AsvaTok Coin ( ATC ) is the native digital utility token used as a medium of exchange on AsvaTok Exchange ( 1 ATC = 1 Rupee )
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These Terms of Use ("Terms") govern your access to and use of the platform https://www.asvatok.com/ provided by Gala Collectible Services Private Limited (hereinafter "Company", "we", "us", or "our"), operating under the brand name Asvatok Exchange (hereinafter "Platform").

By accessing or using the Platform, you ("User", "you", or "your") agree to comply with and be bound by these Terms, together with our Privacy Policy, Data Protection Policy, and any other policies referenced herein.

If you do not agree, you must immediately discontinue use of the Platform.

1. DEFINITIONS

For the purposes of these Terms:

  • 1.1. Asset or Real World Asset or RWA means any tangible and movable property, which is a collectible, which nature includes but not limited to coins, banknotes, artwork, memorabilia, or authenticated physical items listed or traded on the Platform.
  • 1.2. RWA Token or Asset Token means a blockchain-based digital token representing a fractional, beneficial, or contractual interest in a specific underlying Real World Asset, which Asset Token is minted on a public blockchain (BNB Chain) for listing in the Platform.
  • 1.3. Tokenization shall mean the process undertaken to convert RWA to RWA Token.
  • 1.4. Asvatok Coin or ATC shall mean the non-interest-bearing unit of account, denominated in INR (₹1 per ATC), the native digital utility token of the Platform, used only within the platform solely as a medium of exchange and settlement for transactions such as RWA Token purchases or redemption conducted on the Platform.
  • 1.5. User Account means the registered profile through which a User accesses Platform services.
  • 1.6. Institutional User means any legal entity other than a natural person that accesses or uses the Platform, including but not limited to companies, limited liability partnerships, partnerships, trusts, societies, associations, or any other body corporate, government or semi-government organization, or their authorized representatives acting on their behalf.
  • 1.7. User means any natural person or Institutional User that accesses, registers on, or uses the Platform or any of its services, including individuals, companies, limited liability partnerships, partnerships, trusts, associations, family offices, funds, or any other body corporate or unincorporated entity, whether acting on its own behalf or through duly authorised representatives, subject to completion of applicable KYC or KYB requirements and acceptance of these Terms and MLTA.
  • 1.8. KYC / AML means "Know Your Customer" and "Anti-Money Laundering" compliance requirements prescribed under applicable Indian law and regulations of the Financial Intelligence Unit (FIU).
  • 1.9. Custody and Listing Agreement/CLA refers to the separate agreement executed between the Company and an Asset owner governing custody, storage, and listing of Asset.
  • 1.10. Master Licensing and Trading Agreement/ MLTA means a commercial agreement executed between the Company and a User under which the Company grants a limited, revocable, and non-transferable license to access, utilize the Platform's exchange services.

2. PLATFORM OVERVIEW

  • 2.1. The Platform facilitates identification, authentication, certification, custody, Tokenization, and trading of tokenized Real-World Assets.
  • 2.2. It operates as an exchange-based platform where Users can list, trade, and redeem Asset Tokens.
  • 2.3. Cryptocurrency minting or custody of Asset Tokens are not undertaken under this Platform. The Platform does not issue Asset Tokens and does not act as a principal, issuer, or promoter of such Asset Tokens. The Platform's role is limited to facilitating access, listing, transaction execution, and settlement of Asset Tokens using ATCs subject to applicable contractual arrangements. If any such additional Asset Token minting or custody services is required, User has to avail services under Custody and Listing Services Agreement, where Company would with/without assistance of third party assist in providing such services. (Please contact support@asvatok.com). A User who requires listing services has to enter into MLTA as well.
  • 2.4. The Company acts solely as a facilitator of RWA Token trade and custodian, and not as a financial advisor, broker, or fiduciary. The Company does not guarantee any investment returns, appreciation in value, or yield of any kind. Users interact with ATCs and Asset Tokens through third-party blockchain wallets. The Company does not control users' private keys and does not act as a wallet provider. Users are solely responsible for wallet security and access credentials.
  • 2.5. Holding of RWA Tokens or ATCs do not represent any ownership, equity, profit-sharing, or beneficial interest in any Asset, issuer of tokens, or the Company and are not intended to function as securities, commodities, or investment products.
  • 2.6. All transactions, ownership transfers, and token movements are recorded in the Company's secure centralized database, not on a public blockchain.

