Terms of Service

These terms and conditions (hereafter referred to as "the terms") apply to all transactions, business relationships, and all use of the website mintum.is (hereafter referred to as "the company's website" or "the company's system").

The terms apply between the user and Rafmyntasjóður Íslands ehf. (hereafter referred to as "the company"). kt. 431121-1580. with legal recidency at Bæjarlind 4, 201 Kópavogi.

I. To the user

The user must be a financially independent individual, an Icelandic citizen, with an Icelandic ID number and a bank account at an Icelandic financial institution operating according to the laws on financial enterprises No. 161/2020.

II. Account Creation

The user must identify themselves with electronic credentials when logging into the company's website. The system supports the login service of Ísland.is. Upon first login, the user needs to electronically accept these terms and conditions, which will create their account.

III. Use of Account

To engage in transactions, the user must complete a reliability survey based on the company's obligations under the laws on measures against money laundering and terrorist financing No. 140/2018. The user must ensure that only they have access to their area on the company's website. It is not permitted for the user to allow others to use their account. The website offers additional authentication methods beyond the electronic identification of Island.is, such as:

1. Messages to phone.
2. Messages to email.
3. Authentication app on phone (Google Authenticator or similar).
4. Security key (YubiKey or similar).

Detailed information about the security features of the website can be found at support.mintum.is. If a user chooses not to use additional authentication methods beyond electronic identification, their risk of unauthorized access to their account increases. It is always the user's responsibility to ensure that a third party does not gain access to their area.

IV. Personal Information

The user ensures that their personal information on the company's website is always correct. The user must update their personal information as it changes, such as name, address, email, phone number, etc. The company will always use the information available in its systems to communicate with the user.

By accepting these terms, the user consents to the processing of their personal information in the company's operations. The user can revoke their consent in writing, but this will render their access inactive. The company shall not disclose the user's personal information to third parties unless required by law.

The company will handle the user's information according to the laws No. 90/2018 on data protection and processing of personal information.

The company is bound by the provisions of Chapter VII. of Laws No. 140/2018 on measures against money laundering and terrorist financing. According to these laws, the user's personal information must be used for risk assessment and monitoring of the user's transactions to investigate whether there is a likelihood of the access being used for money laundering or terrorist financing. The company must retain the following data and information for five years: a. Copies of documents and information for reliability assessment. b. Information on how the reliability assessment was conducted. c. Necessary accompanying documents and transaction summaries, which are necessary to demonstrate client transactions and could be used in court proceedings.

For other obligations of the company and how the user's personal information is used, refer to the provisions of the laws.

V. Digital Krona (ISKT)

The company's website offers users the option to exchange Icelandic Krona (hereafter ISK) into digital krona (hereafter ISKT) and vice versa. Digital krona is a token on the Solana blockchain. The token is issued through a token program. The Solana token program is open-source software, and the program's code can be viewed here: https://github.com/solana-labs/solana-program-library/tree/master/token

For each exchange, a fee is charged according to the company's price list at the time. The company's price list can be found on its website. To exchange ISK for ISKT, the user must have an ISK balance according to the company's website. The user can access bank details to transfer funds to the company's bank account on the website. The user must transfer funds from a bank account they own. Once the user has transferred ISK to the company's bank account, it will appear as the user's credit on the website, and the user can then use this credit to exchange for ISKT. After the user has made the conversion, they can transfer ISKT to their own Solana wallet. The user is responsible for registering only wallets they own. It is not permitted to use the company's system to transfer ISKT credit to a wallet owned by a third party.

If the user wants to convert ISKT back to ISK, they first need to transfer ISKT to the company's wallet. The user can find information about the company's deposit wallet number on the website. Once the company has received ISKT in the wallet, it will appear as the user's ISKT credit on the website. The user can then exchange ISKT for ISK and subsequently request that the ISK be transferred to their bank account.

The aforementioned exchanges between ISK and ISKT constitute transactions with corresponding changes in ownership rights. When the user exchanges ISK for ISKT, they are buying ISKT with ISK and paying a fee according to the price list.

VI. Company's Responsibility

• The company guarantees to always offer exchanges between ISK and ISKT at a 1:1 rate, minus the fee according to the price list. • The company guarantees that there will always be ISK available for sale for all issued ISKT.

