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LEGAL

Terms of service

LAMA GENERAL TERMS AND CONDITIONS FOR PERSONAL AND BUSINESS ACCOUNTS

1. WHAT THIS AGREEMENT IS ABOUT

1.1. You must read this agreement before you start using our services. It will create a legally binding agreement between you and us that governs the basis on which we offer you services, including how we use information about you and your activities. It will also give you information about what you could do if you have a problem with any aspect of the service we offer you.

1.2. Under this Agreement, we offer services related to Bitcoin and other digital assets, strictly limited to Bitcoin and other digital asset operations we are authorized to carry out under our current Bitcoin Service Provider License and Digital Asset Provider License, at the time of its issuance, including the offering of payment accounts and associated services that use the account balances you hold with us. Any reference to additional services or products shall only apply if and when such services are duly authorized and expressly incorporated into these Terms and Conditions by way of an updated version, of which customers will be duly informed.

1.3. Please note that the risk of loss when trading or holding Bitcoin and other digital assets can be substantial. As with any asset, the value of Bitcoin can go up or down (and even fall to zero), can be highly volatile, and there is a substantial risk that you will lose money when buying, selling, holding, or investing in Bitcoin and/or other digital assets. You should carefully consider whether trading or holding Bitcoin and/or other digital assets is appropriate for you in light of your own financial situation and attitude toward risk, as you carefully assess it. We make no representation or recommendation as to the advisability or otherwise of trading Bitcoin and/or other digital assets or any particular transaction. Further information relating to the risks associated with cryptocurrencies is available on our website and application.

1.4. By using our Services, including downloading and using our App, you confirm that you accept and agree to this Agreement and understand the risks associated with our use. Please do not use our Services if you do not understand these risks and/or do not wish to enter into this Agreement.

1.5. You can access a PDF version of this Agreement through the website or our application.

2. WHO WE ARE

2.1. Lamatechnology El Salvador, Sociedad Anónima de Capital Variable, which may be abbreviated as Lamatechnology El Salvador, S.A. de C.V., (Lama), a Salvadoran company, under company number 2025121635 and registered address at Av. La Revolución, Presidente Plaza Colonia San Benito 25, 6, San Salvador, El Salvador. Lama is registered as a Bitcoin service provider with the Banco Central de Reserva de El Salvador.

2.2. The provision of electronic money infrastructure and technology, stablecoin orchestration services, and payment enablement functionalities under this Agreement is powered by a stablecoin orchestration and technology infrastructure Business Partner, which holds the necessary and required permits for compliance and operational purposes in its country of incorporation as well as with the United States Financial Crimes Enforcement Network (FinCEN), acting solely as a technology infrastructure provider for Lama. All regulated financial services, where applicable, are provided exclusively through our business partner's Licensed Partners in compliance with applicable local regulations.

By using Services that involve their infrastructure, you acknowledge and agree to be bound by the applicable terms and conditions in order to enjoy their services, which will be incorporated by reference when available, and you will need to review and accept them, as appropriate, in order to continue using them.

2.3. You can contact us by email at soporte@mylama.app, or through the App.

3. OUR SERVICES

3.1. CRYPTOCURRENCY AND/OR DIGITAL ASSET SERVICES

Cryptocurrency and/or digital asset services, referred to interchangeably in this agreement, are provided by Lama as follows:

3.1.1. Allowing the purchase of cryptocurrencies ("Cryptocurrency Purchase"); there are three methods by which you can make a cryptocurrency purchase:

  • a) You can use the electronic money in your electronic money wallet to purchase cryptocurrencies;
  • b) You can purchase one cryptocurrency using another cryptocurrency; or
  • c) You can purchase cryptocurrencies through the app using any other accepted payment method.

3.1.2. Acceptance of an order for the purchase of cryptocurrencies does not guarantee that you will receive the corresponding amount of cryptocurrencies in your cryptocurrency wallet (as defined below). The cryptocurrency purchase is conditional upon the effective receipt of funds, as well as the payment of applicable fees.

3.1.3. Subject to the terms of this Agreement and the transaction being honored by your bank or other relevant party, cryptocurrency purchases will be credited to the cryptocurrency wallet as soon as possible once the corresponding network confirms the purchase.

3.1.4. Cryptocurrency storage services ("Cryptocurrency Wallet") (cryptocurrency storage services); whereby cryptocurrency (whether purchased from Lama Platform or transferred from an external cryptocurrency wallet) may be held in a cryptocurrency wallet;

3.1.5. Cryptocurrency transfer services ("Cryptocurrency Transfer"), whereby cryptocurrency stored in your cryptocurrency wallet is transferred to another customer's wallet without cryptocurrency conversion.

3.1.6. Cryptocurrency conversion services ("Cryptocurrency Conversion"), whereby cryptocurrency stored in your cryptocurrency wallet is transferred to another customer's wallet, in exchange for:

  • (a) Electronic money credited to your electronic money wallet; or
  • (b) Another cryptocurrency that is deposited into your corresponding wallet; or

3.1.7. Cryptocurrency withdrawal, whereby cryptocurrencies stored in your cryptocurrency wallet are withdrawn from your Lama account and sent to a cryptocurrency wallet, whether your own cryptocurrency wallet or that of another person, held and operated by a third party ("Cryptocurrency Withdrawal") and thus operated outside the Lama application.

3.2. The use of cryptocurrencies may be illegal in some jurisdictions. It is your responsibility to be aware of the regulatory requirements relating to cryptocurrency transactions in your jurisdiction before using the Services.

3.3. FUNDING YOUR CRYPTOCURRENCY WALLET

3.3.1. Once your Lama account has been opened, there are two methods to add cryptocurrencies to your cryptocurrency wallet:

  • a) You or a third party may transfer cryptocurrencies to your cryptocurrency wallet; or
  • b) You may make a cryptocurrency purchase.

3.3.2. You or any other party may transfer cryptocurrencies to your wallet by sending the corresponding cryptocurrency we support to the corresponding address available through the App. We are not responsible for any transfer attempt related to a cryptocurrency that cannot be held in the cryptocurrency wallet, nor for any cryptocurrency we do not support.

3.3.3. You may purchase cryptocurrencies from us or from a third party through the App, subject to applicable fees. The price, exchange rate, and amount of cryptocurrency you wish to purchase will be confirmed through the application at the time you place a cryptocurrency purchase order.

3.3.4. Acceptance of an order for the purchase of cryptocurrencies does not guarantee that you will receive the corresponding amount of cryptocurrencies in your cryptocurrency wallet (as defined below). The cryptocurrency purchase is conditional upon the effective receipt of funds, as well as the payment of applicable fees.

3.3.5. Subject to the terms of this Agreement and the transaction being honored by your bank or other relevant party, cryptocurrency purchases will be credited to the cryptocurrency wallet as soon as possible once the corresponding network confirms the purchase.

3.4. PROVIDING YOUR CRYPTOCURRENCY WALLET

3.4.1. When you create a cryptocurrency wallet, we will manage a pair of private and public cryptographic keys (the "Keys") on your behalf that Lama may use to send and receive cryptocurrencies to or from your cryptocurrency wallet.

3.4.2. In connection with any transaction that uses cryptocurrency outside the Lama network, you acknowledge and confirm that you understand that:

  • 3.4.2.1. by using the cryptocurrency wallet, you may be communicating directly with the network related to the corresponding cryptocurrency and any such transaction is irreversible. The cryptocurrency wallet is not a custodian of your assets;
  • 3.4.2.2. all such transactions must be confirmed and recorded on the network related to the corresponding cryptocurrency;
  • 3.4.2.3. Lama has no control over the network related to the relevant cryptocurrency and therefore:
    • (a) the transaction you send through the cryptocurrency wallet may not be completed, or may be substantially delayed, by the network related to the corresponding cryptocurrency when processing the transaction;
    • (b) it cannot guarantee that any transaction details you send through our application will be confirmed on the network related to the corresponding cryptocurrency;
    • (c) it cannot assist you in canceling or otherwise modifying your transaction or transaction details and does not have the ability to facilitate any cancellation or modification request; and
    • (d) it does not guarantee that our Services can transfer title or right to any cryptocurrency or grant any guarantee with respect to such title.

