Last updated: August 31, 2023
Welcome to BLOX Blockchain Sdn Bhd ("BLOX," "we," "our," or "us"). BLOX issues and manages Malaysian Ringgit Stablecoins ("MYRC"), which are digital assets pegged 1:1 to the Malaysian Ringgit. These terms of use ("Terms") govern your access to and use of the MYRC stablecoins and BLOX services.
By accessing or using MYRC or any BLOX services, you agree to be bound by these Terms. If you do not agree to these Terms, you may not access or use MYRC or BLOX services.
MYRC are digital assets issued by BLOX that are pegged 1:1 to the Malaysian Ringgit. 1 MYRC is always redeemable for 1 MYR through BLOX. MYRC transactions are recorded on the blockchain.
BLOX manages the MYRC supply to maintain the 1:1 peg. BLOX maintains reserves of Malaysian Ringgit equal to the circulating supply of MYRC at all times in an account with a licensed financial institution partner. This reserve ensures that MYRC can always be redeemed 1:1 for Malaysian Ringgit.
BLOX provides services to enable users to obtain, hold, transfer, and redeem MYRC. Specific services may include:
- MYRC wallets to hold and transfer MYRC
- MYRC purchase and redemption portals
- Tools and APIs for developers building on MYRC
BLOX may add, change, or deactivate any of the services at its sole discretion
MYRC are intended to maintain a 1:1 peg to MYR. However, market conditions or BLOX actions may cause MYRC to trade above or below the peg. BLOX takes appropriate measures to ensure the 1:1 peg is maintained. However, in highly unlikely scenarios such as bank failure, restrictions on withdrawals, or other force majeure events, the peg may break and MYRC may trade at a premium or discount to Malaysian Ringgit in secondary markets.
BLOX makes no guarantee regarding the peg or volatility. You assume all risks in trading MYRC.
Use of certain BLOX services may require account registration and identity verification. You agree to provide accurate information and documentation as requested. You authorize BLOX to verify your identity through relevant third parties.
BLOX may set limits on MYRC transactions, balances, and activity. BLOX reserves the right to charge fees for certain services and transactions. Current fees will be displayed prior to transactions. BLOX may change the fees at any time. You are responsible for any applicable fees.
MYRC are redeemable 1:1 for MYR through BLOX redemption portals, subject to applicable conditions and limits. BLOX reserves the right to delay, halt, or reject redemptions under certain circumstances, including insufficient MYRC reserves, fraud risk, account suspensions, and regulatory orders.
BLOX may suspend or restrict your access to MYRC, BLOX services, and associated accounts for any reason, including risk exposure and suspected misconduct. BLOX may hold your funds for investigation or refuse to process questionable transactions. You will remain liable for obligations incurred during your use of BLOX services.
BLOX SERVICES AND MYRC ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. BLOX MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED.
BLOX maintains appropriate reserves and takes precautions to preserve the 1:1 peg and redemption capabilities, but makes no guarantees regarding the availability of funds for redemption in unlikely scenarios such as bank failure, capital controls, or force majeure events.
IN NO EVENT SHALL BLOX BE LIABLE FOR ANY DAMAGES ARISING FROM YOUR USE OF MYRC OR BLOX SERVICES.
You agree to indemnify and hold harmless BLOX from any claims, damages, liabilities, and expenses related to your use of MYRC or BLOX services.
The BLOX name, logo, services, processes, software, and other intellectual property are owned by BLOX and may not be copied or used without express written permission.
These Terms shall be governed by Malaysian law. Any dispute shall be subject to the exclusive jurisdiction of the Malaysian courts.
BLOX may amend these Terms at any time by posting the revised Terms on the BLOX website. The changes will be effective immediately upon posting. You are responsible for checking for updates to the Terms. Continued use of MYRC or BLOX services after a change constitutes acceptance.
Please contact us at contact@blox.my with any questions about these Terms or your use of MYRC and BLOX services.