As of: October 1st, 2018
§1 Scope of the Application
- The following general Terms and Conditions (hereinafter briefly: “TAC“) apply to any contracts that are concluded via the website https://www.1irstcoin.com; and that are concluded with 1irstcoin LLC, headquartered in Tiflis, Republic of Georgia, (hereinafter briefly: “1irstcoin“). They specify terms at which 1irstcoin is willing to sell units of cryptocurrencies (hereinafter briefly: “cryptocurrencies“) to customers, or to purchase them from customers.
- Consumer transactions are subject to the provisions under consumer-protection law, in particular the provisions of the Georgian distance sales and external transaction law, as well as the subsidiary provisions of consumer protection law. Consumers shall be natural persons (and potentially legal entities) and legally capable partnerships for which the conclusion of a contract with 1irstcoin is not part of the operation of any or their company. The purpose of the order therefore does not serve any commercial, independent or freelance activity. Entrepreneurs, in contrast, are natural persons and legal entities as well as legally capable partnerships, for whom the respective transaction is connected to their business. The differentiation between consumers and entrepreneurs is according to the consumer protection law, or the corporate code. A company shall be any permanent organization with independent economic activity, even if it is not targeted at acquiring a profit. Formal entrepreneurs and legal entities under public law – in light of the provisions to be applied to the specific conclusion of the transaction – shall always be deemed entrepreneurs.
- Before conclusion of the contract, the customer shall view these TAC, and these are expressly declared content of the contract by the two parties. The TAC may be stored or printed by customers at any time. Furthermore, they shall be emailed to the customers after the opening of a commercial account, in the scope of confirmation of the contract concluded with 1irstcoin.
- Essential conditions for conclusion of the contract: 1irstcoin and the customer agree that performance of the contract for acquisition of Cryptocurrencies, subject to separate condition of the customer, shall commence immediately after conclusion of the contract; and that partial deliveries may also be made in the scope of this. The customer expressly agrees to the premature commencement of completion of the contract through 1irstcoin, and takes note of loss of his withdrawal right.
§2 Object of the contract
- The object of the contract is the acquisition or sale of cryptocurrencies by the customer or the sale or purchase of cryptocurrencies through 1irstcoin. In contrast to conventional money, cryptocurrencies are not issued centrally by an issuer, but managed by a peer-to-peer network. It is of note that there is a direct exchange. There is no central instance that issues or exchanges cryptocurrencies, or that can control or reverse any transactions. Although most cryptocurrencies put the payment function at the focus, this is not a statutory currency or money according to the Georgian legal order, but an immobile and non-physical object (digital asset).
Through the independent regulation of other countries, classification of cryptocurrencies in detail may, however, differ greatly.
- At the moment, there is a great number of different cryptocurrencies in circulation (e.g. Bitcoin, Ether and Dash). All cryptocurrencies share the similarity that data records are put in sequence, and stored in the background in a “Blockchain” (see Section 2 para. 3 of these TAC). These data records refer, among other things, to the recording of transactions of cryptocurrencies between different addresses. Transactions of cryptocurrencies can be performed world-wide under the respective legal prerequisites and, as compared to conventional transaction methods, can usually be implemented relatively quickly and cost-efficiently. Furthermore, cryptocurrencies are generally volatile. Their value is determined mostly through offer and demand, therefore strong value fluctuations may occur within a short period. Thus, cryptocurrencies are often used as an object for speculation. On their own, cryptocurrencies may clearly differ in detail. In this, it is not necessary that the payment function is at the focus, as is the case in the best-known cryptocurrency, Bitcoin. The Ethereum network permits, for example, the compilation and management of automated, smart contracts that are processed via a Blockchain. The associated cryptocurrency, Ether, is, in addition to its common payment function, used to pay for the contracts within the network.
- The Blockchain is a continually expanding list of data records that are linked with each other in “blocks” by cryptographic methods. It therefore forms a database that is not only located on a central server, but on many different servers of the peer-to-peer network. Generally, Blockchain is the basis for all cryptocurrencies. However, it must be observed that there are different Blockchains that can be composed differently in detail. Blockchains can record and store transactions of cryptocurrencies. Usually, a Blockchain can be publicly viewed and is stored on the user’s computer in case of local wallets (on this, see below, Section 2 para. 4 of these TAC). Mining designates the creation of the units of different cryptocurrencies by way of high-performance hardware and computer-intensive processes, under the respective technical or mathematic prerequisites, in which the network members “calculate” new blocks of the Blockchain and confirms (validates) the transactions in the scope of this. Some cryptocurrencies, however, have an upper limit of currency units that can be generated at most (about 21 million for Bitcoin).
