This Product Term Sheet (“Term Sheet”) is issued by BLOX BLOCKCHAIN SDN. BHD. (the “Company”, “Blox”, “Us”, “We”, and “Our”) and outlines the key terms, conditions, and risk considerations relating to the digital platform services provided by the Company (the “Platform”). This Term Sheet is intended to provide a non-exhaustive summary and shall be read in conjunction with the Company’s User Agreement, Prohibited Use Policy, Commercial Entity Policy, Risk Disclosure Policy, Privacy Policy and Cookie Policy (collectively, the “Governing Documents”). In the event of any conflict between this Term Sheet and the Governing Documents, the provisions of the Governing Documents shall prevail.
2.1 The Platform enables eligible users (“Users”) to access and use digital asset-related services, including the issuance, earning, holding, management, and transfer of the stablecoin MYRC (“MYRC” or “Token”) through a proprietary wallet interface (“User Wallet”), which interacts with designated blockchain networks (“Supported Protocols”).
2.2 MYRC is a proprietary stablecoin issued by Blox, designed to maintain a stable 1-to-1 value pegged to the Malaysian Ringgit. It is intended for use within the Company’s platform to support various services and digital asset operations and enable value transfer. MYRC is not legal tender, is not a financial product, and does not constitute electronic money, payment instrument, or remittance tool under applicable laws, unless and until such time Blox obtains the necessary regulatory approvals or licences from the relevant authorities, including Bank Negara Malaysia (“BNM”), where applicable.
2.3 MYRC shall not be used for any payment, remittance, or other activities which may constitute “authorised business” under the Financial Services Act 2013 without the prior written authorisation or licensing by BNM. Users acknowledge that the use of MYRC is strictly limited to permitted purposes under the Company’s terms and conditions and in full compliance with all applicable laws. The issuance, redemption, and functionality of MYRC are subject to the Company’s sole discretion, applicable terms and conditions, and any relevant regulatory requirements.
3.1 The User Wallet is a digital interface maintained within the Platform and is not a bank account. It serves exclusively as a digital ledger for recording MYRC that are transferred to the User by the Company or earned via participation in the Platform. The Company retains exclusive control over the issuance, redemption, staking (if applicable), and burning mechanisms of MYRC, and reserves the right to amend such mechanisms at its sole discretion.
4.1 Access to the Platform is restricted to natural persons who have attained the age of eighteen (18) years. The Company reserves the right, at its sole discretion, to accept or reject any application for registration and may require identity verification and other due diligence documentation as a pre-condition. The User must not be included in any sanctions list, including those maintained by the Ministry of Home Affairs (Malaysia) under Section 66B(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds from Illegal Activities Act 2001 or any international sanctions list (including the United Nations Security Council Resolutions).
4.2 By registering for or using the MYRC stablecoin and associated services provided by BLOX, you represent and warrant the following:
(a) you are at least eighteen (18) years of age and have the legal capacity and authority to enter into binding agreements;
(b) if acting on behalf of an entity, you are duly authorised and the entity is validly incorporated and not suspended, blacklisted, or under investigation.
(c) you have read, understood, and agree to be bound by the terms and conditions governing the use of MYRC and the Platform, including the Governing Documents;
(d) you shall comply with all applicable laws, regulations, and guidelines of Malaysia in relation to your use of MYRC
(e) you shall not use MYRC or any related services for any unlawful or prohibited purposes, including, but not limited to, illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, terrorism financing, other violent activities or any prohibited market practices;
(f) you acknowledge and accept that MYRC shall not be used for payment, remittance, or other regulated activities unless and until the relevant licence, registration, or authorisation has been granted by the appropriate regulatory authority, including but not limited to BNM, and any use of MYRC for such purposes without such authorisation is strictly prohibited; and
(g) your continued use of MYRC constitutes ongoing agreement to these terms, and is subject to BLOX’s sole discretion to suspend, restrict, or terminate access in accordance with the terms of the agreement.
4.3 Registration and Identity Verification:
(a) To access MYRC and BLOX’s services, you must complete all mandatory fields in the application form, including your full name, email address, IC number, and any other information required for eKYC verification. Incomplete or invalid submissions may not be processed. BLOX may contact you using the email address provided. The registration process may be updated or modified at BLOX’s discretion.