3. ELIGIBILITY AND REGISTRATION

  • 3.1. Users must be at least 18 years old and legally competent to enter into a binding contract under Indian law.
  • 3.2. Users must enter into MLTA provided to procure licensing and trading Services provided under the Platform, and consequently, generate login ID and Password to access and use the Platform.
  • 3.3. Customer login credentials and account information are securely stored on Amazon Web Services (AWS) for authorized access and use. The applicable terms and conditions are accessible via the provided link.
  • 3.4. Institutional Users shall provide valid corporate documentation for Know Your Business (KYB) verification; as well as authorization letter towards such representative.
  • 3.5. As part of anti-money laundering and counter terrorism financing, Users must complete mandatory KYC/KYB and AML screening via authorized APIs including Aadhaar verification through DigiLocker, PAN validation, bank account verification and/or passport verification, as per such mechanism and process adopted by the Company.
  • 3.6. International users may be onboarded through passport-based verification and sanction screening.
  • 3.7. The Company reserves the right to reject, suspend, or terminate registrations for non-compliance, inaccurate data, suspicious activity, or for persons of questionable integrity.
  • 3.8. Platform User Accounts are non-transferable and may not be sold, leased, or shared with third parties.

4. USER OBLIGATIONS

User obligations related to responsible use, compliance with laws, and prohibition of fraudulent activities in the Terms of Use (TOU) for a token exchange platform can be elaborated as follows:

  • 4.1. Users must provide accurate and truthful information upon registration and throughout their use of the platform. They are responsible for maintaining the confidentiality of their account credentials and for all activities conducted under their accounts.
  • 4.2. Users agree to use the Platform and its services only for lawful purposes and in compliance with all applicable laws, including anti-money laundering (AML), combating the financing of terrorism (CFT), and know your customer (KYC) regulations.
  • 4.3. The Platform prohibits any fraudulent, deceptive, or illegal activities including but not limited to account impersonation, market manipulation, money laundering, fraud, or unauthorized access.
  • 4.4. Users must not engage in activities that could harm the Platform, its users, or third parties, such as injecting malicious software, disrupting services, or transmitting harmful content.
  • 4.5. Users are responsible for ensuring their conduct and transactions do not violate intellectual property rights, privacy rights, or other legal rights of any individual or entity.
  • 4.6. Any suspicious activities that could indicate fraud, money laundering, terrorism financing, or breaches of platform rules must be reported immediately to the platform.
  • 4.7. The platform reserves the right to suspend or terminate accounts and take legal action against users who violate these obligations.
  • 4.8. Users hereby indemnify the Platform against any losses, damages, or liabilities arising from their breach of these obligations or misuse of the Platform.
  • 4.9. Users must monitor their accounts regularly and immediately notify the Platform of any unauthorized access or security breach to protect their accounts and assets.
  • 4.10. Users are responsible for their own technical expertise and understanding the risks involved in trading and managing tokenized assets, including evaluating the risks associated with the Platform services.
  • 4.11. Users must ensure that all transactions, whether buying, selling, or transferring tokens, are conducted in good faith and according to Platform rules without attempting to manipulate the market or engage in abusive behavior.
  • 4.12. Users must keep their account credentials confidential and must not share access or allow third parties to operate on their behalf without authorization.
  • 4.13. Users acknowledge and accept the inherent risks in trading tokenized assets, including price volatility, liquidity risks, and potential loss of tokens or collectibles.
  • 4.14. Users agree to not hold the Platform liable for failures of other users to fulfill their financial or transactional obligations.
  • 4.15. Users must comply with the Platform's fee schedules and payment terms, including any applicable charges for transactions or account maintenance.
  • 4.16. Users must refrain from using the Platform for any activities that could impair the Platform's operation or harm other users or third parties.
  • 4.17. Users agree not to use the platform to infringe intellectual property rights or conduct any illegal activities.
  • 4.18. Users shall not misrepresent or falsely claim ownership, origin, or authenticity of any asset listed or traded on the Platform.
  • 4.19. Users must refrain from engaging in market manipulation practices, including but not limited to wash trading, price rigging, or submitting fraudulent bids or offers.
  • 4.20. Users are prohibited from attempting unauthorized access, reverse engineering, tampering with, or disrupting the platform's software, systems, or security measures.
  • 4.21. The platform must not be used for any illegal, deceptive, or money laundering activities, or to facilitate such activities by others.
  • 4.22. Users shall not publish, distribute, or promote misleading information, solicit investments, or engage in any form of fraudulent communication leveraging platform data or services.