- Cryptocurrencies are stored in a so-called Wallet. A wallet means a virtual wallet. Wallets are available for: computer (local desktop wallet) and the Smartphone (App-based mobile wallet), online and as a hardware wallet (in particular by USB drive) or paper wallet (on paper). The corresponding cryptocurrencies are transferred to an address to be designated by the purchaser after receipt of the payment, which will be managed by his wallet. 1irstcoin has no influence on the customer’s wallet and its security. The wallet should be treated like a real wallet, since its loss will generally also lead to loss of the cryptocurrencies contained in it. Therefore, the purchaser is solely responsible for protecting his wallet against loss or data theft in a contemporary manner. In connection with the wallet, a private key is required for access to the credit on a wallet address. It is advised to keep the private key on oneself at all times. If the wallet is used on a computer or Smartphone, various security measures can be taken: A backup copy permits, for example, restoration of the wallet in case of loss. It is recommended to regularly make backup copies in various storage sites and to encrypt them – in particular for:
backup copies stored online. The safest version is deemed to be that of offline wallets (in particular hardware wallets), since they do not constantly connect to the internet.
- 1irstcoin sells different cryptocurrency types. All types of cryptocurrencies are subject to the general statements of Sections 2 para. 1 to para. 4 of these TAC. The following paragraphs provide an informative overview of the function and application options of cryptocurrencies based on the example of Bitcoin, Ether and Dash.
- Bitcoin is the first, and currently the most important, cryptocurrency in the world. The payment units of this cryptocurrency are called Bitcoins. As previously mentioned, the cryptocurrency Bitcoin is based on Blockchain technology. Bitcoin became known in 2008, when a document titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published online. In contrast, details on the inventor of Bitcoin, who appeared under the pseudonym of Satoshi Nakamoto, are not known. For more details, the document in question can be called up under the following link: : http://bitcoin.org/bitcoin.pdf. For more details, the document in question can be called up under the following link:: http://bitcoin.org/bitcoin.pdf. It must be emphasized that Bitcoins are not accepted as means of payment everywhere. This applies both to internet purchases and to other purchases. The following websites help find entrepreneurs who accept Bitcoins as means of payment:Coinmap (http://coinmap.org/welcome); BTC-Echo(www.btc-echo.de/bitcoin). Furthermore, certain online shops permit payment with Bitcoins. These include “Edustore” (online shop for students) and “Lieferando” (delivery services). In part, Bitcoins can also be used to pay for “ICOs” (Initial Coin Offerings). Additionally, donations can be transferred in Bitcoins, e.g. to Wikipedia, Wikileaks or Greenpeace. In order to pay in Bitcoins, a wallet is needed (see Section 2 para. 4 of these TAC).
There are generally three options for paying with Bitcoins in online shops:
- A Bitcoin address is displayed that must be entered in the wallet as the payment address;
- There is a button that will automatically open the wallet and insert the respective payment address.
- A QR code is displayed that can be scanned with the Smartphone on which a wallet app must also be installed. Payment with Bitcoins in other stores or restaurants usually takes place via a QR code. The QR code can either contain the amount to be paid already, or it may need to be entered after opening the wallet app.
- Bitcoins can be exchanged for Euro on “exchange platforms”. Exchange platforms are websites on which cryptocurrencies can be exchanged for other cryptocurrencies or for Dollars or Euro. In order to exchange Bitcoins for Euro on exchange platforms, an account must be set up on the respective websites. This usually requires mandatory identification via a passport copy. Providers of exchange platforms specify various levels of identification that permit different authorizations (e.g. for different trading volumes within one week). A passport copy and email address are often not sufficient for the maximum authorizations; this often requires an additional confirmation of the place of residence (e.g. a screenshot of the power, or operating costs of the settlement or a credit card statement with the residential address). The “approval process” (approval process for using the exchange platform) may take several weeks due to the high volumes and administrative effort, but It is usually completed within seven days.
- The websites of the exchange platform providers will then provide a new “wallet”. In order to exchange Bitcoins for Euro, these just need to be transferred to this “new” wallet. After the Bitcoins have subsequently reached the “new” wallet, they can again be sold on the exchange platform. The revenues from the sale of Bitcoins can then be transferred to the bank account. Depending on the platform, various payout options are available, e.g. by SEPA transfer to the customer’s bank account.