(b) By submitting your registration, you consent to BLOX retaining, processing, and storing your personal and financial data in accordance with applicable data protection laws. You further authorise BLOX to conduct background checks, identity verification, and fraud assessments directly or through authorised third parties. Your data may be shared with such third parties, including credit and fraud prevention agencies, which may fully respond to BLOX’s enquiries. BLOX reserves the right to suspend or terminate your account based on the results of these assessments.
4.4 By registering an account on our Platform and engaging our services, you have taken all necessary steps to make an independent and prudent decision and you agree to assume full responsibility and liability for all loss or damage suffered by yourself, the Company or any third party as a result of any breach of the Agreement.
5.1 You are solely responsible for maintaining the confidentiality and security of your login credentials, including any passwords, PINs, or authentication codes, and must not share them with any third party. Each User Wallet is assigned to a specific user and constitutes a separate, individual account. You retain full title and ownership of the digital assets and tokens in your User Wallet, which are held solely on your behalf. Sharing of accounts with third parties is strictly prohibited.
5.2 You are responsible for securing access to your devices and for all activities or transactions conducted through your account, regardless of whether such actions arise from your own conduct or third-party interference. BLOX is not liable for any unauthorised access resulting from fraud, phishing, or criminal activity directed at you. You must ensure your use of the services complies with all applicable laws.
5.3 BLOX reserves the right to restrict account registrations from certain email or internet service providers; cancel or refuse registration; and to modify usernames or delete submitted content at its sole discretion, particularly where such content is deemed offensive, indecent, or otherwise inappropriate.
5.4 Your use of the Platform is at your own risk. BLOX shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or for loss of profits, revenue, data, or usage arising from your use of the Platform, even when Blox have been advised of the possibility of such damages.
6.1 You shall not access or use the Platform for any illegal, unlawful, fraudulent, deceptive, or otherwise prohibited activities, which are further elaborated in our Prohibited Use Policy. Without limitation, prohibited uses include:
(a) engaging in fraudulent activities including any form of deception, misrepresentation intended to obtain unauthorised benefits;
(b) engaging in unlawful financial activities such as unregistered securities trading, money laundering, terrorism financing, and financial fraud schemes;
(c) engaging in any illegal activities or transactions that violates the law of Malaysia;
(d) using, accessing, or facilitating the use of the Platform or Token, including MYRC, for payment, remittance, or any other activity which may constitute “authorised business” under the Financial Services Act 2013;
(e) promoting hate speech, harassment or any form of discrimination against any individuals or groups;
(f) unauthorised monitoring of data or traffic on any of our Platform;
(g) uploading, distributing, or promoting malware, viruses, or any malicious software that could harm Users or the integrity of our Platform;
(h) attempting to gain unauthorised access to any to network, account, database, system or information associated with the Platform;
(i) unauthorised use or dissemination of any intellectual property owned by Company or any third party licensors;
(j) operating or promoting pyramid or ponzi schemes;
(k) participating or facilitating in any form of illegal gambling, betting, including all types of online and offline gaming activities;
(l) promoting or providing adult content or escort services or any other related services that are illegal under the law; and
(m) participating or facilitating in any activity or conduct that may post a risk to the Company, its reputation, operations, security, compliance, or the safety of its Users in any way at all.
6.2 Any breach of the Prohibited Use Policy shall entitle the Company to immediately suspend or terminate the User’s account and to take any enforcement action deemed necessary, including reporting to regulatory authorities.
6.3 Further, you shall not use, access, or leverage our Token or Platform or services provided through our Platform for commercial purpose or for purposes beyond personal use without our express prior written consent. Please refer to our Prohibited Use Policy and Commercial Entity Policy for further details.
6.4 In the event of unauthorised use, you agree to fully indemnify, defend, and hold harmless our Company, along its subsidiaries (if any), affiliates (if any), officers, directors and employees from and against any and all claims, damages, liabilities, expenses (including legal fees), fines, penalties or losses directly or indirectly arising from or in connection with any of your breach of Governing Documents or unauthorised use of our Tokens and/or Platform. In addition to that, the Company further reserves its right to pursue available legal recourse to recover such losses, damages, or liabilities as direct or indirect result of your actions, omissions, or negligence.