5. NO CURRENCY EXCHANGE

  • 5.1. The Platform does not facilitate the exchange of fiat currency or serve as a payment intermediary between Users. All Asset token transactions occur within the Platform in RWA token units representing ownership or rights over physical collectibles.
  • 5.2. Users retain responsibility for the currency conversion related to their native currency.
  • 5.3. Upon closure or redemption of tokens into physical collectibles or native currency, the settlement or payout will be calculated based on the prevailing exchange rate of the user's native currency at that time.
  • 5.4. Users acknowledge and agree that fluctuations in exchange rates may impact the value realized upon redemption or closure of token positions.
  • 5.5. The Platform operates independently of fiat currency exchange regulations and does not handle or custody users' native currencies as part of the token trading or redemption process.

6. KYC, AML, AND SANCTIONS

  • 6.1. The Company conducts mandatory KYC (Know your customer), AML (Anti Money Laundering), and sanction screening for all Users in compliance with the Prevention of Money Laundering Act (PMLA), 2002 and FIU-IND guidelines.
  • 6.2. Users from sanctioned or blacklisted jurisdictions are not permitted to use the Platform.
  • 6.3. Institutional KYB (know your business) verification shall include identification of beneficial owners and authorized signatories.
  • 6.4. The Company reserves the right to report suspicious activity to competent authorities.

7. PAYMENT TERMS

  • 7.1. All payments, settlements, and withdrawals within the Platform occur exclusively in ATCs.
  • 7.2. The Platform does not accept cryptocurrencies or virtual assets for settlement.
  • 7.3. Users are responsible for applicable taxes, duties, or levies under Indian Law (if native currency is non-Indian, respective law of the native currency).
  • 7.4. Refunds, if applicable, will be initiated only after completion of due verification.
  • 7.5. We procure services of RazorPay for any exchange of native currency to ATCs or ATCs to native currency. The Terms and Conditions of RazorPay is available in their website. Any jurisdictional/geographical restrictions applicable in RazorPay Services shall correspondingly be applicable for Users.

