1. Last updated 30 January 2024.
2. WVE Money Limited, trading as Musqet, (“Musqet” or “We” or “Us“) is a private limited company incorporated in England and Wales with company number 11830174 whose registered office is located at Apt 52, 3 Whitehall Court, London, England, SW1A 2EL. Our contact email is hello@musqet.tech.
3. This agreement (“Agreement” or “Terms“) between Musqet and you (“You“, “Your“) describes the terms and conditions governing your use of the Musqet Wallet (” Wallet Services“, “Application” or “Wallet“) and/or payment acceptance services (the “Acceptance Services“) provided by Musqet through the Musqet Merchant App, together the Services (“Services“).
4. By creating or restoring a Wallet and/or by using the Acceptance Services, You are agreeing to be bound by the terms of this Agreement, You acknowledge and agree that You have carefully read and understood our FAQ, and warrant You have the power and capacity to enter into this Agreement.

1. “Account” means Your virtual interface within the Musqet System that is intended for Your use of our Services. The account is accessible via our Website by using Your registration email and long-term password (or, if applicable, one-time password) to login.
2. “Business Day” means between the hours of 9am-5pm Monday to Friday, not including public holidays in the United Kingdom.
3. “Fees” means the fees We will charge You for the provision of the Services, the details of which are set out in our FAQ.
4. “Fiat” means a currency which in accordance with applicable laws is legal tender.
5. “Merchant” means a person who has concluded an individual agreement with Us for the provision of our Acceptance Services and: a) who offers products and/or services for sale in Virtual Assets for business purposes; or b) is bona fide charitable organisation that accepts donations in Virtual Assets.
6. “Musqet System” means a computer programme with relevant user interfaces available on the Website and/or otherwise accessible, owned, administered, supported, and developed by Us including our Services stipulated in these Terms intended for Merchants to accept Virtual Assets as payment for the purchase of goods or services or donations, as well as Wallet Services to store, send, request and receive bitcoins.
7. “Prohibited Uses” means those uses contained within term 6 (Prohibited Use).
8. “Terms” means these Musqet Terms under which You agree to the terms and conditions of the provision of Services. In case other agreements are concluded between Us and You with respect to the provision of Services after these Terms are concluded, those subsequent agreements shall be considered as an integral part of these Terms.
9. “Virtual Asset” (also known as cryptocurrency, virtual currency, or digital currency) means a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual Assets do not include digital representations of fiat currencies, securities, and other corresponding financial assets.
10. “Website” means our website https://musqet.tech/staging/ including all its sub-domains.

1. Your obligations:
   
   • to act in good faith and adhere to these Terms which govern the use of our Services, and timely as well as properly fulfil your obligations to Us;
   • to provide Us with information, documents, and data which is accurate, correct, up to date, not misleading and free of viruses or other computer programmes or files that could interfere with the normal functioning of the Musqet System and/or related applications;
   • to promptly (not later than one (1) Business Day (in case of non-Business Day, on the earliest Business Day) after you become aware of that) notify Us of improperly provided Services, of loss, theft, unauthorised use or illegal acquisition of the Musqet System login data, and also of loss of your electronic device used for logging into the Musqet System;
   • to promptly (not later than one (1) Business Day (in case of non-Business Day, on the earliest Business Day) after you become aware of that) report to Us any suspicions about compliance with these Terms and not carry out any transactions in Virtual Assets until We instruct otherwise; and
   • to take all reasonable measures necessary to prevent illegal disclosure, appropriation, or use of your data related to transactions in Virtual Assets; at all times to comply with all applicable laws and regulations, including, but not limited to, AML/CTF regulations, personal data protection laws, unfair commercial practices regulations, consumer rights laws, advertising laws, etc.

