposited into the Custodial Accounts (the “Records”). The Custodial Accounts, the Records, and any other ancillary services provided by HDA to you, shall collectively be referred to as the “Custodial Services”.
2. Terms of Service
2.1. By signing up on HDA’s platform, you agree and accept to be bound by the following:
2.1.1. HDA’s responsibility towards you shall be to provide the Custodial Services in accordance with Applicable Law and the terms and conditions of this Terms of Service, which includes holding your Digital Assets or Fiat Assets in accordance with the requirements of the Securities and Futures (Licensing and Conduct of Business) Regulations (“LCBR”).
2.1.2. in connection with this, you accept that HDA may:
220.127.116.11. conduct and satisfy any and all due diligence procedures required in connection with anti-money laundering and countering the financing of terrorism laws;
18.104.22.168. conduct such due diligence procedures required to satisfy any investor eligibility requirements;
22.214.171.124. take such action in HDA’s discretion, including without limitation, the suspension or termination of Custodial Services, that is necessary to comply with Applicable Law; and
126.96.36.199. report the End User’s details to local and foreign authorities as required by Applicable Law.
2.1.3. you consent to the particulars in your statement of account (as prescribed under the LCBR) being made available to you electronically;
2.1.4. you authorise HDA to collect and use your personal data (including any information in relation to your accounts), for all purposes in connection with the Custodial Services (the “Permitted Purposes”). Such authorisation includes permitting HDA to disclose such data for the Permitted Purposes to the following persons and their authorised representatives:
188.8.131.52. HDA’s bank where the Segregated Trust Account is held with;
184.108.40.206. HDA’s related corporations (as defined in the Companies Act (Cap. 50); and
220.127.116.11. any third party with whom HDA has service arrangements.
2.1.5. neither HDA nor any of its affiliates and respective directors, officers, employees or agents (collectively, the “Custody Provider”) shall be liable to you for any claim, action, loss, damage, cost, or expense arising out of or relating to: (a) the handling of, (b) any action taken or omitted in connection with, or (c) any delay in performing or inability to perform any obligations associated with the Custodial Services;
2.1.6. the Custody Provider shall not be liable to you for any indirect, special or consequential damages, even if advised of the possibility of such damages. The Custody Provider shall not be responsible or liable to you for any indirect, special, market, trading, economic or consequential loss, damage, cost or expense of any kind whatsoever and howsoever caused, whether arising under contract, tort (including negligence) or otherwise, including market losses, trading losses or loss of profit incurred by or in connection with the Custodial Services.
2.2. The provision of Custodial Services shall be contingent upon your adherence to the foregoing terms and conditions.
“Applicable Law” means any applicable statute, rule, regulation, regulatory guideline, order, law, ordinance or code; the common law and laws of equity; any binding court order, judgment or decree; any applicable industry code, rule, guideline, policy or standard enforceable by law (including as a result of participation in a self-regulatory organisation), and any official interpretations of any of the foregoing;
“Digital Assets” mean Security Tokens or fiat-based tokens issued on an ERC-20 compatible blockchain for listing on HDA’s platform;
“End Users” mean any individual or corporate entity who has been onboarded to HDA’s platform;
“Fiat Assets” mean cash;
“Segregated Trust Account” means one or more segregated omnibus bank accounts maintained by HDA from time to time with DBS Bank Ltd., or such other qualified bank as HDA may nominate from time to time, for the purpose of holding Fiat Assets on trust for End Users separate HDA’s funds; and
“Security Token” means a digital token generated to represent assets that satisfies the definition of capital markets products under the Securities and Futures Act (Cap. 289), and such assets may include equity, real estate, debt or future cash flow, or other value.