- Exchange platforms settle transaction fees. Usually, the transaction fees are calculated based on the amount of the contribution. The higher the total volume on the account of a user, the more beneficial the transaction costs usually are. Fees usually arise for every single transaction, and are calculated, e.g. from the respective current exchange and currency volume of the trade.
- Sale of Bitcoins in Euro is possible via 1irstcoin. Bitcoins can be sold via the website of 1irstcoin (see Section 4 para. 3 of these TAC). Partial exchange of Bitcoins for Euro is also possible at Bitcoin vending machines. For example, there is a Bitcoin vending machine in the House of Nakamoto (www.thehouseofnakamoto.com).
- A wallet is needed in order to send out Bitcoins. It has both the Bitcoin address and the private key stored. A Bitcoin address is randomly generated, and comprises a sequence of letters and numbers; this can be publicly viewed. The private Key is a different sequence of letters and numbers; it is, however, kept secret, in contrast with the Bitcoin address. The Bitcoin address is a little like a safe with a glass door. Everyone knows what is inside it, but only the private key can open the safe and put things in or take them out. Bitcoins are always transferred from one address to the other.
- The encryption method used in Bitcoin is the “Elliptic Curve Digital Signature Algorithm (ECDSA)” under the standard elliptic curve “secp256k1”, that offers 128 bit encryption. For more detailed information on the technical basics of Bitcoin, see the website of bitcoin.org and the website of BTC-Echo (www.btc-echo.de).
- Like Bitcoin, the cryptocurrency Ether is also based on the Blockchain technology. The specific Blockchain behind the cryptocurrency Ether is Ethereum. Ethereum was invented by Vitalik Buterin. Ethereum has been known since 2013. However, in contrast to Bitcoin, Ethereum is not a pure cryptocurrency, but a platform for Distributed Apps (“Dapps”). Dapps are programs that are programmed on the Blockchain Ethereum, which may have many different functions.
- It must be emphasized that Ether are not accepted as means of payment everywhere. This applies both to internet purchases and to other purchases. There are fewer places that accept Ether as a means of payment than there are for Bitcoins. Since ICOs are often performed based on the Blockchain Ethereum, purchasers of tokens usually pay for them with Ether. In addition to this, Ether are currently used mostly as speculation objects, like Bitcoin.
- Ether can also be exchanged on exchange platforms (see Section 2 para. 9 of these TAC). The same presentations as for Bitcoins, and the other cryptocurrencies that can be traded on our platform, apply to Ether as well (see Section 2 para. 9 to 11 of these TAC).
- In order to transfer Ether, an “Ethereum-compatible” wallet is needed (see Section 2 para. 4 of these TAC). The precise process of a money transfer, however, is technically the same as that for Bitcoins (see Section 2 para. 13 of these TAC). For further information on Ether, see the website of BTC-Echo (www.btc-echo.de) and the website of Ethereum.
- Dash is an open-source Peer-to-Peer cryptocurrency that has comparable functions to those of Bitcoin. One special feature of Dash is putting special focus on data protection. Thus, transaction information for Dash is not always public, in contrast to other cryptocurrencies; this is made possible by the system PrivateSend (formerly Darksend). Dash was published by Evan Duffield in January 2014. Dash is compatible with all common dealers, exchange platforms and wallet software (therefore, see statements on Bitcoin under Section 2 para. 7 to 13 of these TAC). For more detailed information on Dash, see the website of Dash (www.dash.org).
§3 Order process and conclusion of the contract
- For conclusion of a contract with 1irstcoin, the customer must register a user account at https://www.1irstcoin.com. For more details, see Section 4 para. 18 and 19 of these TAC.
- By entering all data required for conclusion of the contract that require acknowledgment of these TAC, express consent and acknowledgment of the loss of the withdrawal rights at early commencement of performance of the contract, as well as clicking the button “Buy subject to fees now” or “Bindingly sell now”; the customer commits to acquiring cryptocurrencies from 1irstcoin against a fee or, to sell the customer’s own cryptocurrencies to 1irstcoin. For this, the customer must select the counter- value of the cryptocurrencies to be purchased in Euro or indicate the amount of specific designated cryptocurrencies that he wants to sell to 1irstcoin. Before submitting his information, the customer will be able to review his information again, change it or cancel the order with 1irstcoin or sale to 1irstcoin.
