Master User Agreement

1. Provider identity

The Baysart mobile application and related services are provided by Baysart MMC (the "Provider", "we", "us", "our"). The Provider's name contains the words "kripto aktiv xidməti təminatçısı" (crypto-asset service provider).

Taxpayer identification number (VÖEN): 1703115231. Registered (legal) address: Baku, Azerbaijan. Contact email: [email protected]. Support and documents: https://baysart.com.

Regulatory status notice: The Provider is preparing for authorization under the forthcoming Azerbaijani law on crypto-asset markets and is not yet a licensed kripto aktiv xidməti təminatçısı. This Agreement is provided as a pre-licensing draft.

Once a licence is granted, the following information will appear here: licence number; date of issue; issuing authority Central Bank of the Republic of Azerbaijan. These slots are currently unfilled.

2. Definitions and third-party roles

The following definitions are used in this Agreement.

• User — the natural person (you) who creates an account in the Baysart application or uses the Services.
• Services — the non-custodial (self-custody) wallet, blockchain transactions, AZNS-based cash-in/cash-out, buy/sell/convert, and related functions.
• Wallet — the non-custodial wallet whose 12-word BIP39 seed is generated on your device, AES-256 encrypted, and whose signing is performed entirely on the device.
• AZNS — a manat-pegged stablecoin issued by the Provider (1 AZNS = 1 AZN).
• Payment Partner — a licensed e-money institution (white-label EMI); cash-in/cash-out is provided by or through it. The Provider relies on this Partner's e-money authorization and is not itself the e-money institution.
• Identity Verification Provider — the party that performs KYC (know-your-customer) verification.
• Settlement/Liquidity Partner — the party off which buy/sell/convert prices are based.
• Cash Access Network — bank transfers, ATM cash networks and similar channels.
• Infrastructure Providers — hosting, blockchain node and similar technical services.
• Third-Party Service Providers — the above and other independent suppliers.

3. Scope and incorporated documents

This Master User Agreement is the umbrella agreement governing the relationship between you and the Provider. It covers the non-custodial wallet, cash-in/cash-out, buy, sell and convert services across the supported blockchains (Bitcoin, Polygon, Solana) and assets (BTC, AZNS, USDC, USDT).

The following documents are incorporated by reference into this Agreement and form an integral part of it. They must be read together with this Agreement.

• Non-Custodial Wallet Terms
• Services Agreement
• AZNS Terms
• Privacy Policy
• Risk Disclosure
• AML/KYC Policy
• Fees Schedule
• Complaints Policy
• Conflicts of Interest Policy
• Execution Policy
• Acceptable Use Policy
• E-Communications Consent
• Right of Withdrawal

4. Eligibility

To use the Services you must meet the following conditions.

• You must be at least 18 years of age.
• You must have full legal capacity to enter into a contract.
• You must not be a sanctioned or otherwise prohibited person.
• You must be in a permitted jurisdiction where the Services are offered.

5. Electronic acceptance and signature

By tapping the relevant buttons in the application, confirming with biometrics (Face ID / fingerprint), entering a PIN, or signing a transaction with the encrypted key on your device, you give legally binding consent to this Agreement and to the relevant transaction. Such confirmation constitutes your electronic signature and authorizes the execution of transactions.

Consent is given at the moment of the transaction; no transaction is executed without consent. You may withdraw future consent by logging out of the application, disabling biometric/PIN confirmation, or closing your account; however, transactions that have already been signed and broadcast to the blockchain cannot be reversed.

Owing to the non-custodial nature, the private key remains solely with you; the Provider cannot sign on your behalf or cancel a transaction.

6. Crypto-assets are not legal tender

Crypto-assets are not legal tender in the Republic of Azerbaijan and are not recognized as a means of payment. No crypto-asset, including AZNS, holds the status of national currency.

The value of crypto-assets is volatile and is not guaranteed by the state. The peg of AZNS to the manat relies on the Provider's reserve and solvency mechanisms and is not a state guarantee.

7. Fees summary

All applicable fees are set out in detail in the Fees Schedule, which is incorporated by reference into this Agreement. The principal fees are as follows.

Unless agreed otherwise, no fee is deducted from a transferred amount; fees are added on top of, or charged separately from, the transferred amount.

• Cash-out: 1% + 0.50 AZN.
• Buy/sell: 100 bps (1%) spread.
• Swap between same-type stablecoins (USDC ↔ USDT): 50 bps (0.5%).
• Network (blockchain) fees: passed through as-is with no markup.
• Card-save authorization: 0.50 AZN (refunded after the card is saved).
• Cash-in: 1:1 (AZNS minted via card).
• Limits: minimum ₼1; ₼25,000 per transaction; ₼100,000 per identity per day; ₼1,000,000 system-wide per day.

8. Tax responsibility

You are solely responsible for assessing, reporting and paying any taxes arising from your use of the Services. The Provider does not give tax advice.

The Provider withholds or reports only where required by law or by the tax authority.

9. Amendments

The Provider may amend this Agreement and the incorporated documents. For material changes, beyond the statutory minimum of 30 days' notice, the Provider gives at least 60 (sixty) days' advance notice.

Fresh acceptance is required before a material change takes effect. Silence may be treated as acceptance only for non-material changes.

If you do not accept the changes, you may terminate the Agreement free of charge before the effective date.

10. Termination

You may terminate this Agreement at any time, free of charge.

Any fees paid in advance are refunded within 3 (three) calendar days of termination, net of the value of services already rendered.

For indefinite-term contracts, the Provider may terminate on at least 30 (thirty) days' advance notice. The Provider may impose immediate restrictions for reasons of legal breach, fraud or security.

Owing to the non-custodial nature, you retain control of your on-chain assets through your seed phrase even after termination.

11. Complaints and disputes

You may submit complaints to [email protected] or via https://baysart.com. Complaints are answered within 7 (seven) working days.

Your right to an extrajudicial complaint and your right to bring a matter before the courts are preserved; this Agreement does not limit those rights.

Regulator contact: Central Bank of the Republic of Azerbaijan (cbar.az).

12. Acceptable use (summary)

Use of the Services for market manipulation, market abuse, money laundering, terrorist financing, or any unlawful purpose is prohibited.

The full rules are set out in the Acceptable Use Policy and form an integral part of this Agreement.

13. Liability

The Provider performs the Services with reasonable professional care. Owing to the non-custodial nature, the Provider is not liable for losses arising from the loss, theft or disclosure of your seed phrase, private key, PIN or device; safeguarding these is solely your responsibility.

To the maximum extent permitted by law, the Provider is not liable for indirect, incidental, special or consequential damages. Liability for damages caused by the Provider's intent or gross negligence is not excluded. The allocation and limitation of liability are subject to applicable law.

14. Governing law and jurisdiction

This Agreement is governed by and construed in accordance with the laws of the Republic of Azerbaijan.

Disputes are subject to the competent courts of the Republic of Azerbaijan. The mandatory rights of the consumer are not thereby limited.

15. Controlling language

This Agreement is provided in Azerbaijani, English and Russian. In the event of any conflict or discrepancy between the language versions, the Azerbaijani version prevails and is deemed the legally controlling text.