3.4.3. We offer you the ability to hold Bitcoin and/or other digital assets in your cryptocurrency wallet. We reserve the right to withdraw the ability to hold a specific cryptocurrency in your cryptocurrency wallet at any time and, in such cases, we will make every effort to inform you in advance so that you may transfer your cryptocurrency to another cryptocurrency or withdraw it from your account as you see fit.

3.4.4. In the event of a "fork," we may not be able to support activities related to any cryptocurrency stored in your cryptocurrency wallet. You accept and understand that, in the event of a fork, transactions may not be completed, may be partially completed, incorrectly completed, or substantially delayed. We are not responsible for any losses suffered if caused wholly or partially, directly or indirectly, by a fork.

3.4.5. You agree to assume responsibility for all activities related to your cryptocurrency wallet and accept all risks of any authorized or unauthorized access to your cryptocurrency wallet, subject to applicable law.

3.5. CRYPTOCURRENCY TRANSFER AND WITHDRAWAL

3.5.1. Cryptocurrency (or part thereof) held in a cryptocurrency wallet may be transferred to another customer's cryptocurrency wallet or to an external wallet held and operated by a third party. Lama shall specify the information necessary to carry out a cryptocurrency transfer or withdrawal at the time of instruction, but, at a minimum, shall require:

  • (a) the recipient's wallet address; and
  • (b) the amount to be transferred.

3.5.2. We may charge additional network fees ("gas fees") to process a cryptocurrency transfer or withdrawal to a wallet outside the Lama network. We will calculate the network fee at our discretion, although we will always notify you of the applicable fee at the time you authorize the cryptocurrency transfer or withdrawal.

3.5.3. The fees applicable to a cryptocurrency transfer and withdrawal are set out in the Fee Schedule.

3.6. CRYPTOCURRENCY CONVERSION

3.6.1. You may convert cryptocurrency or, where available, electronic money held in your Lama account to Bitcoin, other digital assets, or fiat that we support at that time. The exchange rate applicable to a conversion will be shown to you before the conversion takes place and, by confirming the conversion transaction, you accept the exchange rate provided to you.

3.6.2. Any exchange rate provided in connection with a conversion is only guaranteed for the period of time stated in the proposed conversion notification. You cannot cancel any exchange transaction, so before making any transaction you should make sure you are certain you wish to proceed.

3.7. FEES

3.7.1. You must pay the Fees related to the use of our Services as set out in the Fee Schedule.

3.7.2. We will inform you of the exact amount of any Fee you must pay when you send us Instructions. When you confirm the Instruction and that the corresponding Transaction should be carried out, you accept the corresponding Fees. Any fee is applicable to the source cryptocurrency wallet or, where available, to the electronic money wallet as part of a transaction.

3.7.3. If you do not have sufficient cryptocurrency or, where available, electronic money in your Lama account to cover the fees required to execute a transaction, we may refuse to execute the transaction or to provide you with any service.

3.7.4. Lama may modify, update, or introduce new Fees from time to time, provided that any such change is made available to Users in a clear and accessible manner through the Lama website, the Lama application, or other official communication channels. Unless applicable law requires otherwise, updated fees will take effect after prior notification to the relevant regulator for their entry into force, and after publication to users, and will only apply to transactions initiated after such publication.

3.7.5. Users acknowledge that all applicable Fees are disclosed prior to the execution of any Transaction and are made available for review before any binding confirmation is provided. It is the user's responsibility to review the applicable Fee Schedule before submitting Instructions, and continued use of the Services constitutes acceptance of the Fees in effect at the time of the Transaction.

3.8. CRYPTOCURRENCY RISKS

3.8.1. The risk of loss when trading or holding Bitcoin and/or other digital assets can be substantial. As with any asset, its value can go up or down (and even fall to zero), can be highly volatile, and there is a substantial risk that you will lose money buying, selling, holding, or investing in Bitcoin and/or other digital assets. You should carefully consider whether trading or holding your crypto assets is appropriate for you in light of your own financial situation and attitude toward risk, as you carefully assess it. We make no representation or recommendation as to the advisability or otherwise of trading Bitcoin and/or other digital assets or any particular transaction.

3.8.2. Further information relating to the risks associated with cryptocurrencies is available on our website and application.

3.8.3. By entering into this Agreement, you acknowledge and accept that the use of our Services involves significant financial, regulatory, and reputational risks, including but not limited to those set out on the Lama website.

3.8.4. By signing this Agreement you expressly acknowledge that you understand and accept the risks set out on the Lama website.

3.9. ELECTRONIC MONEY SERVICES

The Electronic Money Services are provided by Lama using the processing infrastructure of our stablecoin orchestration and infrastructure Business Partner, duly registered in its country of incorporation and also registered with the U.S. Financial Crimes Enforcement Network (FinCEN); therefore, by beginning to use the Services, you confirm that you accept and agree to this Agreement (including any updates to this Agreement and the other documents mentioned above). 3.10.2. Lama may also offer additional services from time to time, and such additional services will be provided as an Additional Service, and if necessary, will be developed in an additional Annex. Lama reserves the right to deactivate any of the aforementioned services at any time. You will be notified when any of the services is deactivated.

3.11. The primary way in which we offer our services is through the Lama mobile application for individual consumers and through the web application for corporate and/or business customers. The mobile application can be downloaded from the Apple App Store for Apple devices and the Google Play Store for Android devices. However, we may also offer our services in other ways. These terms apply at all times and however you access our services. This means they apply to all ways in which you may access our services.

3.12. This Agreement, including each Annex, where applicable, constitutes the complete framework agreement entered into between the Parties for the provision of the Services we provide to you.

3.13. The clauses of this Agreement shall apply in full to each of the Services. The clauses applicable to a Service, and where so required, shall be supplemented by an Annex applicable to that service. Any conflict between clauses or Annexes in relation to a Service shall be resolved using the following priority:

  • 3.13.1. paragraph in an Annex;

  • 3.13.2. clause of this Agreement.

3.14. ABOUT THE ELECTRONIC WALLET

3.14.1. Electronic wallet

3.14.1.1. The electronic wallet is an electronic money account. You may deposit funds into your electronic wallet from your own account and from third parties.

3.14.1.2. No interest shall be paid on the fund balance held in the electronic wallet; nor does the fund balance held in the electronic wallet constitute a deposit.

3.14.1.3. The electronic wallet may be used to carry out transactions. In order to use the electronic wallet and carry out transactions, you must first load funds into the electronic wallet.

3.14.1.4. Once funds are loaded, you may send funds from the electronic wallet to another payment account.

3.14.1.5. Each time you carry out transactions using the electronic wallet, the fund balance held in the wallet will be debited by the amount of the transaction plus any applicable fees.

3.14.1.6. In addition to USD, you may load your electronic wallet with funds in different supported currencies. We do not support all foreign currencies. Please consult the list on our website at mylama.app for the currencies we do support.

3.14.2. What happens in cases where there are insufficient funds in my electronic wallet?

3.14.2.1. If you attempt to send money from the electronic wallet and you do not have a sufficient fund balance in your electronic wallet to make that payment, the payment will be declined.

3.14.2.2. You must have a sufficient fund balance in your electronic wallet to make a payment. The fund balance you hold in your electronic wallet must not be negative.