- Confirmation of receipt of the order for purchasing cryptocurrencies through the customer (order confirmation), including the confirmation on the consent to premature commencement of performance of the contract and loss of the withdrawal rights, takes place directly after dispatching the order to the email address disclosed to 1irstcoin.
- By clicking the button “Buy now, subject to fees” or “Bindingly sell now” the customer concludes a binding contract that will be met and settled by transfer of the cryptocurrencies, or their counter-value in Euro to the seller’s account. In order to perform the contract, the credit scope available must always be used to the benefit of the customer’s trading account with 1irstcoin. If the customer does not have a sufficient credit for the purpose of performance of the contract, 1irstcoin shall have the right to cancel the order.
§4 Payment and usage terms
- After clicking the button “Buy now, subject to fees” or “Bindingly sell now” and review of the customer’s information, this amount will be credited to, or debited from, his trading account directly.
- When selling cryptocurrencies of the customer to 1irstcoin, the customer will receive the counter-value in Euro (see Section 4 para. 5 of these TAC), credited to his trading account.
- The (Euro) price that is displayed for the respective cryptocurrency at https://www.1irstcoin.com at the time at which the button “Buy now, subject to fees” or “Bindingly sell now” is the one received or paid by the customer. This is the current 1irstcoin reference course for buying or selling cryptocurrencies. The reference rates for the purchase and sale of cryptocurrencies can be viewed at any time in the trading area on the website https://www.1irstcoin.com .
- Processing of the order and transmission of further information takes place both by output in the browser and by email. The customer therefore must ensure that the email address filed by him with 1irstcoin is accurate, email receipt is technically ensured and specifically not prevented by SPAM filters.
- The following applies to entrepreneurs: In case of open orders for which no payment receipt has been determined within 3 working days after clicking the button “Buy now, subject to fees”, the customer will be asked once by email to settle the corresponding amount and will be blocked for further purchases. If no payment has been received after 10 working days, 1irstcoin reserves the right to remind the customer in writing, and to assign any unpaid claims to a collection service, or to cancel the order at its own discretion.
- The following shall apply to consumers: Open orders must be settled within 14 days, before 1irstcoin sends out an email request and the customer will be temporarily blocked for further purchases. If no payment has been received after 19 working days, 1irstcoin reserves the right to remind the customer in writing and to assign any unpaid claims to a collection service, or to cancel the order.
- 1irstcoin reserves the right to block customers at any time for further purchases and sales without giving reasons.
- Costs from banks (e.g. fees for money transfers or posting items) shall be assumed by the customer.
- The customer commits to reviewing his wallet address again before dispatching the order, since the cryptocurrencies cannot be booked back, or sent to, any other address after the transfer has been performed.
- The respective transaction ID is considered sufficient proof of successful dispatch of cryptocurrencies. It is publicly available and can be viewed at all times. For example, this can be done via the following websites for the cryptocurrencies Bitcoin or Ethereum:
- 1irstcoin will view both the purchase of cryptocurrencies subject to fees through the customer, and the sale of the customer’s own cryptocurrencies, to be completed as soon as the transaction is visible in the network.
- The minimum order value is EUR 50.
- The respective transaction fee (“Fee”) must be paid by the customer both when selling and purchasing cryptocurrencies.
- The customer notes that 1irstcoin cannot influence receipt of the confirmations in the network.
- The customer commits to only using the cryptocurrencies purchased on https://www.1irstcoin.com for legal purposes, and to pay any due income or speculation taxes to the competent tax offices.
- The customer must only register once and must only set up one user account. If there are any changes to the data entered by him, the customer commits to disclosing such changes without delay.
- The user does not have any claim to a user account with 1irstcoin. Registration does not give the user any legal claim to the use of the services of 1irstcoin. 1irstcoin reserves the right to not register users and/or to delete and/or block existing users without giving reasons. Any claims from the user regarding this shall be excluded.
§5 Warranty and distribution of risk
- In addition to the statutory warranty provisions, 1stcoin provides a warranty. It states that any cryptocurrencies purchased by the user will be sent to the wallet address indicated by him, and that the cryptocurrencies are not subject to third-party rights. Vice versa, the customer warrants that the cryptocurrencies purchased by 1stcoin will be sent to the wallet address indicated by 1stcoin, and that the cryptocurrencies are not subject to third-party rights.