1. You represent and warrant that:
   
   • You have all necessary rights, power, authority and ability to enter into and fulfil Your obligations under these Terms and Your use of the Services;
   • in case of legal representation, You are duly authorised to enter into a contractual relationship with Us based on these Terms on behalf of the person You are representing;
   • in case of a natural person, You are of the required age, and have all necessary power, capacity and authority to enter into and be bound by these Terms and any other document related thereto;
   • in the case of a legal person, it is duly established and operates in a country in which our Services are legally accessible;
   • Your financial status allows You to accept the risks relating to Virtual Assets;
   • You have provided accurate and complete information and documents requested by Us to verify Your identity;
   • We are satisfied with the outcome of any identity, fraud, and background checks including all other money laundering and terrorist financing checks which We will conduct in relation to You at any time during the term of Your relationship with Us;
   • You have created an Account in the Musqet System in a predefined manner;
   • You do not use/intend to use the Musqet System for anything that is unlawful, malicious or that could disable, overburden, or impair the proper working of the Musqet System or may hurt our reputation or otherwise pose any threat to Us; at all times You comply with these Terms as well as all applicable laws and regulations.

1. Musqet is a bitcoin payment processor that enables You to accept bitcoin as a payment method in exchange for goods or services You sell to Your customers. By using the Acceptance Services, You authorise Musqet to act as Your agent and to take any and all actions We consider necessary or desirable to provide the Acceptance Services and to comply with applicable laws and regulations.
2. We store limited information, including but not restricted to, business name, business e-mail address and Merchant or manager name and cashier staff name. Names do not need to be provided in full form and can be a pseudonym. We may ask you to submit business-related information on annual turnover, largest expected transaction and the number of days the business intends to be open for business, per week. This information is necessary for Us to assess the size of the channel necessary. The calculated channel size number is sent to Us. This information is used as part of our assessment of Your application to use the Musqet service which We will either approve or deny at our sole discretion. All data stored by Us on databases is encrypted.
3. The information You provide at the time of opening the Account must be accurate and complete, and You must inform Us within one (1) Business Day of any changes to such information. Musqet has the right to reject Your Account registration, to later close Your Account, or to restrict the provision of the Acceptance Services to You if You do not provide and maintain accurate, complete and satisfactory information.
4. We reserve the right to decline to provide our Acceptance Services to You or immediately suspend or close Your Account, without notice, if We learn or reasonably suspect, in our sole discretion, that You will use or have used Your Account to engage in unlawful or improper activity in violation of applicable laws or regulations or these Terms.

1. In connection with Your use of the Acceptance Services, and Your interactions with other users and third parties, You agree You will not engage in the following Prohibited Uses. This list is non-exhaustive and We reserve the right to modify it at any time. It is within our sole discretion to determine whether an activity falls into one of these categories.
   
   • Unlawful Activity: Actions which violate, or would assist in violation of any law, statute, ordinance, or regulation, including applicable sanctions programmes including but not limited to the Sanctions and Anti-Money Laundering Act 2018, or which would involve proceeds of any unlawful activity; activity which would publish, distribute or disseminate any unlawful material or information.
   • Abusive Activity: Actions which impose an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to our computer systems, networks or sites that contain viruses, trojan horses, worms, or any other harmful or deleterious programmes; attempt to gain unauthorised access to our computer systems, networks or sites or our other customers’ Accounts, computer systems or networks connected to Us, through any other means; interfere with another individual’s or entity’s access to or use of the Acceptance Services; use information of another party to access or use our computer systems, networks or sites, except in the case of specific Merchants which are specifically authorised by a user to access such user’s Account and information; transfer Your Account access or rights to Your Account to a third party, unless by operation of law or with the express written permission of Musqet; or harvest or otherwise collect information from our computer systems, networks or sites about others, including without limitation email addresses, without proper consent.
   • Abusive Actions Against Others: Actions which defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others; incite, threaten, facilitate, promote, or encourage hateful or violent acts against others.
   • Fraud: Actions which operate to defraud Us, our users, or any other person; provide any false, inaccurate, or misleading information to Us.
   • Intellectual property infringement: Transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law, including but not limited to sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorisation from the rights holder; use of any Musqet intellectual property, name, or logo, including use of Musqet trade or service marks, without express consent from Musqet or in a manner that otherwise harms Musqet; any action that implies an untrue endorsement by or affiliation with Musqet.

1. It is Your own responsibility for paying any taxes applicable to You in relation to using our Services.
2. We make no representations in relation to tax liabilities, assume no tax liability for any Merchant, assume no responsibility for the tax liability of any Merchant, not for collecting, reporting, withholding or remitting any taxes arising from any Services that You may use.
3. In case We are obliged under applicable law or voluntarily decide to report to any competent authorities any information that is related with Your tax obligations, You undertake to provide Us with the requested documents, data and information.

