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S-15
Version 0.1-draft
These terms set the conditions for trading tokens of real assets (watches, whisky), collateral loans and physical delivery on VBank. (draft)
1. The member wallet is non-custodial. The private key is created on the member's device and stored encrypted so that only the member's passkey or recovery code can open it. VBank cannot know the key, sign for the member or move assets.
2. The member is responsible for keeping safe the devices holding passkeys, the passkey sync account (for example iCloud or Google) and the recovery code.
3. If the member loses every registered passkey and the recovery code, VBank cannot recover the wallet or its assets, and is not liable for the loss unless it acted intentionally or with gross negligence.
4. The member can export the private key at any time and move to another wallet. The member is responsible for keeping an exported key safe.
5. For security, VBank may require email confirmation and a waiting period when the member adds a withdrawal address or adds or recovers a passkey.
Where required by law, a request from an authority or court, or to handle a dispute or incident, VBank may restrict trading of an asset (freeze) or recover it, and will tell the member the reason where it can. (draft, not final)