- The parties are aware that the architecture of the networks of various cryptocurrencies poses risks that may cause transactions to fail or to be performed defectively. Accordingly, it is agreed that the party in whose sphere of disposal the cryptocurrencies last were, bears the risk of loss. “Sphere of disposal” means the possibility of a party to actually dispose of cryptocurrencies by wallet and to perform transactions. If loss of cryptocurrencies is due to the defective indication of the wallet address by a party, it shall be assigned to that party’s own sphere of risk. The customer notes that transactions are irreversible. If 1irstcoin sends any number of cryptocurrencies to a wallet address incorrectly indicated by the customer, neither 1irstcoin nor the customer will be able to recover that amount of cryptocurrency.
§6 Withdrawal right (revocation right)
- For consumers, the customer generally has the right to withdraw from the contract without stating reasons within 14 days.
- Each consumer must waive his withdrawal right for effective conclusion of a contract with 1irstcoin: Directly after conclusion of the contract, and with the consumer’s express consent, early performance of the contract shall commence before the end of the withdrawal period of 14 days. The express active consent of the consumer, and his acceptance of the loss of his revocation rights in the ordering process, enables 1irstcoin to deliver cryptocurrencies before the end of the withdrawal right. Cryptocurrencies are a digital content that is not stored on a physical data carrier in the meaning of the law. The customer will receive a separate confirmation of the contract, including instructions on loss of the withdrawal right, after conclusion of the contract, as well as the download option of the TAC by email, according to the data and consumer protection regulations.
§7 Exclusion of liability
- Liability of 1irstcoin shall be excluded, except if damage was caused willfully or by gross negligence on the side of 1irstcoin, or a third party due to its sphere of control. This shall not apply in case of violation of life or health of a person. The liability of 1irstcoin, exception for data loss, which 1irstcoin could not have prevented under any circumstances, shall be excluded as far as permitted by law. This shall apply, among other things, to damage caused by: force majeure, or unforeseeable events, in particular network interference, computer failures or criminal activities by third parties. The exclusion of liability shall not apply if 1irstcoin has caused the damage slightly negligently. 1irstcoin shall therefore be liable for damage caused by slight negligence.
- 1irstcoin strives to maintain operation of the website permanently and without interference. Information on the website of 1irstcoin is partially provided by third parties. While 1irstcoin carefully reviews the provided data, no guarantee and no warranty can be assumed that the services offered on the website comply with the consumer’s requirements, are available on time, safely or without any defects, due to technical situations; and for any data that is outside of the sphere of influence of 1irstcoin. The offered services are operated under the aspect of greatest care, reliability and availability. However, as mentioned, it is not possible for technical reasons to make these services accessible without interruption. with the desired connections always being established or that stored data is preserved under all circumstances. 1irstcoin therefore accepts no liability for any material damage e.g. due to system failures, or defective, delayed, manipulated or abusive data transfers: except if 1irstcoin acted willfully or were grossly negligent. This shall not apply in case of violation of life or health of a person. The customer is, however, also aware that complete and seamless availability cannot generally be technically implemented.
- 1irstcoin reserves the right to limit access to the website due to: maintenance work, capacity matters; and other events that are not subject to its control wholly or partially, temporarily or permanently. 1irstcoin shall strive to plan maintenance work or changes to the server as soon as possible, usually no later than two days in advance, if it can be expected that the maintenance work or change will lead to lack of availability of the offered service, or that the advance announcement may be necessary for other reasons. The customer must continually remain informed about planned maintenance work on the website. The customer will receive the information on when maintenance work is intended to be done. Downtime during necessary maintenance or repair work and downtime during the agreed maintenance windows shall not lead to any claims of the customer against 1irstcoin, except if 1irstcoin acted willfully or with gross negligence. This shall not apply in case of violation of life or health of a person. 1irstcoin shall not assume any liability for technical faults of the website, or maintenance work if the customer is subsequently unable to acquire cryptocurrency from 1irstcoin at the desired rate, or to sell them to 1irstcoin.
§8 Data protection
The protection of privacy and data of its customers is particularly important to 1irstcoin. 1irstcoin complies with all provisions of the General Data Protection Regulation (hereinafter briefly: “GDPR“) as amended from time to time.
- It is noted that 1irstcoin collects, stores and processes the following personal data of customers in the scope of the business activities (hereinafter. “personal data“): First and last name, place of residence, nationality, date of birth, email address, phone number, bank details and IP address.