1. If We receive a complaint from a customer and it relates to You or the purchased goods/services, We may at our sole discretion send it to You for resolution. We reserve the right to terminate Merchant Accounts that in our view receive excessive complaints.

1. The Musqet Application enables You to create a non-custodial cryptocurrency Wallet for bitcoin, and to use the Wallet to store, send, request and receive bitcoins.
2. Our Application is intended for use by persons who are very knowledgeable about cryptocurrency generally and non-custodial Wallets in particular. If you use our service, you represent that you qualify as such a person. You acknowledge and agree that you have carefully read and understood our FAQ.

1. Responsibility for the Wallet’s seed
   
   • The application uses a 24-word phrase (“Seed“) to generate a private key to a Lightning Wallet and a BIP32 hierarchical Wallet. This Seed gives access to all assets stored in the Wallet.
   • If You use Musqet to create a Wallet, the Wallet will use an algorithm to generate a Seed. This Seed is stored on Your device. We do not know or have access to Your Seed. We cannot provide assistance if You lose or forget Your Seed.
   • It is Your responsibility to carefully guard Your Seed secure and make a backup. You must not give the Seed to anyone.
2. Seed and impact of their loss or misappropriation
   
   • If You permanently forget or lose Your Seed, You will never be able to recover any funds in Your Wallet, and will suffer a complete, irrecoverable and catastrophic loss of all funds in Your Wallet.
   • Musqet has no responsibility and will not be liable for any loss or damage You suffer from the loss or misappropriation of Your Seed.
3. Securing access to the application on mobile devices

   If available on Your mobile device, Musqet provides a way to prevent unwanted access to Your Wallet, using the device’s biometrics system. It is Your responsibility to make sure Your mobile device’s biometrics authentication system is properly configured, and only grants access to You. A sufficiently complex password should be used to ensure access to the application is restricted to the intended user only.

4. Keeping Your device up-to-date and secure
   
   • You must make sure the device the application is running on is secure, especially that its operating system is up to date, with the latest security patches available.
   • Your device must not be rooted, otherwise the application will not be secure, and Your Seed will be exposed.

1. As part of the Musqet System, Wallet Services are available including a non-custodial, bitcoin-only Wallet, which uses the Lightning Network (“LN“) to store, receive, and send payments over LN. You need to have a working internet connection to use the Wallet.
2. The application connects to a LN node (“Peer“) managed by Musqet, and in cooperation with the Peer will automatically open, maintain, and close lightning payment channels. Those channels are secured using multi-signature transactions signed with Your Seed and the Peer’s.
3. The Wallet’s balance is the aggregate usable balance of Your payment channels.
4. Payments are relayed by the Peer through Your channels. If You cannot connect to the Peer, You will not be able to send or receive payments.
5. As much as possible, the Wallet and the Peer will cooperate in order to make payments complete properly, either with a failure or a success. However, in some cases, including but not limited to payment errors or connection issues, a payment will not be able to complete properly, in which case the channels that forwarded the faulty payment will have to be force-closed (see the Termination section).
6. Outgoing Lightning payments

   The Wallet delegates route calculation to the Peer and provides the Peer with a range of acceptable fees that the Peer can use at discretion.

7. Incoming Lightning payments

   The Peer will try to use existing payment channels when possible or will try to automatically open a new channel if none are able to accept the payment. In the latter case, the Peer takes a fee (see below).

8. Payments to on-chain addresses (“swap-out”)

   The Wallet sends a Lightning payment to the Swap-out service provider via the Peer. The service provider then sends an on-chain transaction to the address provided by the user, using the feerate provided by the service provider and agreed by the user.

9. Fees

   Channel funding and closing operation use on-chain bitcoin transactions. The fees for those transactions use funds from Your Wallet (and the Peer’s) and depend on the Bitcoin network mempool usage.