3.14.2.3. If you attempt to make a payment using the electronic wallet in a specific currency and you do not have a sufficient balance of that currency in the electronic wallet, or the payment requires a currency we do not support, the payment will automatically be processed using a balance in another currency you hold in your electronic wallet and a currency conversion rate will be applied.

3.14.2.4. If you do not hold a balance in another currency to draw funds from to cover a payment, your payment will be declined.

3.15. LOADING FUNDS INTO YOUR ELECTRONIC WALLET BY TOP-UP

3.15.1. Top-up: You may load funds into your electronic wallet by linking a funding source to your electronic wallet.

3.15.2. You must have at least one (1) valid Funding Source linked to your electronic wallet at all times; payments made from the electronic wallet may be declined if you do not have a valid funding source linked to the electronic wallet. To top up your electronic wallet using your Funding Source, you must follow the applicable steps provided to you by the Lama application.

3.15.3. When we receive a payment from your Funding Source, we may hold the funds while we determine that there is no risk of the Funding Source issuer reversing the transfer due to insufficient funds in your bank account.

3.15.4. To ensure that you obtain good outcomes from your use of our Services, we may limit the Funding Sources available for a transaction. If we limit a Funding Source, we will advise you that there is a higher-than-normal level of risk associated with the payment (for example, the risk that the payment may be disputed for some reason). If we contact you for this reason, we are not asserting that you or the merchant you wish to pay are acting dishonestly or fraudulently. This means that we consider there may be a higher-than-normal risk associated with the payment and we are investigating to ensure that you receive a good outcome, to the extent possible.

3.16. USE OF THE ELECTRONIC WALLET

3.16.1. How to authorize a payment

3.16.1.1. You will need to authorize a transaction before we can charge it to your electronic wallet.

  • (a) Authorization of payments made with your electronic wallet: To authorize a payment to another payment account from your electronic wallet, you will need to enter the IBAN or account number and select the code of the person you wish to pay (the payee). You must then follow the relevant on-screen steps shown in the secure personal login area of the Lama app at the time of the transaction to authorize the payment.
  • (b) A transaction cannot be canceled after it has been authorized. However, you may cancel payments you have authorized to be made on a future date, for example, if you have set up a recurring payment. You may cancel the payment if it allows you to contact us before the end of the business day preceding the day on which the payment is due to be made.

3.16.2. Situations in which we may refuse to authorize a transaction

3.16.2.1. There are certain situations in which we may refuse to authorize a transaction and/or suspend your use of your electronic wallet. These situations are:

  • (a) if legal or regulatory requirements prevent us from making the payment or mean we must carry out further checks;
  • (b) if you have breached this Agreement in a way that we reasonably believe justifies our refusal or delay of your payment;
  • (c) if we believe that processing your transaction would violate this Agreement or that you have not provided all the information necessary to make the payment correctly;
  • (d) if the amount exceeds, or would cause you to exceed, any limit that applies to your electronic wallet. You can check the applicable limits for your account type at mylama.app.
  • (e) if there are insufficient funds loaded into your electronic wallet to make the payment and cover the fees;
  • (f) if a bankruptcy order is issued against you or you have entered into an individual voluntary arrangement with your creditors;
  • (g) if, even after making every reasonable effort, we are unable to make the payment on time;
  • (h) if a third party prevents us from making the payment;
  • (i) if you owe us money;
  • (j) if we have asked you for important information we reasonably need and you have not provided us with that information; or
  • (k) if we have suspended your account.

3.16.3. Time at which we will receive the payment order

3.16.3.1. If we receive your payment order after 16:00 on a business day or on a non-business day, your payment order will be deemed received on the next business day.

3.16.4. Execution times

3.16.4.1. We will execute any transaction:

  • (a) in USD, Euros and/or any other legal tender fiat currency; or
  • (b) that involves only a fiat currency conversion, whether between USD, and/or Euro, as well as any other digital asset available through the application.

3.16.5. Limits imposed on the electronic wallet

3.16.5.1. There may be limits on the amount of funds you can load into the electronic wallet. We may also impose limits on the use of the electronic wallet for payments above a certain amount, from time to time. For more information on the limits imposed on the electronic wallet, you can consult the website mylama.app.

3.16.6. Withdrawal of funds held in your electronic wallet

3.16.6.1. How to withdraw the funds you hold in your electronic wallet

  • (a) You may withdraw the funds you hold in your electronic wallet by first logging in to the Lama app and following the relevant on-screen instructions at the time of the transaction. You may only withdraw the fund balance you hold in the electronic wallet at any time less the amount of any pending transactions.

3.16.6.2. Fees will apply to the withdrawal of funds

  • (a) You may be charged a fee for withdrawing funds. Please consult the fees page at mylama.app.

3.16.6.3. Withdrawing all funds does not mean your electronic wallet is closed

  • (a) Withdrawing all your funds from your electronic wallet does not automatically close the electronic wallet or terminate this Agreement. If you wish to terminate this Agreement, you must follow the steps to close your electronic wallet and terminate this Agreement.

3.16.7. How much will you pay?

3.16.7.1. Fees: You must pay the fees related to the use of the Services. We will not process your payment until we have received the applicable fees from you. You can view all the fees applicable to you on the page mylama.app.

3.16.7.2. Interest: Funds loaded into your account will not earn interest.

3.16.7.3. Exchange rates: You may hold fund balances in different currencies in your electronic wallet. If you are making a payment or withdrawing funds in a currency you hold in the electronic wallet, the payment will be made from that balance. If you make a payment or withdraw funds in a currency you do not hold in your electronic wallet, we will convert the amount by applying the corresponding interest rate and a fee to the balance or currency you hold.

3.16.7.4. We will also apply our margin, which is available on the fees pages at mylama.app. Any change to the relevant exchange rate will be applied immediately and without prior notice to you. We may also change our exchange rate provider at our discretion, without prior notice to you.

3.16.8. Communicating with you

3.16.8.1. How we will contact you: We may contact you by telephone, letter, SMS, WhatsApp, or email using the details you have provided to us in the Lama application. You must keep your contact details in the Lama app up to date at all times.

3.16.8.2. Information: When we are required to provide you with information on a durable medium, we will send you a notification in your Lama app, directing you to the information in the personal login area in a manner that allows you to retain that information without changes and refer to it in the future, such as in PDF. Please keep copies of the information we provide to you. If you wish us to provide information in a different way from that agreed, we may charge you a reasonable administrative fee to cover our costs.

3.16.8.3. Language: We will communicate with you in Spanish and/or English, interchangeably.

3.16.8.4. Your right to receive a copy of this Agreement: A copy of this Agreement is always available in a downloadable form on the website. Please visit mylama.app, or contact us at soporte@mylama.app if you need help obtaining a copy.

3.16.9. Our right to modify the Agreement

3.16.9.1. We may, at our discretion, modify the Agreement at any time (including amendments to and additions to our fees).

3.16.9.2. Changes we may make immediately: In certain exceptional circumstances such as:

  • (a) we have a reasonable belief that fraud is likely to occur or has occurred; or
  • (b) the amendments are made to comply with any regulation, we may make them immediately and notify you after such modifications.

3.16.9.3. Changes we may make upon notifying you: Except for immediate changes as described above, if we wish to modify this Agreement, we will give you at least two (2) months' prior written notice, by email.

3.16.9.4. If you do not accept our proposed changes, you have the right to terminate the Agreement immediately and free of charge. If you do not notify us of any disagreement with the proposed changes, we may assume that you accept the changes on the date the change takes effect.