7.1 By creating an account and using the Platform, you represent and warrant to the Company that:
(a) you have read, understood, and agree to be bound by the terms and conditions governing the use of MYRC and the BLOX platform, including the Governing Documents;
(b) you have full legal authority and capacity to enter into this agreement and use the digital platform services provided by Blox;
(c) you are using the Platform for your sole, personal use and not on behalf of any third party;
(d) you may not authorise others to use your identity or User status, nor assign or otherwise transfer your User account to any other person or entity;
(e) you may only access our Platform using authorised means and it is your responsibility to download that the correct version or software;
(f) you are not a Restricted Person as defined under applicable laws, including the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLATFPUAA 2001") or UN Security Council sanctions;
(g) you have not committed, attempted to commit or charged for any crime or offence within and beyond the jurisdiction of Malaysia;
(h) you represent that all transactions conducted through the Company’s platform do not involve, directly or indirectly, the proceeds of any criminal or fraudulent activity. The Company reserves the right to investigate the source of any funds in your account and, at its sole discretion, determine the appropriate course of action regarding their disposition;
(i) if you are registering on behalf of a body corporate or other legal entity, you represent and warrant that the entity is not engaged in, nor subject to, any legal proceedings, regulatory sanctions, or suspensions by the Company or its affiliates offering similar services;
(j) you will not use or misuse the Company’s services or Platform for any illegal, fraudulent, deceptive, coercive, or unintended purposes, or in any manner that breaches applicable laws in Malaysia or other relevant jurisdictions, or any activity that causes nuisance or reputational harm to the Company;
(k) you will not use the Platform for or on behalf of any Restricted Persons;
(l) you will not access or facilitate access to the Platform through unauthorised or automated means (including the use of bot, spider or periodic caching of information stored by the Company), nor distribute any tools or instructions for such purposes;
(m) you will not interfere with, disrupt, damage, disable, overburden or impair the Company’s Platform, systems, networks, or servers;
(n) you will not engage in unlawful, fraudulent, deceptive conduct, or hoax including phishing, forgery, or falsification of data;
(o) you will provide the Company with proof of identity as it may reasonably request or require;
(p) you agree to provide and maintain accurate, current, and complete information at all times. The Company may rely on such information as accurate, current, and complete; and may suspend or terminate your account with or without notice if it is found to be inaccurate or incomplete;
(q) you shall not attempt to defraud or or enrich yourself through any means, including misuse of any promotional activities or campaigns by the Company;
(r) you acknowledge and agree that the MYRC stablecoin shall not be used for payment, remittance, or any other activity that may constitute “authorised business” under the Financial Services Act 2013, including but not limited to the operation of a payment system, issuance of a payment instrument, or provision of remittance services, unless and until the Company obtains the requisite licence, registration, or approval from BNM or any other relevant regulatory authority. You further represent that you shall not, whether directly or indirectly, use MYRC or any part of the Platform in a manner that would contravene any applicable licensing requirements under Malaysian financial regulatory laws; and
(s) you have read carefully, is fully aware and agree to abide by the applicable policies and Governing Documents.
7.2 In the event of any breach of representation or warranties by you, you agree to fully indemnify and hold the Company and its related parties harmless against any claims, losses, or expenses (including reasonable legal fees) arising from your breach of the terms, unlawful conduct, or any actions that cause harm or legal consequences for the Company. The Company is not liable for any loss or damage resulting from your actions or use of the Services.
You further acknowledge and agree to the following non-exhaustive risk factors, as further elaborated in the Company’s Risk Disclosure Policy:
8.1 Regulatory Risks
(a) The Company’s business model, which involve cryptocurrencies, digital assets, blockchain and Web 3 technologies operates within a rapidly evolving and highly uncertain regulatory environment. Applicable laws and regulations are subject to frequent changes at the global and national levels. These changes may significantly impact the availability, use, or value of our Services.
(b) While Blox strive to comply with all applicable laws, including but not limited to the Capital Markets and Services Act 2007 and the Financial Services Act 2013 in Malaysia, regulatory risks remain beyond our control. You are solely responsible for understanding and complying with relevant legal requirements in your jurisdiction.
(c) By using our Services, you accept all associated regulatory risks and agree to indemnify and hold the Company harmless from any related liabilities, claims, or penalties arising from your use of our Services.
