Terms and Conditions

1. Introductory provisions

1.1. VirtualProperty is an Internet project for the purchase and sale of digital currencies operated by ALTERAS s.r.o., Drahobejlova 1073/36, Libeň, 190 00 Prague 9, registered with the Municipal Court in Prague, Section C, Insert 300988, Company ID: 07470461 (hereinafter referred to as VirtualProperty). There are no transactions at this address and no services are provided at this address. The purchase and sale of a digital currency is made exclusively via the website www.virtualproperty.cz, where the interested party expresses his interest in the service by filling in the order form.

1.2. Business Terms and Conditions govern the rights and obligations of the parties in the use of the website located at www.virtualproperty.cz (hereinafter referred to as the "Website") and other related legal relationships.

1.3. The wording of the terms and conditions may be altered or supplemented. This provision is without prejudice to the rights and obligations arising during the period of validity of the previous version of the terms and conditions.

2. Sale and purchase of digital currency

2.1. VirtualProperty services can be used with and without the identification of the applicant, within the limits set by the applicable law. (253/2008 Sb). See paragraph 12.

2.2. To order the purchase or sale of a digital currency, the interested party will fill out the order form in the VirtualProperty web interface.

2.3. The order will be sent to the VirtualProperty by clicking on the "SEND ORDER" button after you agree to the terms and conditions. The data in the order is considered correct.
2.4. VirtualProperty will verify the order and will provide the interested parties with the data needed to use the service. The buyer will transfer the purchase or digital currency for sale to the VirtualProperty account.
2.5. VirtualProperty will purchase or sell the digital currency from the position of the broker to the direct bid of the bidder according to the data obtained from the bidder. VirtualProperty will send the purchased digital currency or money to the purse or account specified by the bidder. By sending money or digital currency from VirtualProperty account, the purchase or sale is terminated.
2.6. Service charges are 2% of the amount sent (min. 1 EUR) (fees for the blockchain network and possible bank charges are paid by the client itself beyond the exchange rate).

3. Method of payment

3.1. The purchase price of the digital currency can be paid by the bank transfer by cash or by transfer to a collecting account:
CZK account:    1028632178/6100, IBAN CZ6661000000001028632178
EUR account: SK7511110000001539798006, SWIFT UNCRSKBX  

3.2. The payment or deposit on the VirtualProperty account must include an entry permitting the digital currency to be credited to the applicant's wallet and a refund for payment.

Important: For each transaction, enter the unique variable symbol that you received with your e-mail in the appropriate box. Please be sure to include the security phrase "Purchase www.virtualproperty.com" in the message for the recipient.

Without these identifiers, VirtualProperty does not have the right to purchase or sell currency and wait for the replenishment and verification, or return the above-mentioned amount to the account from which it was sent.
A payment credited to a VirtualProperty account without the required data will remain in the currency exchange account until the applicant completes at least one of the data to enable the bidder to make or return the payment to the sender while the sender fulfills the legal conditions for making a payment or providing a service.
3.3. VirtualProperty requires payment of the full purchase price before delivery of the digital currency. VirtualProperty will send the digital currency to the wallet or account of the interested person only after the purchase price has been credited to their account.
3.4. VirtualProperty reserves the right to make purchases or sales of the digital currency at the price applicable to the respective cryptographic exchange at the time of the purchase or sale of the digital currency.
3.5. The exchange rate risk associated with the purchase or sale of the digital currency is up to the bidder. VirtualProperty does not fix the digital currency rate when the order is placed, but uses the current rate applicable when crediting funds to the VirtualProperty Collection Account.
3.6. If there is a rapid price shift on the cryptographic market and the current price will vary significantly from the ordered price to the detriment of the bidder, the Exchange will inform the applicant of the change and wait for new prices to be exchanged for approval. If the bidder does not respond or the new price declines, the purchase or sale will not be done. If the price of the ordered digital currency returns near the ordering price, the purchase or sale is done automatically.
3.7. If the purchase or sale is not made within 5 days of crediting the money or the digital currency of the applicant to the VirtualProperty account, or if within 2 working days of the customer's order, the customer does not send the money or digital currency to the VirtualProperty account, the transaction order will be cancelled. The buyer's cash or digital currency will be immediately returned to the account or purse from which VirtualProperty was deposited, but only after the legal conditions for such payment have been met.
3.8. The actual purchase or sale date depends on the condition and status of the Blockchain Confirmation. VirtualProperty cannot affect transaction confirmation speed (Blockchain is an electronic accounting book that confirms and records all digital currency transactions).