VII. Tenging við kerfi félagsins.

Notandi leggur sjálfur til endabúnað og tengingu við veraldarvefinn og þann hugbúnað sem nauðsynlegur er til tengingar við kerfi félagsins. Notandi ber sjálfur fulla ábyrgð á þeim búnaði og vélbúnaði sem hann kýs að nota til að tengjast kerfum félagsins. Félagið áskilur sér rétt til að loka fyrir aðgang notanda ef tenging er af einhverjum ástæðum óeðlileg að mati félagsins.

VIII. Changes to the Terms

The company reserves the right to unilaterally decide on changes to these terms. The current terms at any given time will be published on the company's website. Changes to the terms will be notified to the user at their next login after the change. At each login to the company's website, the user is required to familiarize themselves with the current terms, and by logging in, they accept these terms.

If a user does not agree with the current terms at any point, they must inform the company in writing, after which their account will be closed, and any existing balance will be paid out to the user.

IX. Disclaimer

The user guarantees that they are financially independent and have knowledge of blockchain functionality. The user uses the company's system at their own risk. All investments in virtual currency are highly risky, and there is always a possibility of losing the entire amount invested. The company does not provide advice on the purchase or sale of digital currencies. ISKT is a virtual currency and not officially recognized as a payment method in Iceland. The user is responsible for complying with the laws regarding their use of virtual currency at all times. The user is responsible for being vigilant against cybercriminals or phishing attempts, such as those trying to access private keys to wallets. The user guarantees to always directly access the company's website (https://mintum.is) and not through a third-party link or using a search engine to avoid phishing. The company is not responsible for any damage that a third party may cause to the user, for example, through phishing or if a third party obtains information about the user's passwords or security keys.

The company is not liable for any damage that may directly or indirectly occur due to defects or failures in hardware or software, or for other reasons that may cause transactions or transfers not to proceed as expected. The company is not responsible for virtual currency stored in wallets for users. The company is not liable for any damage resulting from the user's lack of knowledge or misuse, or by another party, with or without the user's authorization. The company is not responsible for third-party services, such as wallet services, banking services, and blockchain functionality. Transfers in and out of the company's systems are irreversible and performed by the user without the company's responsibility.

The company does not guarantee the Solana blockchain or any other blockchains. The company does not guarantee that blockchains will operate uninterrupted, error-free, or without vulnerabilities or defects that could lead to loss of the user's virtual currency.

The company does not guarantee specific uptime for the system. The company shall not be liable for any damage, direct or indirect, caused by operational disruptions of its systems, regardless of the reasons behind such disruptions. The company is not responsible for the impacts of future legal changes on the use of blockchains, the issuance of virtual currency, or anything else related to the operation of the company. The company is not liable for the loss of customer data (e.g., due to cyber-attacks). If data loss occurs, the relevant users will be promptly informed with details about the extent of the breach as available.

The company reserves the right to close or freeze a user's account without notice in the following cases:

1. If there is suspicion that the user is misusing the company's system for fraud, financing of terrorism, money laundering, tax fraud, or any other criminal offenses.
2. The company has been informed of a public investigation against the user regarding fraud, financing of terrorism, money laundering, tax fraud, or any other criminal offenses.
3. The user has violated these terms.
4. The user does not have the legal rights to use the account.
5. The user's transactions or other use are deemed abnormal.

X. Legal Obligations of the Company

The company is a reporting entity according to the laws No. 140/2018 on measures against money laundering and terrorist financing. According to the provisions of these laws, reporting entities are required to share information with the relevant authorities if there is suspicion that the company's services are being used for money laundering or financing of terrorism.

Furthermore, the company is bound by the provisions of the laws No. 64/2019 on the freezing of assets and the listing of entities subject to sanctions in connection with the financing of terrorism and the proliferation of weapons of mass destruction. This law mandates the company to freeze the assets of clients under certain circumstances.

The user is responsible for familiarizing themselves with the obligations of reporting entities according to the aforementioned laws.

XI. Dispute

In case of a dispute regarding the interpretation of these terms or any provisions in these terms, the dispute shall be subject to Icelandic law and shall be brought before the District Court of Reykjavik.