8.1 Scope of This Disclosure
This disclosure applies to virtual currency and digital asset services offered by NEMOPAY GLOBAL CORP. (“NEMOPAY”), including supported purchases, sales, exchanges, transfers or payment functions involving virtual currencies. NEMOPAY is registered with FINTRAC as a Money Services Business dealing in virtual currencies (MSB Registration No. C100001197).
This disclosure does not apply to NEMOPAY’s conventional payment or foreign exchange services, which are covered separately in the Terms & Conditions.
Virtual currency services are offered exclusively within the scope of NEMOPAY’s regulatory registrations, compliance controls and applicable local law, and may not be available in all jurisdictions. Customers located in jurisdictions that impose additional regulatory requirements on virtual currency transactions or on the entities through which those transactions are conducted are responsible for ensuring compliance with applicable local law before using NEMOPAY’s virtual currency services.
8.2 Nature of Virtual Currency
Virtual currencies (also referred to as cryptocurrency or digital assets) are a form of digital representation of value that is not issued or guaranteed by a central bank or government and is not legal tender solely by virtue of being a virtual currency. Virtual currencies are not equivalent to Canadian dollars or other fiat currency, and balances or positions in virtual currency are not bank deposits.
NEMOPAY is not a custodian of virtual currency assets on behalf of customers unless separately stated in a product-specific agreement. NEMOPAY does not hold End-User Funds in connection with its current RPAA-registered payment activities. This applies equally to virtual currency balances unless a separate arrangement is confirmed in writing.
8.3 Price and Market Risk
Virtual currency prices can be highly volatile and may change rapidly, significantly and without warning due to market conditions, liquidity levels, technology events, regulatory developments, news, sentiment and other factors. The value of a virtual currency may decrease substantially or fall to zero. Past performance of a virtual currency does not predict future value.
NEMOPAY does not guarantee any exchange rate, price, liquidity or ability to convert a virtual currency at any particular value. Exchange rates applied to virtual currency transactions reflect market conditions at the time of execution and may differ from indicative or quoted rates.
8.4 Technology and Network Risk
Virtual currency transactions are processed on decentralized blockchain networks that are not under NEMOPAY’s control. Risks associated with blockchain technology include:
- Transaction irreversibility: Blockchain transactions are generally irreversible once confirmed. An incorrectly entered wallet address or transaction detail may result in permanent loss of funds.
- Network congestion: High transaction volume on a blockchain network may delay confirmation times and increase network fees.
- Forks and protocol changes: A blockchain protocol may undergo a hard fork or other protocol change that affects the usability or value of a virtual currency.
- Smart contract risk: Where transactions involve smart contracts, bugs or errors in the smart contract code may result in unintended outcomes.
- Wallet and key risk: Loss of a private key or wallet credentials may result in permanent loss of access to associated virtual currency.
- Cybersecurity risk: Virtual currency infrastructure may be subject to hacking, phishing, malware or other cyberattacks.
8.5 Regulatory Risk
The legal and regulatory treatment of virtual currencies is subject to change and varies across jurisdictions. A regulatory change in Canada or another relevant jurisdiction may restrict, prohibit, tax or otherwise affect virtual currency transactions or the services NEMOPAY is permitted to offer. NEMOPAY does not guarantee that any virtual currency service will remain available in any jurisdiction.
NEMOPAY applies Canadian AML/CTF requirements to virtual currency services, including customer identification, beneficial ownership verification, sanctions screening, transaction monitoring and reporting obligations under PCMLTFA.
NEMOPAY is not authorized as a crypto-asset service provider under EU Regulation 2023/1114 (Markets in Crypto-Assets Regulation, “MiCA”). NEMOPAY’s registration with FINTRAC applies exclusively to Canadian regulatory requirements. It does not confer authorization to provide MiCA-regulated crypto-asset services in the EU or EEA. Entities subject to MiCA obligations should seek independent legal advice regarding their own regulatory position before using NEMOPAY’s virtual currency services.
8.6 Not Investment Advice
NEMOPAY does not provide investment, tax, financial or legal advice in connection with its virtual currency services. Nothing in this disclosure or on NEMOPAY’s website constitutes a recommendation to buy, sell, hold or transact in any virtual currency. Customers are solely responsible for assessing whether any virtual currency transaction is suitable for their own circumstances and for obtaining independent professional advice where appropriate.
8.7 No Deposit Insurance
Virtual currency held in connection with NEMOPAY services is not a deposit and is not insured by the Canada Deposit Insurance Corporation or any equivalent scheme.
8.8 Customer Responsibility
By using NEMOPAY’s virtual currency services, customers confirm that they:
- Understand the nature, risks and irreversibility of virtual currency transactions.
- Accept full responsibility for verifying wallet addresses and transaction details before authorizing any virtual currency transaction.
- Have independently assessed whether the service is appropriate for their circumstances.
- Comply with all applicable laws, including tax and reporting obligations, in their own jurisdiction.
- Understand that NEMOPAY may refuse, delay, block or reverse a virtual currency transaction where required by applicable law, sanctions controls, AML/CTF controls or risk-management procedures.
8.9 Contact
For questions about NEMOPAY’s virtual currency services: Email: compliance@nemopayglobal.com NEMOPAY GLOBAL CORP., 1100 W 73rd Ave, Vancouver, BC V6P 6G5, Canada