   • Sending LN payments: the fee depends on the route found for that payment. The Wallet will try to use a low fee first, then if no route was found the fee will increase gradually up to a maximum value. The user may be able to change that maximum fee.
   • Receiving LN payments: no fees, unless a new channel has to be created.
   • On-the-fly channel creation: 1% of the amount received, with a 3,000 satoshis minimum. The amount received must be at least 100,000 satoshis for a channel to be created.
   • Swap-out: once payment is made to the Swap-out service provided via the Peer, the service provider sends on-chain transaction to the address provided by the user, using the feerate provided by the service provider and agreed by the user.
10. Outgoing Lightning payments

    The Wallet calculates the route to the Peer. The route will include the Peer. When sending payments, the Wallet allocates a fee to each peer on the route as routing payments. The fee is dependent on the route calculated. Once the route is calculated, the fee is communicated to You, before payment is made. If no route can be found, the payment fails and funds come back to the Wallet.

11. Incoming Lightning payments
    
    • When a payment is incoming to the Wallet, and the Wallet has no existing channels, the Peer will open a new channel using an on-chain transaction whose fees are paid by the Wallet, using funds from said payment.
    • When a payment is incoming to the Wallet, and the Wallet already has channels, the Peer will try to use existing payment channels to settle the payment. If that’s not possible, the Peer will automatically splice-in the funds to the Wallet’s channels with an on-chain transaction whose fees will be paid by the Wallet.
    • The Wallet may reject the splice or new channels operations at discretion, for example if the fee is too high. In that case the payment fails. This is done automatically, using user-configurable settings in the Wallet.
12. Payments to on-chain addresses

    In the event You do not have capacity to receive payment, We may open an additional channel to You, or, We may request You rebalance the existing channel to unlock any available liquidity. The intended payment cannot be greater than the total channel size. In the event the intended payment is greater, the payment will be processed as an on-chain bitcoin payment. The length of time for this to be considered finally settled is after 6 confirmations on-chain which takes, on average, 60 minutes but can be much more or much less.

13. Deposit
    
    • The parties may, at any time, determine that You will transfer to the Peer an amount equal to the value of the channel opening amount (the “Deposit“).
    • The Deposit will be paid to the Peer in bitcoin, in-channel, after a sufficient number of sales have taken place, which are equal the value of the channel opening amount.
    • Should the channel size increase, the Deposit will increase by the same amount, and will be paid in the same way, by You to the Peer.
    • Should the channel size decrease, We will return the decreased amount to Your Wallet.
    • On closing of the channel, and not before, We agree to repay the Deposit to Your Wallet. The Deposit will be calculated in bitcoin and the price of bitcoin will not change the value of the deposit, regardless of any value fluctuation in the market.
    • We shall acquire and retain full legal and beneficial title to the bitcoin comprising the Deposit and We shall not have any custodial or fiduciary obligations to You in respect thereof. Where we have an obligation to repay the Deposit or part thereof to You, as described above, You shall have a contractual and personal claim only for repayment by Us of an amount of bitcoin equal to the Deposit or part thereof.

1. You can close Your channels at any time. When doing so, and as much as possible, You should close Your channels mutually, using the “close channels” feature in the settings.
2. You understand that the “close channels” button available in the settings is an emergency protocol that should not be used in normal situation, and that it will incurs significant costs and delay to You.
3. In certain scenarios, including but not limited to catastrophic payment errors, connection issues, bugs in the Lightning or Bitcoin protocol, attacks on the network, Lightning channels in the Wallet will be force-closed. Any remaining funds will be recovered on-chain, following instructions provided in the FAQ . The force-closings incurs a long delay (at least several days), and a significant fee paid to the Bitcoin miners using the peer’s and Wallet’s balance in the channels.

If a hosting service that We or You use for the Wallet, the Peer or the channel blocks or interferes with our access, this will be treated by the parties as a disruption (“Disruption“). We are not responsible for any harm You suffer from a Disruption.

The peer will open channels to Your Wallet and allocate incoming liquidity in addition to Your balance, for Your convenience. The peer reserves the right to close channels or reclaim liquidity from channels at any time.

1. Your channels are regularly encrypted and sent to the peer for backup. You can always recover them by connecting to the peer using Your Seed and get back access to Your funds.

1. The Wallet can display bitcoin amounts in alternative fiat currencies using exchange rates provided by 3rd party services. These rates may not be accurate.
2. Any prices displayed are not indicative of bitcoins being backed by any commodity or other form of money or having any other tangible value at all. We make no guarantees that bitcoins can be exchanged or sold at the price displayed. We have no control over and do not make any representations regarding the value of bitcoins.
3. You should always refer to the bitcoins amount before receiving or sending a payment, and not the fiat currency price. We are not responsible for the third-party services providing the prices and will not be liable for any loss or damage caused by third party services.