3.16.10. Our right to suspend access to the Services and/or close the electronic wallet

3.16.10.1. We may close your electronic wallet or suspend access to the Services immediately in the following circumstances:

  • (a) if we consider, acting reasonably, that you are acting fraudulently or otherwise criminally;
  • (b) if you have not given us any information we have requested from you, or if we have good reason to believe that the information you have provided is incorrect or false;
  • (c) if you have breached this Agreement in a serious or persistent manner and have failed to resolve the matter within a reasonable period of time in which we request you to do so;
  • (d) if we have good reason to believe that continued use of your electronic wallet could damage our reputation or goodwill;
  • (e) if we have asked you to repay money you owe us and you have not done so within a reasonable period of time;
  • (f) if you have been declared bankrupt; or
  • (g) if we are required to do so under any law, regulation, court order, or instructions from the BOL.

4. ELIGIBILITY FOR A LAMA ACCOUNT

To use our services as an individual consumer, you need:

4.1. Individual Clients/natural persons.

  • 4.1.1. Eligibility: To be eligible to use our Services, you must be 18 years of age or older and have the capacity to enter into legally binding contracts; likewise, to use our Services, you must apply for them and provide relevant details about yourself when requested.
  • 4.1.2. Verification: We are required by law to verify certain details about you. We will open an electronic wallet once we have verified your identity and carried out such other checks as we deem appropriate at our discretion.
  • 4.1.3. The information you provide must be accurate: The information you provide to us must be accurate, complete, and truthful at all times. If your personal information changes, you must update the information we hold about you. From time to time we may require additional information and you must cooperate by providing such information if requested.
  • 4.1.4. Electronic checks with third parties: We may share the information we receive from you with other associated organizations or carry out electronic checks on you as necessary for the provision of the Services. When we carry out electronic checks, we may disclose your personal data to fraud prevention and credit reference agencies, which may retain a record of that information. By applying for our services, you agree that certain personal data about you may be transferred to such agencies for this purpose. You have the right to access the personal records held by these fraud prevention agencies. We will provide the names and addresses of the agencies we use if requested in writing.
  • 4.1.5. You must comply with applicable laws at all times. You must comply with applicable laws at all times. This means you must comply with all applicable laws during the period in which you apply for services with us, throughout the entire period of this Agreement, and while we maintain a fund balance for you following termination of this Agreement.
  • 4.1.6. You agree to use our services solely for personal use as an individual in your personal capacity and not on behalf of any other person or entity or for commercial business.

4.2. Corporate/business customers

To use our services as a business customer, you need:

4.2.1. to confirm that you are not a consumer, micro-enterprise, or charity within the meaning of the Payment Services Regulations 2017 ("PSR") and the Payment Services Directive (Directive (EU) 2015/2366 as periodically updated) ("PSD") and you agree that:

  • (a) none of the provisions of Part 6 of the PSR apply to this Agreement (and the equivalent in the PSD); and
  • (b) regulations 61(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92, and 94 of the PSR do not apply to this Agreement, and a different period may apply to this Agreement from the period set out in regulation 74(1) of the PSR (and the equivalent in the PSD).

4.2.2. Be a person authorized to open the business account;

4.2.3. carry out a business activity supported by Lama;

4.2.3. Use our services only for your business purposes and not on behalf of any other business or individual.

4.3. By using our services, you confirm and represent that all of the above is true.

4.4. You may only open one Lama account unless we have agreed in writing to the opening of additional accounts. Lama may refuse to create duplicate accounts for the same user. Duplicate accounts may be closed or merged at Lama's discretion.

4.5. Verification: We are required by law to verify certain details about you. We will not open an electronic wallet until we have verified your identity and carried out such other checks as we deem appropriate at our discretion.

4.6. The information you provide must be accurate: The information you provide to us must be accurate, complete, and truthful at all times. If your personal information changes, you must update the information we hold about you. From time to time we may require additional information and you must cooperate by providing such information if requested.

4.7. Electronic checks with third parties: We may share the information we receive from you with other associated organizations or carry out electronic checks on you as necessary for the provision of the Services. When we carry out electronic checks, we may disclose your personal data to fraud prevention and credit reference agencies, which may retain a record of that information. By applying for our services, you agree that certain personal data about you may be transferred to such agencies for this purpose. You have the right to access the personal records held by these fraud prevention agencies. We will provide the names and addresses of the agencies we use if requested in writing.

4.8. You must comply with the laws applicable to you at all times. You must comply with applicable laws at all times. This means you must comply with all applicable laws during the period in which you apply for services with us, throughout the entire period of this Agreement, and while we maintain a fund balance for you following termination of this Agreement.

5. OPENING AN ACCOUNT

5.1. To access our Services, you must register and open a Lama account and provide us with the information requested in the App.

5.2. We are required by law to carry out all necessary security and customer due diligence checks to establish your identity and comply with all legal requirements before providing you with access to our Services. You agree to comply with any request from us for additional information and to provide it in a format acceptable to us. You authorize us to obtain one or more of your credit history, from time to time, to establish, update, or renew your Lama account with us or in the event of a dispute related to this Agreement and activities under your Lama Account.

5.3. You confirm that all information you provide to us is complete, accurate, and truthful at all times during the term of this Agreement. Following successful identification and verification, Lama will open an account for you and you will receive confirmation as part of the onboarding process. You must update this information whenever it changes. We cannot accept responsibility for any financial loss arising from your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or to provide additional supporting documents.

6. ACCESS TO YOUR ACCOUNT

6.1. We will provide you with the ability to securely access your Account by entering your security details ("Account Details") and authentication and verification technology. To ensure the security of your Lama account, you must:

  • 6.1.1. Have access to a mobile phone for the individual version of the consumer application and to a desktop for the business web version, or any additional device that Lama may require for security reasons.
  • 6.1.2. Follow good password use and management practices: change your password regularly, choose a password that cannot be easily guessed, and ensure it is not reused on other online accounts.
  • 6.1.3. You must reset your password whenever you believe your password has been compromised.
  • 6.1.4. Use any additional optional security features that Lama may provide.
  • 6.1.5. Keep your email account secure.
  • 6.1.6. You must NOT disclose your Lama account password to anyone or allow anyone to access your account. You must ensure that no one watches how you access your account. We recommend that you store your password securely.

6.2. Each time you seek to access your Account, we will verify your identity as a security measure before access is granted. Lama reserves the right to employ additional security features to protect you and your account. While you provide us with your correct account details and any additional security questions, we will assume that you are the person who has accessed your account and is giving instructions, and you will be responsible for such instructions, unless otherwise indicated in this Agreement.

6.3. If you have any suspicion or reason to suspect that your Lama account, account details, password, or other security features have been lost, stolen, misappropriated, used without authorization, or otherwise compromised, it is recommended that you change your password. You must contact us by email at soporte@mylama.app without undue delay but, in any event, no later than one business day after becoming aware of any loss, theft, misappropriation, or unauthorized use of your Account, Account Details, password, or other security features. Any undue delay in notifying us may not only affect the security of your Lama account but may also result in your liability for any resulting loss. If you suspect that your Lama account was accessed by another person, you should also contact the police or any other relevant authority or third party and report the incident. We are not responsible for losses due to your negligence in keeping your password secure.

6.4. We may suspend your Lama Account or restrict its functionality for reasonable reasons related to the security of the Lama Account or any of its security features, or if we reasonably suspect that an unauthorized or fraudulent use of your Lama Account has occurred, that any of its security features has been compromised, or that any possibly illegal use or use that does not comply with any law or regulation has taken place. We will notify you of any suspension or restriction and the reasons for such suspension or restriction in advance or, where we are unable to do so, immediately after imposing it, unless notifying you or providing the reasons for the suspension or restriction would be unlawful or would compromise our security interests or those of our external providers.