- These processing activities will, on the one hand, be necessary for compliance with the contract and on the other hand for compliance with statutory provisions that 1irstcoin is subject to. In addition to this, processing of the personal data is required to preserve the justified interests of 1irstcoin. In this, 1irstcoin legally acts within the meaning of the GDPR (Article 6(1) point (b), point (c) and point (f) GDPR).
- 1irstcoin shall only store personal data for as long as this is required to achieve the purposes named, according to the opinion of 1irstcoin and permitted under applicable law. 1irstcoin shall in any case store the personal data for as long as they are subject to any statutory storage obligations, or any legal claims have not expired.
- As far as the website of 1irstcoin contains any links to third-party websites, 1irstcoin will no longer have any influence on the collection, processing, or use of personal data by third parties after the link is clicked.
- For detailed information on data protection, see the data protection statement of 1irstcoin.
- Declarations or notifications shall be addressed to 1irstcoin LLC. The business address is give in our imprint at https://www.1irstcoin.com.
§10 Risks and technical protection measures
- 1irstcoin is not obligated to inform the customer about threatening loss in connection with the purchase or sale of cryptocurrencies, or the disposal actions performed independently by the customer concerning those cryptocurrencies. Furthermore, 1irstcoin is not obligated to inform the customer about the value, or lack of value, of transactions, or about any circumstances that may impair or endanger the value of such transactions, or to give the customer any advice or information in this
- Dealing in cryptocurrencies has a high risk of loss of the capital used up to total loss. It is therefore expressly recommended that the customer use only such funds that he can afford to lose wholly or in part. The customer must ensure that he is sufficiently familiar with the risks connected to the trade in cryptocurrencies. It is expressly recommended that the customer collect advice from an independent and specialist person or institution, if applicable, before buying cryptocurrencies. Any personal success when trading in cryptocurrencies in the past does not indicate any future success in any case. If cryptocurrencies partially had high value increases in the past, this does not guarantee future value development. Investments in cryptocurrencies are highly risky and speculative. Rate fluctuations of 10 and more percent per day are not a rare thing. Only such funds should be invested in cryptocurrencies that come from the free assets, and are not needed for any other purposes such as livelihood. An investment in cryptocurrencies that is funded with credits, is to be rejected since total loss of the invested capital cannot be excluded. The price for the respective cryptocurrencies is subject to the laws of the free market and depends on offer and demand. If the offer exceeds demand, the price will drop; if demand is higher than the offer, the price will increase. Historical price developments are not an indicator for future price developments. Errors found in the respective cryptocurrencies system (Blockchain) may lead to the respective cryptocurrencies becoming worthless because no one wants to purchase the cryptocurrencies anymore. Acceptance of cryptocurrencies is subject to the discretion and trust of the contracting partner. There is no legal claim to accept cryptocurrencies as means of payment or to exchange to real currencies. In addition to this, a possible prohibition of cryptocurrencies from the state side would lead to market places having to wholly orpartially cease their operation, and owners of cryptocurrencies would not be able to sell them.
- The customer notes that transactions are irreversible. If the customer sends any number of cryptocurrencies to the wrong person or address, the customer is no longer able to recover this
- It is urgently recommended that the customer secures his connection, end devices and access data to protect them against unauthorized access. The customer notes that the storage of: passwords, access data; and other secret information on the hard disc of a PC is not safe. Furthermore, he notes that the calling of data from the Internet may cause transfer of viruses, Trojan horses or their components to his end device, that have a negative effect on his data or that may lead to abuse of his access IDs. The customer also notes that this may be done by”hackers”.
§11 Final provisions
- As far as these TAC speak only of orders of cryptocurrencies, the respective provisions shall apply accordingly to the sale of the customer’s own cryptocurrencies to 1irstcoinas well.
- The following applies to entrepreneurs: If individual provisions of the TAC are invalid or ineffective, this shall not impair the validity of the remaining provisions. The invalid or ineffective provisions shall be replaced by such provision that comes as close as possible to the original intention of the contracting
- These TAC are subject to Georgian right, subject to exclusion of the reference standards of international private law. Application of UN sales law shall be excluded. The materially competent court in Tilfis, Republic of Georgia, and in case of consumers, the respective court at the consumer’s place of residence, shall be competent for disputes from, or in connection with, these TAC or any contract concluded with 1irstcoin based on these
1irstcoin LLC, Tilflis, Republic of Georgia, in October 2018