8. TECHNICAL AND OPERATIONAL DISCLAIMERS FOR PLATFORM SERVICES

  • 8.1. Downtime and Platform Availability: The Provider does not guarantee uninterrupted or error-free operation of the Platform or the Asset Token exchange services. Scheduled or unscheduled downtime may occur for maintenance, upgrades, security enhancements, or due to force majeure events, third-party service failures, or other circumstances beyond the Company's reasonable control. Users acknowledge that such downtime may prevent token exchanges, swaps, or other transactions, and the Company shall bear no liability for resulting losses, delays, or missed opportunities.
  • 8.2. Blockchain and Token Risks: The Platform facilitates exchanges of Asset Tokens on blockchain networks (including but not limited to BNB Chain), which carry inherent risks such as network congestion, transaction delays or failures, blockchain forks, protocol upgrades, smart contract exploits, 51% attacks, oracle failures, impermanent loss in liquidity pools, and token depegging or volatility. The Provider makes no warranties regarding token value stability, exchange execution, or blockchain finality, and Users assume all risks of loss, including permanent forfeiture of tokens due to failed or reversed transactions.
  • 8.3. Wallet and User Custody Risks: The Platform integrates with non-custodial third-party wallets (e.g., MetaMask) for ATC token exchanges. Users are exclusively responsible for securing their private keys, seed phrases, wallet approvals, and transaction signatures. The Provider disclaims all liability for losses from wallet hacks, phishing attacks, malware, incorrect approvals (e.g., unlimited token allowances), user errors in slippage settings or gas fees, or any wallet-related failures. Users must verify all transactions independently before confirmation.
  • 8.4. Third-Party Dependencies: Platform services depend on external providers, including blockchain networks (e.g., BNB Chain), wallet providers (e.g., MetaMask), cloud infrastructure (e.g., Amazon Web Services (AWS)), oracles, liquidity sources, and decentralized exchanges. The Provider exercises no control over these third parties and disclaims liability for their downtime, errors, rate changes, security incidents, delistings, or service modifications, which may disrupt token exchanges, liquidity availability, or Platform functionality. Users accept these dependencies without recourse.
  • 8.5. Users acknowledge these risks, confirm they have performed independent due diligence on the Platform, asset tokens, and associated technologies, and agree that the Company shall not be liable for any indirect, consequential, incidental, special, or punitive damages, including lost profits or token value fluctuations, arising from the matters disclaimed herein. This clause survives termination or expiration of any User agreement.
  • 8.6. The Company operates solely as a facilitator, custodian, and service provider for the Platform and related services. The Company does not act as a fiduciary, financial advisor, broker, or agent of any User, and no advisory, trust, or partnership relationship is created by the use of the Platform.
  • 8.7. The Company does not guarantee or warrant the accuracy of market prices, continued liquidity, appreciation, or any rate of return on Assets or Asset Tokens. All valuations and indicative prices displayed on the Platform are provided for informational purposes only and are subject to market dynamics and verification.
  • 8.8. The Company's liability, whether in contract, tort, or otherwise, shall be strictly limited the sum of Asset Tokens and/or ATCs held by the User in relation to such Asset or transaction. In no case shall the Company be responsible for any unrealized gains, opportunity losses, or depreciation in value of Assets or Asset Tokens.
  • 8.9. The Company may engage independent third-party service providers including, but not limited to, custodians, insurers, authentication experts, logistics partners, data verifiers, and payment gateways. The Company shall not be liable for any loss, delay, or default caused by such third parties, except to the extent directly attributable to the Company's proven gross negligence or willful misconduct.
  • 8.10. To the fullest extent permitted by law, the Company shall not be liable for any indirect, incidental, special, exemplary, punitive, or consequential damages, including but not limited to loss of profits, goodwill, data, or anticipated savings, arising out of or related to the use or inability to use the Platform, even if the Company has been advised of the possibility of such damages.
  • 8.11. The Company shall not be liable for any delay or failure in performance resulting from acts beyond its reasonable control, including but not limited to natural disasters, regulatory restrictions, government actions, system failures, or cyber incidents. In such cases, obligations shall be suspended until the cause is remedied.

9. REGULATORY CHANGE AND FORCE MAJEURE

  • 9.1. If any regulatory or legal change affects Platform operations, the Company may suspend, amend, or terminate affected services.
  • 9.2. Users will be notified of any regulatory developments affecting their holdings.
  • 9.3. In events beyond reasonable control (e.g., natural disasters, regulatory prohibition, cyberattacks), obligations shall be suspended until restoration.

10. INTELLECTUAL PROPERTY

  • 10.1. All trademarks, logos, software, copyright, content, transaction data, and proprietary data on the Platform belong exclusively to the Company. User content is limited to account credentials, which belong to the User.
  • 10.2. Users are granted a limited, revocable, non-transferable license to access the Platform solely for lawful personal or institutional use.

11. PRIVACY AND DATA PROTECTION

  • 11.1. User data is collected, processed, and stored in accordance with the Privacy Policy of the Company, which form an integral part of these Terms.
  • 11.2. The Company may share data with regulators, custodians, and AML partners as required under law.

12. RELATIONSHIP BETWEEN PARTIES

  • 12.1. User acknowledges and agrees that nothing in this Agreement, nor any course of dealing between the Parties, creates or shall be construed to create a fiduciary, trust, partnership, joint venture, agency, or similar relationship with Company.

13. TERMINATION

  • 13.1. Access to Platform may be terminated upon termination of the Master License and Trading Agreement and/or Custody and Listing Agreement.
  • 13.2. The Company may suspend or terminate access for any breach, regulatory violation, or fraud.
  • 13.3. Users may close their accounts after fulfilling pending obligations or redemptions.
  • 13.4. Upon termination, data shall be retained as legally required as detailed in the Privacy Policy.

14. GOVERNING LAW AND DISPUTE RESOLUTION

  • 14.1. These Terms are governed by and construed in accordance with the laws of India.
  • 14.2. Courts at Mumbai, Maharashtra, India shall have exclusive jurisdiction over all disputes.

15. CONTACT INFORMATION

Gala Collectible Services Private Limited
147, 1st floor Swadeshi Market, Kalbadevi Rd, Marine Lines (E), Mumbai - 400002.
Email: support@asvatok.com
Attention: Legal & Compliance Department