6.5. You accept and agree to all risks associated with maintaining balances in currencies and assets we may support, including risks associated with fluctuations in exchange rates or corresponding value over time.

6.6. We do not permit negative balances. If you have a negative balance as a result of a chargeback, the reversal of a transaction, a fee deduction, or any other action you take, you are responsible for repaying the negative balance immediately without notice from us. Where you have a negative balance in your cryptocurrency wallet and, where available, a positive balance in your electronic money wallet, or vice versa, you agree that we may carry out a transfer to or from the account with the positive balance to repay the negative balance on the other account. We may send you reminders or take other reasonable actions to recover the negative balance from you; for example, we may use a debt collection service or take further legal action. We will charge you any costs we may incur as a result of such reasonable actions.

6.7. You are responsible for any taxes that may be applicable to the payments you make or receive, and it is your responsibility to collect, report, and pay the correct tax to the relevant tax authority.

7. AVAILABILITY OF SERVICES

7.1. When applying for your Account, the App will show you which Services are available to you. We will inform you through the App, by email, or WhatsApp when we launch any additional Services under this Agreement.

7.2. We will endeavor to ensure that our services are available to you when you need them. However, we do not guarantee that our services will always be available or that they will be uninterrupted. We may suspend, withdraw, or modify all or part of our Service without prior notice. We will not be liable to you if, for any reason, our services are unavailable at any time or for any period. You are responsible for making all necessary arrangements to ensure you have access to our services.

8. EXECUTING A TRANSACTION AND REDEMPTIONS

8.1. You may send an instruction to initiate a Payment Transaction using Electronic Money in your Electronic Money Wallet if available, or Cryptocurrency in your Cryptocurrency Account, through the App (an "Instruction"). Before submitting an Instruction, you must ensure you have a sufficient Balance to cover the corresponding Transaction, as applicable, and any related Fee (as set out in the Fee Schedule), otherwise we will decline the corresponding Instruction.

8.2. To carry out a transaction, you may be required to authorize the payment with your account details and password or by any other means, at our sole discretion. We may also ask you additional security questions related to you or your Lama account. If your Lama account is protected by additional security measures, you must follow the instructions provided with those additional security measures.

8.3. The execution of your Instructions will be subject to the following terms and conditions:

  • 8.3.1. Lama will execute your instructions if the information necessary for execution has been provided through the App;
  • 8.3.2. The instruction has been authorized by you; and
  • 8.3.3. the electronic money wallet or cryptocurrency wallet available, whichever is used for the corresponding transaction, has sufficient credit balance for the corresponding transaction; and
  • 8.3.4. we consider at our sole discretion that executing the corresponding Payment Transaction will not breach any legal anti-money laundering requirements or other legal requirements, and the jurisdiction, the recipient, or any other related party is not subject to any sanction.

8.4. Lama shall be deemed to have received an Instruction:

  • 8.4.1. if you and we mutually agree that the execution of the Transaction will take place on a specific day;
  • 8.4.2. the last day of a given period; or
  • 8.4.3. the day on which you have made funds available to us.

8.5. If and where appropriate, we may refuse to process any Transaction at our discretion and without such decision giving rise to any compensation on your part. Where possible (and subject to applicable law), we will provide you with the reasons for refusing to process any Transaction.

8.6. Unless clause 8.5 applies, once we have received your Instruction, a confirmation will be sent to you and you will not be able to withdraw your consent to a Transaction once it has been deemed received. Each Instruction is given a unique transaction number and is displayed in the transaction history of your Lama account. You must quote this transaction number when communicating with us about an Instruction.

8.7. Some transactions may take longer to complete, and we may treat them as pending until full completion is confirmed. In such cases, we will inform you as soon as we have confirmation of the completion of a Transaction.

8.8. If we are unable to complete your Instruction, we will inform you and, if possible, provide you with the reasons for the refusal and, where applicable, an explanation of how to correct any factual error. However, we are not obliged to notify you if such notification would be unlawful or contrary to our regulatory obligations.

8.9. You are responsible for ensuring that the information you provide when setting up a transfer or transaction is correct and accurate. If we have processed your instructions in accordance with the information you have provided, it will be deemed correctly completed even if you have made an error. If you have provided incorrect information, you could lose your cryptocurrency or, where available, electronic money, and we will not be responsible for that. Unless required by applicable law, we will not reimburse any loss due to your incorrect information. If you have provided incorrect information about the recipient, you may ask us to assist you in recovering funds related to a Transaction, but we cannot guarantee that such efforts will succeed.

8.10. We reserve the right to impose limits on transactions or redemptions you may send per transaction or in connection with your Lama account. We may also impose limits on your balances and activities in accordance with the legal and regulatory restrictions that apply to you. If you exceed any of these limits, we may decline your Instruction and, on occasion, we may require you to provide additional documents so that we may carry out further checks if necessary before allowing any further Transaction or redemption. For more information on applicable limits, please visit our frequently asked questions.

8.11. We are not responsible for the time it takes for payments to arrive if you fund your account from persons who do not have a Lama account.

9. YOUR DATA

9.1. The processing of your data is governed by our Privacy Policy, which can be found on the Lama website. The Terms and Conditions and the Privacy Policy are separate legal documents, and you must review and accept both before you can register, access, or use the Lama application and the Services. You also acknowledge and agree that, in order to comply with applicable legal and regulatory obligations, we may retain your personal data, transactional records, and related information for a period of up to fifteen (15) years, or such longer period as applicable law may require.

9.2. In accordance with applicable laws and regulations on the protection of personal data, including local and international data protection legislation, Lama provides users with a clear and accessible privacy notice detailing the nature, scope, purposes, and legal basis of personal data processing, as well as the rights available to data subjects, for compliance and governance purposes. Lama is responsible for the processing and management of users' personal data and acts as data controller in accordance with applicable data protection laws. Where required by law, Lama has designated a Data Protection Officer (DPO), whose contact details will be available through the Privacy Policy, and who will be responsible for overseeing compliance with data protection obligations and acting as a point of contact with data subjects and supervisory authorities.

9.3. Notwithstanding any shorter retention periods that may apply under data protection regulations, users acknowledge and agree that Lama is legally required to retain certain personal data, documentation, and transactional information for a minimum period of fifteen (15) years, in accordance with applicable anti-money laundering (AML), counter-terrorist financing (CTF), and other financial regulatory requirements. Such data retention will be limited to what is strictly necessary to comply with those legal obligations and will be subject at all times to appropriate technical and organizational security measures.

9.4. Due to the nature of Lama's services as a regulated financial technology provider, certain personal and corporate data is mandatorily processed to comply with applicable know your customer (KYC), know your business (KYB), anti-money laundering (AML), counter-terrorist financing (CTF), and other financial regulatory requirements. The processing of such data is carried out primarily on the basis of compliance with legal obligations and the performance of the contractual relationship, and not on the basis of consent. Failure to provide the required information may prevent Lama from onboarding the User or providing the Services.

10. INTELLECTUAL PROPERTY RIGHTS

10.1. In this clause, "Lama IP Rights" means, in relation to Lama, all: (i) patents, inventions, designs, copyrights and related rights, database rights, know-how and confidential information, trademarks and related goodwill, trade names (whether registered or unregistered) and rights to apply for registration; (ii) all other rights of a similar nature or having equivalent effect anywhere in the world which currently exist or are recognized in the future; and (iii) all applications, extensions, and renewals related to any of these rights.

10.2. Except as expressly set out in this Agreement, you have no right, for any reason, to any Lama IP Right. We will at all times retain ownership, including all rights, title, and interest in all of Lama's intellectual property rights, and you understand and agree that by using the Services you shall not:

  • 10.2.1. acquire or be entitled to any Lama IP Right;
  • 10.2.2. make a claim in respect of any Lama IP Right or any other equivalent right; or
  • 10.2.3. use, attempt to use, copy, imitate, or modify (in whole or in part) any Lama IP Right, except with our prior written consent.