We grant You a limited, personal, non-transferable, non-exclusive licence to access and use the Website and to use the Services as provided to You by Musqet, subject to the Terms of this Agreement and solely for approved purposes as permitted by Us from time to time. Any other use of the Website or the Services is expressly prohibited and all other rights, titles and interests in the Website and the Services are exclusively the property of Musqet and its licensors. “Musqet” and all logos related to the Services or displayed on the Website are trademarks of Musqet or its licensors. You may not copy, imitate or use them without our prior written consent.

You acknowledge We may collect and store data in relation to You. For more information on the way in which We process the information about You, please refer to our Privacy Policy.

This Agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. In any dispute that may arise from the interpretation and execution of these Terms, the parties shall first attempt to reach an amicable settlement by mediation in accordance with the London Court of International Arbitration (LCIA) Mediation Rules. If the dispute is not settled by mediation within sixty (60) days of the commencement of the mediation, or such further period as the parties shall agree in writing, the parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute.

1. No action or inaction by Musqet will be considered a waiver of any right or obligation by Musqet.
2. This Agreement may be amended by Musqet at our discretion. If You do not agree to the amended agreement, then Your sole remedy will be to stop using the Wallet.
3. This Agreement controls the relationship between Musqet and You. They do not create any third-party beneficiary rights.
4. Your use of the Services, any Wallet and the Website is subject to international export controls and economic sanctions requirements. You agree that You will comply with those requirements. You are not permitted to use any of the Services if (1) You are a in, under the control of, or a national or resident of any country subject to UN sanctions (“Sanctioned Country“); or (2) You intend to supply bitcoins in Musqet to a Sanctioned Country (or a national or resident of a Sanctioned Country).
5. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, will continue to be binding and operate after the termination or expiration of this Agreement. If a particular term of this Agreement is determined to be invalid or not enforceable under any applicable law, this will not affect the validity of any other term. This Agreement (including documents incorporated by reference in it) is the entire agreement between Musqet and You and supersedes any other agreement, representations (or misrepresentations), or understanding, however communicated.

WE PROVIDE THE SERVICE “AS IS”, WITHOUT ANY EXPRESS, IMPLIED, OR STATUTORY WARRANTIES OF ANY KIND, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OF THE SERVICE, EMPLOYEES AND AFFILIATES OF MUSQET, COPYRIGHT HOLDERS, OR MUSQET BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SERVICE OR THE USE OR OTHER DEALINGS IN THE SERVICE.

1. UNDER NO CIRCUMSTANCES WILL MUSQET OR ITS AFFILIATES, OR ANY OF ITS OR THEIR RESPECTIVE SERVICE PROVIDERS, BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY USE, INTERRUPTION, DELAY OR INABILITY TO USE THE SERVICE, LOST REVENUES OR PROFITS, DELAYS, INTERRUPTION OR LOSS OF SERVICES, BUSINESS OR GOODWILL, LOSS OR CORRUPTION OF DATA, LOSS RESULTING FROM SYSTEM OR SYSTEM SERVICE FAILURE, MALFUNCTION OR SHUTDOWN, FAILURE TO ACCURATELY TRANSFER, READ OR TRANSMIT INFORMATION, FAILURE TO UPDATE OR PROVIDE CORRECT INFORMATION, SYSTEM INCOMPATIBILITY OR PROVISION OF INCORRECT COMPATIBILITY INFORMATION OR BREACHES IN SYSTEM SECURITY, OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL OR PUNITIVE DAMAGES, WHETHER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE AND WHETHER OR NOT WE WERE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
2. YOU AGREE TO LIMIT ANY ADDITIONAL LIABILITY NOT DISCLAIMED OR DENIED BY MUSQET UNDER THIS AGREEMENT TO YOUR DIRECT AND DOCUMENTED DAMAGES; AND YOU FURTHER AGREE THAT UNDER NO CIRCUMSTANCES WILL ANY SUCH LIABILITY EXCEED IN THE AGGREGATE THE AMOUNT OF FEES PAID BY YOU TO MUSQET DURING THE THREE-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT THAT GAVE RISE TO YOUR CLAIM FOR DAMAGES.