4. Cancel an order

4.1. The bidder can cancel the order and request a refund of the cash or digital currency provided until the order has been settled, provided that such transfer is in compliance with the applicable legislation and these Terms.
4.2. The bidders will be returned what VirtualProperty has pointed out, less any costs for transfers. Order cancellations can be made via a direct contact to VirtualProperty support.

4.3. If, within 2 business days of creating an order, the customer does not send money or a digital currency to a VirtualProperty account or wallet, the order will be automatically canceled.

5. Identification of the customer

5.1. VirtualProperty is a liable entity under Section 2 (1) of Act No. 253/2008 Coll., On Certain Measures against the Legalization of Proceeds from Crime and Financing of Terrorism.
5.2. VirtualProperty is legally obliged to perform customer identification pursuant to Section 7 of the LV. The identification shall be made in the cases specified in Section 8 of the Transaction Report if it is a transaction worth more than EUR 1,000 per week or, irrespective of this limit, always in respect of suspicious transactions. The identification of the customer is done by filling in the required data in the registration form and by attaching two identity cards (proof of the existence of a legal entity) or, of the other documents required.

5.3. VirtualProperty must, by law, refuse to implement a purchase or sale if the bidder refuses to undergo identification or cannot be identified for any other reason, or if it has doubts about the truthfulness of the information provided by the customer or the authenticity of the documents submitted to it.
5.4. Excerpts of the Act 253. § 5
1) For the purposes of this Act, identification data are understood
a) in the case of a natural person, all names and surnames, birth registration number, if not assigned, date of birth, place of birth, sex, permanent or other residence and nationality; if the entrepreneur is a natural person, also his business name, a distinctive addendum or other designation, the place of business and the identification number of the person,
b) in the case of a legal person, a business name or name, including a distinct addendum or other designation, registered office, identification number or similar number assigned abroad; in the case of a natural person who is a member of its statutory body, data for identification and verification of its identity, § 8
2) When identifying the client that is
a) by the natural person, the liable entity shall record and verify the identification data from the identity card if it is entered in it and shall also record the type and number of the identity card, the state or, where appropriate, the authority which issued it and its period of validity; At the same time, it will verify the identity of the image with the ID card,
b) the legal person, the liable entity, the identification data shall record and verify from the document on the existence of a legal person and, in the scope according to letter a), perform the identification of the natural person acting on behalf of the respective business; if the statutory body, its member or the controlling entity of that legal person is another legal entity, it shall also record its identification data., § 13 Simplified identification and control of the client
The liable entity may carry out simplified identification and control of the client in relation to categories of clients with potentially less risk of misuse for the legalization of proceeds of crime or terrorist financing if the client f),

3) whose activities are transparent,
4) whose accounting provides a true and fair view of the subject of accounting and financial situation
§ 14 Exemption from the obligation to provide information accompanying transfers of funds.
Obligations under a directly applicable European Union rule governing the information accompanying non-cash transfers of funds shall not apply to transfers of funds or monetary services that make a payment for the supply of goods or services provided that
a) the transfer will take place in the Czech Republic,
b) the payment service provider of the payee is always able through the unique transaction identifier to trace a transfer of funds from a natural or legal person who has an agreement for the supply of goods or services with the recipient and
c) the value transferred does not exceed EUR 1000.

6. Risks and responsibilities

6.1. The applicant is fully aware of the risks associated with, and storage of, the digital currency transactions, taking into account, in particular, the risks of price fluctuations and the value of the digital currency, and the associated potential for significant changes in the value of its investments in the digital currency. The Applicant further notes that the current legal regulation and trading of the digital currency is only general and not sufficient, and this state, as well as an interpretation of applicable legal standards, may change in the future. The Applicant undertakes to fully respect these future legislative changes and related changes to these Terms.
6.2. By submitting an order and paying VirtualProperty, the applicant confirms that the funds and digital currencies used to purchase or sell on www.virtualproperty.com are not criminal. By submitting an order and paying the VirtualProperty service, the applicant confirms that he is not a politically exposed person or a person against whom the Czech Republic applies international sanctions under the Act on the Implementation of International Sanctions. By completing the form on the site www.virtualproperty.cz and paying the VirtualProperty service, the applicant confirms the agreement with these Terms and Conditions.