10.3. You may not, nor may you directly or indirectly, nor attempt to directly or indirectly:

  • 10.3.1. transfer, sublicense, lend, sell, assign, lease, rent, distribute, or grant rights over any Lama IP Right to any person or entity;
  • 10.3.2. remove, conceal, or modify any Lama intellectual property rights notice;
  • 10.3.3. modify, copy, manipulate, or otherwise create derivative works of any Lama IP Right; or
  • 10.3.4. reverse engineer, disassemble, or decompile any part of the Services or Lama IP Rights, or apply any other process or procedure to derive the source code of any software included in the Services or any Lama IP Right.

11. INFORMATION SECURITY

11.1. You are responsible for configuring your information technology, computer programs, and platform to access our services. You should use your own virus protection software. We cannot guarantee that our services will be free from errors or viruses.

11.2. You must not misuse our Services by introducing viruses, Trojans, worms, logic bombs, or other material that is malicious or technologically harmful. You must not attempt to gain unauthorized access to our website, our servers, computers, or databases. You must not attack our website with any type of denial-of-service attack. By breaching this provision, you may commit a criminal offense and we will report any breach to the relevant law enforcement authorities, cooperating with them by disclosing your identity. In the event of such a breach, your right to use our website and/or our services will cease immediately.

11.3. We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, programs, data, or other proprietary material related to your use of our Services.

12. HOW WE MAY CONTACT YOU

12.1. We usually contact you by email. To ensure this, you must always maintain at least one valid email address in your Lama account profile. You should review incoming messages regularly and frequently. These emails may contain links to additional communications on our website. If you fail to maintain or review your email and other communication methods, you will miss emails about your transactions and our Services. We cannot be held responsible for any consequence or loss if you fail to do so. If we have reasonable concerns about the security of your Lama account or any actual suspicious or fraudulent use of your account, we will contact you by telephone, email, WhatsApp, or a combination of or all the channels we have confirmed are available to you (unless contacting you would be unlawful or would compromise our reasonable security measures).

12.2. In addition to communicating by email, we may contact you by telephone when appropriate. If you use any mobile service, we may also communicate with you by SMS or WhatsApp. Any communication or notice sent by:

  • 12.2.1. Email will be deemed received by you on the same day if it is received in your inbox before 17:00 on a business day. If it is received in your inbox after 17:00 on a business day or at any other time, it will be deemed received on the next business day.
  • 12.2.2. SMS and WhatsApp will be deemed received on the same day.

12.3. When legislation requires us to provide you with information on a durable medium, we will send you an email (with or without an attachment) or send you a notification directing you to information on our website in a manner that allows you to retain it in printed or other permanently retainable form for future reference. We recommend that you keep copies of all communications we send or make available to you.

12.4. Documents or communications in any other language are for your convenience and only the English version is official.

12.5. You may request a copy of the current Agreement or any other contractual document relevant to you by contacting us.

13. LIABILITY AND INDEMNIFICATION

13.1. To the maximum extent permitted by applicable law, under no circumstances shall any of us or any of our respective employees, officers, directors, contractors, consultants, shareholders, suppliers, vendors, service providers, parent companies, subsidiaries, affiliates, agents, representatives, predecessors, successors, and assigns ("Indemnified Parties") be liable for any direct, indirect, special, incidental, or consequential loss of any kind (including, but not limited to, loss of revenue, business, or profits, loss of contract or depletion of goodwill, loss of anticipated savings, loss of use or data, or damages from business interruption or any similar loss) arising from or related in any way to the Services or otherwise related to this Agreement, regardless of the cause of action, whether based on contract, tort (including negligence), breach of statutory duty, restitution, or any other legal or equitable basis (even if any of the Indemnified Parties has been advised of the possibility of such losses and regardless of whether such losses are foreseeable).

13.2. We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for gross negligence, fraud, or intentional, willful, or reckless misconduct by any Indemnified Party, nor will it limit or exclude any loss for which, under applicable law, it would be unlawful to limit or exclude liability.

13.3. To the maximum extent permitted by applicable law, you will indemnify, defend, and hold harmless the Indemnified Parties from and against any claims, demands, actions, damages, losses, costs, and expenses (including reasonable professional and legal fees) arising from or related to:

  • 13.3.1. Your use of any of the Services (including the cryptocurrency wallet and, where available, the electronic money wallet);
  • 13.3.2. your use of the App;
  • 13.3.3. your acquisition or holding of any Bitcoin and/or other digital assets under this Agreement;
  • 13.3.4. the fulfillment or breach of your responsibilities, representations, warranties, or obligations under this Agreement;
  • 13.3.5. your breach of any of the terms and conditions set out in this Agreement;
  • 13.3.6. Your infringement of any right of any other person or entity.

13.4. The indemnification set out in this clause 13 is in addition to and does not replace any other remedy that may be available to any Indemnified Party under applicable law or any other contract or right.

13.5. We have no control over websites linked to and from our website or application and accept no responsibility for their content or for any loss or damage that may arise from their use.

13.6. In the unlikely event of losses, claims, or costs arising from your breach of this Agreement, any applicable law or regulation, and/or your use of our Services, you agree to compensate us and our affiliates and to hold us harmless. This provision will continue after the termination of this Agreement.

13.7. In the event that you are liable for any amount owed to us, we may immediately deduct such amounts from your Balance (if available). If there are insufficient funds in your Balance to cover your liability, we reserve the right to collect your debt to us using any payment (or cryptocurrency) received into your Lama Account and, otherwise, you agree to reimburse us by other means. We may also recover amounts owed to us by legal means, including, without limitation, through the use of a debt collection agency.

14. CHANGES TO THE AGREEMENT

14.1. Subject to paragraph 14.2 below:

14.2. where any change to this Agreement relates to the Electronic Money Services, or to the terms and conditions that apply to the Electronic Money Services, we may modify this Agreement by giving you at least two months' prior written notice. If we do this, you may terminate this Agreement immediately by providing us with written notice during this notice period. If you do not contact us to terminate this Agreement during the notice period, you will be deemed to have accepted the proposed changes and the amended Agreement will apply to you from the effective date specified in the notice;

14.3. where changes to this Agreement do not fall within clause 14.1, we may modify this Agreement at any time by giving you notice. Any changes made by us under this clause 14.3 will apply immediately or on the effective date specified in the notice provided to you and will be binding on you from that point. In the event that you object to any change proposed by us under this clause 14.3, you have the right to terminate this Agreement by giving us notice. Upon receipt of any such notice from you, the procedure set out in clause 15 will apply.

14.4. Changes to exchange rates will take effect immediately and without prior notice and you will have no right to object to such change.

15. SUSPENSION OR TERMINATION OF THIS AGREEMENT

15.1. This Agreement is concluded for an indefinite period and will come into force from the date on which we accept your Lama Account application.

15.2. You may terminate this Agreement with us and close your Lama account at any time, provided you give us two weeks' prior notice, by contacting us at soporte@mylama.app. We may terminate this Agreement and close your Lama account or any service associated with it by giving you two months' prior notice.

