Effective Date: February 2024
Toco AG and The Carbon Reserve do not accept liability for losses suffered by a
Wallet Holder due to non-adherence with any part of these terms and conditions.
Applicable Exchange Rate – The rate at which a toco is translated to local currency, prevailing at the time that the buy or sell transaction is submitted to The Carbon Reserve.
Beneficial Owner – As defined in terms of Swiss financial market regulation (refer current version of AMLO-FINMA)
Fee – Refers to transaction fees as per the Fee Schedule, available at www.tocos.org.
Merchant – – Operating entities that hold toco wallets that have been activated by the Payment
System. The term may include the employees of the Merchant where applicable.
Payment System – refers to the platform on which transactions are processed and which is
owned and operated by Toco AG. Reference to the “Payment System” includes all subsidiaries
which are controlled by Toco AG as published on www.tocos.org..
Prohibited Businesses – Refer to the list at here.
Restricted Country – Refer to the list here.
Services – Refers to all functions related to the property which is owned by the Payment System and The Carbon Reserve, including the toco website (www.tocos.org), The Carbon Reserve website(www.thecarbonreserve.org), the tocos mobile application, and the distributed ledger-based payment infrastructure which is owned and operated by the Payment System..
Supported Area –Refers to the defined geographical area where the Payment System can support Merchants who wish to accept tocos as a means of payment. Refer to the list here.
Supported Country– Refers to a country where the Payment System can offer toco wallets to its residents. Refer to the list here.
The Carbon Reserve - A non-profit Foundation, based in Switzerland, that issues the toco.Reference to “The Carbon Reserve” includes all branches and subsidiaries controlled by TheCarbon Reserve as published on www.thecarbonreserve.org.
toco or tocos – A digital means of payment, issued by The Carbon Reserve, which a Wallet Holder can use to pay for goods and services and which a Merchant can accept in exchange for goods and services.
Wallet Holder – Natural person or Merchant that holds a wallet that has been activated by the Payment System on successful completion of a verification and onboarding process, including:
1. Owning/holding a toco does not mean that the Wallet Holder is entitled to the assets of thePayment System or The Carbon Reserve (including in the event of liquidation).
2. Persons are not allowed to register a wallet on behalf of someone else (excluding authorized representatives acting on behalf of a prospective Merchant).
3. A Wallet Holder should use a wallet(s) for their own benefit and always for legitimate purposes.
4. A Wallet Holder must have a bank account, in their name, with a registered bank in aSupported Country to be able to buy/sell toco from/to The Carbon Reserve.
5. The ability to use toco on the Payment System is possible immediately after the WalletHolder has downloaded and set-up the wallet subject to certain limitations, with the ability to access full functionality of the wallet once the verification process has been completed by the Payment System.
6. The Payment System reserves the right to reverify Wallet Holder information.
7. A wallet may be deactivated by the Payment System or on request of a Wallet Holder. ThePayment System may deactivate wallets for legitimate reasons, including expired verification information, upon request from regulators and suspected / confirmed non-adherence to these terms and conditions.
8. The Payment System has no obligation to communicate internal decisions regarding wallet activation or deactivation to a Wallet Holder. The toco balance in a deactivated wallet is not available for use.
9. The Wallet Holder must inform the Payment System of any transaction executed by The Carbon Reserve wallet, resulting in tocos being incorrectly added or removed from its wallet.
10. Transactions in toco attract a Fee. Furthermore, the Wallet Holder is liable for any fees levied by its bank or third-party service providers, as applicable to transfer funds to the bank account of The Carbon Reserve.
11. Transactions are not reversible. It is the responsibility of the Wallet Holder to confirm transaction information before submitting an instruction. Wallet Holders can, in agreement amongst themselves, executive a corrective transaction. The Payment System has no obligation to be involved in such corrective transactions and such transactions are subject to the usual Fee.
12. It is the sole responsibility of the Wallet Holder to comply with laws relating to the use of toco and the Services offered by the Payment System. including without limitation the determination, reporting, and payment of taxes.
13. The Payment System reserves the right to monitor transactions on its network. If any criminal, irregular, fraudulent, or unauthorized activity is detected or suspected, the Payment System may be obligated to share the relevant details with law enforcement agencies or any regulatory authority. In this regard, prior consent from a Wallet Holder is not required and the Payment System has no obligation to inform the Wallet Holder of such a report to the relevant bodies.
14. Various security features are used to safeguard toco wallets, including the use of private keys, passcodes, and secret words. The Payment System does not store any securityinformation and it is the responsibility of the Wallet Holder to keep such information safe.This information is the only way to recover a wallet.
15. The Data Privacy Policy applies to the collection, processing, and storing of Wallet Holder information.
16. A Wallet Holder is required to provide accurate and up-to-date information, as requested by the Payment System from time to time, including specifically as required for verification purposes and should inform the Payment System of a change in any such information provided.17. In terms of regulatory compliance as well as KYC requirements, please note that Danish wallet holders will be onboarded by Toco DK, while Swiss and other wallet holders will be onboarded by Toco AG.
1. The Community Engagements tool is only available to users with the mobile Toco App.
2. The illustrations depicted in the Toco App, under Community Engagements, whether inthe form of images, diagrams, or any other visual representation, are provided for informational purposes only and are intended to serve as estimations.
3. The illustrations seen cannot be relied on to make any claims, demands, or assertions against the Payment System or The Carbon Reserve.
4. Retirements of toco via the app do not represent off-set claims.