7. Limitation of Liability

7.1. VirtualProperty is not liable for any damages and damages that the buyer may incur by mentioning an erroneous e-wallet address, loss, theft or misuse of the password of the interested party's electronic mail or electronic address, failure of the internet or digital currency networks, ignoring the basic payment security rules of the bidder, as a result of the negligence of the interested party or of a third party, or their deliberate behaviour in contradiction with the applicable legal regulations, these Business Terms and Conditions or the mediation contract concluded on the basis of an order under these Business Terms and Conditions.
7.2. The Applicant acknowledges that VirtualProperty is not responsible for errors resulting from third-party actions on the www.virtualproperty.cz website or as a result of the use of a website contrary to its purpose.
7.3. The applicant is responsible for correctly filling in the required data. By indicating all the required payment identification data sent to the VirtualProperty account, the interested party expressly expresses its intention to purchase the digital currency.
7.4. VirtualProperty does not invite or encourage buyers to make purchases of electronic currencies or other services or goods. The applicant is fully aware of the risks and functioning of the principles of electronic currencies and takes responsibility for his / her decisions.

8. Reclamation

Transactions with digital currencies cannot be returned. This is due to the construction of digital currencies and the settlement of transactions.
Orders made in accordance with the instructions of the interested party cannot be claimed or returned.
In case of non-fulfilment of the bid for reasons due to VirtualProperty, VirtualProperty undertakes to return electronic money or cash back to the applicant's account or wallet no later than 10 working days.
Upon purchase or sale of a digital currency, the VirtualProperty customer is entitled to claim the method or period for the purchase or sale of the VirtualProperty digital currency when making his order within 15 days of the purchase or sale. Both VirtualProperty and the Customer undertake to settle the mutual obligations of the uncontracted agreement completely and without undue delay. Both parties must demonstrate the legitimacy of their claim.

9. Protection of personal data
9.1. VirtualProperty processes personal data in accordance with European Parliament and Council Regulation (EU)
2016/679 of 27 April 2016 on the protection of individuals with regard to the processing of personal data and on the free movement of such data and the applicable national legislation. The company is duly registered with the Personal Data Protection Authority as a personal data administrator. The Company fulfils its obligation to provide information to the Applicant through the Policies for the Processing of Personal Data.
9.2. VirtualProperty states that it will collect personal data to the extent necessary to meet the intended purpose and process it only in accordance with the purpose for which it was collected. Employees of VirtualProperty, or other natural persons processing personal data under a contract, and other persons are required to maintain confidentiality of personal data.“

10. Notice

10.1. Digital currencies are not legal currencies in the Czech Republic. The digital currencies and the services tied to them are not regulated in the Czech Republic by the legislation regulating payment services, in particular Act No. 284/2009 Coll., On Payments, as amended, and Act No. 277/2013 Coll. activities, as amended, and do not fall under the control and supervision of the Czech National Bank. This state, as well as the interpretation of the relevant applicable legislation, may change. The Applicant undertakes to fully respect these changes as well as the related changes to these Terms of Business.
10.2. By using the VirtualProperty web interface, the applicant confirms his / her understanding of the purchasing and selling mechanism and understands the principle of the digital currency itself. Digital currencies are highly volatile. If a candidate is not certain about his / her knowledge of the subject, he / she may contact VirtualProperty support.

11. Final provisions and validity of terms

11.1. VirtualProperty reserves the right to alter these terms of business due to changes in legal or market and economic conditions in the area of digital currency trading, or to allow the VirtualProperty web interface to function properly. Changes to the Terms of Business will be announced by their publication in the VirtualProperty Web Interface and will take effect at the time of their publication.

11.2. If a relationship based on a sales contract contains an international (foreign) element, the relationship is governed by Czech law. This does not affect the consumer's rights under generally binding legal regulations.

These General Terms and Conditions become effective on 06.01.2019