15.3. We may at any time suspend or close your Lama account and/or terminate this Agreement without prior notice if:

  • 15.3.1. you breach any provision of this Agreement or documents referenced in this Agreement;
  • 15.3.2. we are requested or ordered to do so by any competent court, governmental authority, public agency, or law enforcement agency;
  • 15.3.3. we have grounds to believe that you are in breach of any applicable law or regulation; or
  • 15.3.4. we have grounds to believe that you are involved in any fraudulent activity, money laundering, terrorist financing, or other criminal or illegal activity;
  • 15.3.5. you provide incorrect, incomplete, or misleading information or documents, refuse or avoid providing the required information or documents, or submit documents whose accuracy or authenticity is in question;
  • 15.3.6. your actions have damaged or may damage the Company's reputation, or if you act in a way that puts the Company's reputation at risk;

15.4. We may suspend your Lama Account or restrict its functionality if, at our sole discretion, we have concerns about the security of your Lama Account, suspected unauthorized or fraudulent use of your Lama Account, suspected money laundering, or association with money laundering activities or breach of applicable law.

15.5. We will notify you of any suspension or restriction and the reasons for such suspension or restriction as soon as we are able, either before the suspension or restriction is imposed or immediately thereafter, unless notifying you would be unlawful or would compromise our reasonable security measures. We will lift the suspension and/or restriction as soon as possible, once the reasons for the suspension and/or restriction have ceased to exist.

15.6. In the event of termination for any reason, all rights granted to you in connection with the App will cease; you must immediately remove or delete the App from your devices.

15.7. Inactive accounts, account closure, and unclaimed balances

15.7.1. Definition of an inactive account

An account will be considered inactive if there has been no customer-initiated activity for a continuous period of [6]{.underline} months. Customer-initiated activity includes, but is not limited to: logging in to your Account, executing a transaction, or making a deposit or withdrawal.

15.7.2. Fees on inactive accounts

15.7.2.1. If your account becomes inactive and maintains a positive balance, we will apply an administrative fee to cover the costs incurred in maintaining the account.

15.7.2.2. We will apply an initial administrative fee of USD 9.99 to cover the operational, technical, and regulatory compliance costs incurred in maintaining the inactive account, which will be deducted from the total balance of your account, calculated at its USD equivalent.

15.7.2.3. For each subsequent month in which the Account remains inactive, a recurring monthly maintenance fee of USD $4.99 for individual customers and USD $9.99 for corporate customers, or its equivalent in other currencies, will be deducted from the Balance; it being entirely at Lama's discretion to proceed to close your Virtual IBAN account due to your account being inactive and having no available balance, without this implying the closure of the Lama Account in its entirety or giving rise to any right to compensation for the User.

15.7.2.4. If your account holds funds in different currencies, we will charge the fee from any of them. We may deduct the entire amount from one currency or from several, until the total amount is covered (equal to the fee in US dollars).

15.7.2.5. If the total USD equivalent balance of your account is less than the fee owed, we will deduct the entire remaining balance, after which your account balance will be zero.

15.7.2.6. Following any deduction of inactive account fees (including when the entire remaining balance is deducted), you may request an account statement or equivalent transaction record showing the fees charged to your account. We will make such a statement or record available; to obtain such a statement, you may contact us by email at soporte@mylama.app, or through the App, so that you can verify how the account was charged and whether such charges were applied in accordance with these Terms and Conditions.

If your account was migrated ("Migrated Account"), you have enhanced rights regarding account statements as follows: (a) Statements must be requested by email at soporte@mylama.app and will be provided within fifteen (15) business days.

15.7.3. Account closure and redemption of funds

15.7.3.1. Upon termination of this Agreement, you have the right to redeem any remaining E-Money or Cryptocurrency in your Lama Account during a period of six (6) years from the date on which your Account is closed.

15.7.3.2. You acknowledge that this six-year right to redeem funds applies to the Balance remaining in your Account at the time of its closure. If your account became inactive and incurred fees as described in clause 15.7.2 of this section prior to its closure, the redeemable Balance will be net of these fees and may be zero.

15.7.3.3. You remain responsible for any applicable costs incurred in the final withdrawal of your funds upon closure of payment, including but not limited to blockchain transaction fees or bank fees.

15.8. You must not close your Lama account to avoid an investigation. Subject to applicable law, if you attempt to close your Lama Account during any investigation, we may retain funds in your Lama Account until the investigation is fully completed, to protect our interests or those of a third party.

16. TAXATION

16.1. Unless otherwise informed through the App, you are solely responsible for determining whether the use of the App and any of the Services will have tax implications for you.

16.2. You are also solely responsible for withholding, collecting, reporting, paying, settling, and/or remitting all taxes to the relevant tax authorities in such jurisdictions where you may be required to pay taxes. We will not be responsible for withholding, collecting, reporting, paying, settling, and/or remitting taxes (including, but not limited to, any income, capital gains, sales, value-added, or similar tax) that may arise from your activities, including in connection with Bitcoin and/or other digital assets, under or in connection with this Agreement.

16.3. You agree not to hold any of us or any of the Indemnified Parties liable for any tax obligation associated with or arising from your activities, including in connection with Bitcoin and/or other digital assets, in connection with this Agreement.

17. COMPLAINTS

17.1. If you have a complaint, please contact us and we will do our utmost to resolve the issue. You may send an email to quejas@mylama.app or chat with us in the App.

17.2. If you are not satisfied with the handling of your complaint, for matters related to the provision of Bitcoin services you may contact the Superintendencia del Sistema Financiero (SSF) by email at atencionalusuario@ssf.gob.sv, WhatsApp (7840-9741 or 7593-9103), or visit their offices in the Distrito de Antiguo Cuscatlán; for complaints concerning other digital assets you may contact the Comisión Nacional de Activos Digitales (CNAD) by email at info@cnad.gob.sv, by phone at 503 2224 0942, or visit their offices in the Distrito de San Salvador.

17.3. Without prejudice to your right to file a complaint with the SSF and CNAD, as described above, you also have the right to file a complaint with the Defensoría del Consumidor of El Salvador if you believe your rights as a consumer have been violated. You may contact them through their website www.defensoria.gob.sv and their telephone helpline: 910.

18. FORCE MAJEURE

18.1. If the Affected Party is prevented, hindered, or delayed in the performance of any of its obligations under this Agreement by a Force Majeure Event, its obligations under this Agreement will be suspended for as long as the Force Majeure Event continues to the extent that the Force Majeure Event prevents, hinders, or delays its performance of those obligations.

18.2. If the period of delay or non-performance due to a Force Majeure Event extends for 4 weeks, the Unaffected Party may terminate this Agreement by giving written notice of 7 calendar days to the Affected Party.

19. OTHER MATTERS

19.1. This Agreement is between you and us. No other person will have any right to enforce any of its terms. Neither of us will need the agreement of any other person to terminate or make changes to this Agreement.

19.2. You acknowledge that by entering into this Agreement, you:

19.2.1. have not relied on any oral or written statement, warranty, guarantee, representation, or undertaking that has been or may have been made by us or on our behalf by any of the Indemnified Parties and/or a related entity or undertaking in connection with the subject matter of this Agreement at any time prior to your acceptance ("Pre-Contractual Statements"), other than those set out in this Agreement. You hereby waive any right and remedy that might otherwise be available in connection with such Pre-Contractual Statements; and

19.2.2. We do not offer any financial, accounting, tax, or legal advice in connection with this Agreement or the Services, and you are solely responsible for conducting your own independent assessment and investigation of the risks of using the App and any of the Services, and you should obtain your own legal, accounting, tax, and/or financial advice in connection with the matters you consider necessary.

19.3. You may not transfer, assign, mortgage, charge, subcontract, declare a trust over, or otherwise deal with any or all of your rights and obligations under this Agreement (including the Lama Account) without our prior written consent. We reserve the right to transfer, assign, or modify this Agreement (including the Account) or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your account as stipulated in this agreement.

19.4. Each paragraph of this Agreement operates independently. If any competent court or authority decides that any of them is unlawful, the remaining paragraphs will remain in full force and effect.

19.5. Nothing in this Agreement shall be deemed to create any form of partnership, joint venture, or any other similar relationship between you and us, and/or other persons or entities involved in the development and deployment of the Application.

19.6. If we delay in requiring certain things from you or in taking action, this will not prevent us from taking action against you at a later date.

19.7. This Agreement supersedes and extinguishes all prior agreements between you and us, whether written or oral, relating to its subject matter and constitutes the entire Agreement between you and us.

19.8. Any dispute between you and us arising out of or in connection with your Lama Account and/or this Agreement (including non-contractual disputes or claims) will be governed by the laws of the Republic of El Salvador and will be within the exclusive jurisdiction of the courts of the Republic of El Salvador.

20. REFERRAL PROGRAM

WHO IS ELIGIBLE TO PARTICIPATE? TO BE ELIGIBLE FOR THE LAMA BONUS, YOU MUST:

20.1. Be at least 18 years of age.

20.2. Live in one of the countries supported by Lama.

20.3. Complete the verification of your account. You will be asked to complete identity and photo verification.

20.4. Only have one Lama account.

20.5. BONUS PAYMENT

20.5.1. The bonus will be credited to your Lama account as soon as you reach the corresponding objectives.

20.6. ADDITIONAL INFORMATION

20.7. Lama reserves the right to modify any of the terms of its bonus or referral program, at any time and at its sole discretion.

20.8. The bonus will only be paid once per qualifying round. Duplicate accounts will be disqualified and Lama will not pay bonuses on accounts that maliciously create fictitious and duplicate accounts. By participating in the bonus/referral program, you acknowledge that Lama does not guarantee receipt of payments.

20.9. If you redeem your bonus, you will have to start earning from zero again.

20.10. If, after receiving the referral bonus, there is no activity on your account other than the referral credit for a period of two months, you will forfeit your right to the credited bonus and Lama will reverse the referral balance.

20.11. If you fail to comply with these terms, you may forfeit your bonus and may be excluded from participating in future Lama Bonus Programs.

21. LIABILITY

21.1. If we fail to reasonably meet our commitments to you under the terms of this Agreement, we are only liable for the loss you suffer that is a foreseeable result of our breach or of our failure to use reasonable care and skill. We are not responsible for any loss or damage that is not foreseeable.

21.2. We do not exclude or limit liability for death or personal injury caused by our negligence or the negligence of our employees, agents, or subcontractors; or for fraud or fraudulent misrepresentation.

21.3. The electronic wallet is a consumer product; therefore, if you use our Services for any business or commercial purpose, we will have no liability to you for loss of profits, loss of business, business interruption, or loss of business opportunity.

22. GOVERNING LAW AND JURISDICTION

22.1. The law governing this Agreement is the law of El Salvador. The courts of El Salvador have jurisdiction to resolve any dispute between you and us in connection with this Agreement.

22.2. DISPUTE RESOLUTION

22.2.1. If you are not satisfied with the service you receive from us, you must contact us at quejas@mylama.app.

22.2.2. Correspondence may be monitored or recorded. Our complaints procedure is available on the website or if requested from us at quejas@mylama.app and, if we receive a complaint from you, a copy of our complaints procedure will automatically be sent to you.

22.2.3. We will provide you with a full response to your complaint by email within fifteen (15) business days from the date we receive your claim. In exceptional circumstances where we are unable to respond fully to your complaint, we will inform you of this, indicating our reasons for the delay and the period within which you will receive a full response, which in any case will be within thirty-five (35) business days from the date we receive your claim.

23. DATA PROTECTION

23.1. We need to collect information about you in order to provide you with the services under this Agreement. For information on how we use your personal data, please see our privacy notice at soporte@mylama.app.

23.2. By signing this Agreement, you acknowledge and agree that we may collect, process, and store your personal information for the purpose of providing you with our Services. This does not affect any rights or obligations you or we may have under data protection law.

24. OTHER LEGAL TERMS

24.1. We may transfer this Agreement to another person

  • (a) We may assign or transfer any of our rights and obligations under the Agreement, without your prior consent, to any other person or company, provided that such party continues to fulfill the obligations of the Agreement toward you.

24.2. Third parties

24.2.1. This Agreement is only between you and us. Except for any party to whom we transfer this Agreement, nothing in the Agreement confers any benefit or right on any third party (including the right of enforcement).

ANNEX 1 — DEFINITIONS

20. The following definitions apply:

  • Accepted Payment Method

Means a payment method by bank transfer or other payment method we accept or, in connection with a cryptocurrency purchase, any payment method accepted by us or by an external cryptocurrency seller accessible through the application.

  • Account or Lama Account

The account you have opened under this Agreement that allows you to access Lama Services.

  • Account Details

Has the meaning given in clause 6.1.

  • Agreement

Refers to these Terms and Conditions, including the Annexes to this Agreement and the privacy policy displayed on the website.

  • App or Lama App

Means the Lama mobile application or alternative means of accessing our services, such as through web pages.

  • Balance

Means any electronic money or cryptocurrency held in your Lama account.

  • Business Day

Means a day other than a Saturday, Sunday, or public holiday in El Salvador when financial institutions are open.

  • Chargeback

Means a demand for a return of money to the payer following a loss, fraud, or disputed transaction, by a payment method that offers such a service.

  • Cryptocurrency

Means Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and/or any other cryptocurrency that may in the future be purchased from Lama or from a third party through the App.

  • Cryptocurrency Wallet

Means an electronic account maintained for the purpose of enabling you to store, send, or receive cryptocurrency transfers.

  • Electronic Money or E-Money

Means monetary value, which will be stored electronically for you.

  • Fee Schedule

Means all the fees paid by the user for the use and management of an electronic money wallet and a cryptocurrency wallet that are available on the Lama website.

  • Fees

Means the fees you are required to pay us for the use of our Services as set out in our Fee Schedule.

  • Fiat Currency

Means any government-issued currency that is not backed by a physical commodity of intrinsic value, such as gold or silver.

  • Force Majeure Event

Means each (or any combination of) event(s) beyond the reasonable control of you or Lama (or our subcontractor agents) (the "Affected Party") that is not related to your fault or negligence, and that prevents, hinders, or delays you in the performance of your obligations under this Agreement. Force Majeure Events include, without limitation:

  • war (declared or undeclared), civil war, sabotage or riots, revolution, and terrorism;
  • natural disasters such as violent storms, earthquakes, tsunamis, floods, and/or lightning;
  • explosions, fires, and/or destruction of plant, machinery, and/or facilities;
  • external power outages, failures of external telephone networks, serious crimes, and evacuations; strikes and labor disputes of all kinds; and
  • epidemic or pandemic diseases generating any type of market or economic disruption.
  • Parties

Means you and us, each being a "Party" to this Agreement.

  • Pre-Contractual Information

Has the meaning given in clause 19.2.

  • Reference Rate Provider

Means the independent reference rate provider for (a) cryptocurrency conversions or (b) fiat currency-related conversions, as we may designate from time to time.

  • Services

Refers to the Electronic Money Services and Cryptocurrency Services, as provided in the Application.

  • We / us / our

means all Lama entities and the E-Money provider.

  • Website

Means the application and any web pages where we provide you with information and services.

  • You / your

Means any natural person or entity that enters into this Agreement.

  • Electronic Wallet

Means an electronic money account issued through our services that you can load with funds and use to carry out transactions.

  • Framework Contract

Means a contract for payment services governing the future execution of individual and successive payment transactions, and which may contain the obligation and conditions for the creation of a payment account.

  • Funding Source

Means a payment instrument that you can link to your electronic wallet by entering its credentials and subsequently use for top-ups from time to time.

  • Supported Currencies

Means those foreign currencies we support that can be loaded into an electronic wallet for spending.

  • Top-Up

Means loading your electronic wallet with funds.