8.2 Technological Risks
(a) Our Services rely on complex blockchain technology, which may involve technical and cybersecurity risks beyond our control. While we are committed to maintaining the highest standards of integrity and cybersecurity, all technology-based platforms carry inherent risks. These include, but are not limited to, network congestion, technological glitches, fraud risks, and cyber-attacks that may affect transactions, loss or theft of Tokens, impair access and functionality of our Platform.
(b) You may also experience interruptions due to scheduled or unscheduled maintenance, transmission errors, system failures, server or connection disruptions, errors, omissions, data corruption, transmission delays or failures, or the presence of viruses or other malicious software. Such issues may lead to temporary interruptions or even cessation of access to our Platform.
(c) By using our Platform, you acknowledge and accept these inherent risks and agree to hold the Company harmless from any losses, liabilities (including changes in the value of digital assets), or damages arising from such technological disruptions and you irrevocably waive any rights to take legal action against us in connection with such risks.
8.3 Digital Asset Volatility
(a) By using our Platform, you acknowledge and accept that digital assets are inherently volatile and subject to significant fluctuations in value due to factors beyond our control despite any measures we take to provide a stable environment. These factors include but are not limited to overall market conditions, public sentiment, regulatory developments, levels of market acceptance, and rates of adoption. You may incur financial losses.
(b) You are solely responsible for conducting research and due diligence prior to engaging with digital assets. By proceeding, you agree to hold the Company harmless from any liability arising from value fluctuations of the digital assets and irrevocably waive any right to bring claims against the Company in relation to such risks.
8.4 Liquidity and Market Adoption
(a) By using our Platform, you acknowledge and accept that digital assets are subject to market adoption and liquidity risks. The demand and liquidity of digital assets remain uncertain and may be affected by regulatory changes, technological advancements, and market sentiment.
(b) You further understand that the availability and continuity of our Platform and Tokens may be influenced by evolving market conditions and factors beyond our control. You accept and assume all risks related to the adoption, liquidity, and future demand for digital assets.
8.5 Geopolitical and Jurisdictional Risks
(a) Due to the decentralised nature of digital assets and the global accessibility of the services offered by our Platform, you acknowledge that our Platform and services offered by our Platform may be subject to varying operational, legal, regulatory, and market risks across jurisdictions. These risks may impact the value, accessibility, or continuity of the services provided through our Platform and may result in the Company being compelled to suspend or discontinue operations in certain regions without prior notice, including due to regulatory changes, increased compliance burdens, or market access limitations.
(b) By accessing or using our Platform, you expressly accept these risks and agree to hold the Company harmless from any loss, liability, or consequence arising from such geopolitical or jurisdictional developments.
9.1 You may terminate or deactivate your user account at any time, provided that you comply with the procedures as issued and adopted by Blox.
9.2 Notwithstanding clause 9.1 above, Blox may, at its sole discretion, suspend or terminate your access to the Platform in any of the following circumstances:
(a) Upon breach of any clauses in this Term Sheet or any of the Governing Documents and applicable policies;
(b) Upon request from law enforcement, regulators, or service providers;
(c) Upon your death or bankruptcy;
(d) Upon our sole determination that you pose a risk to the integrity or security of the Platform;
(e) Upon account inactivity for twelve (12) consecutive months;
(f) Upon failure to remedy a breach within fourteen (14) days of receiving a written notification from Blox;
(g) Upon the cessation or termination of Blox’s operation as part of its commercial decision and subject to the relevant laws of Malaysia;
(h) Upon scheduled or recurring downtime, or unplanned technical outages or problems
9.3 In the event of suspension due to inactivity, the MYRC in the user account remains unaffected and you may request to revive the account at any time, subject to any verification or reactivation processes as determined by the Company.
9.4 In the event of termination, you may request the transfer of any remaining MYRC to another designated wallet address or request the withdrawal of any remaining MYRC into an approved bank account, subject to the Company’s approval. Blox reserves the right, at its sole discretion, to approve or reject such a transfer request, provided that such approval shall not be unreasonably withheld.
9.5 Upon termination, the Company retains the right to continue enforcing any such claims, recover outstanding amounts, and seek compensation for any losses, irrespective of the termination date, without prejudice to any other remedies available to the Company at law or under the Governing Documents.
10.1 Blox reserves the right to impose, vary, waive, or modify any transaction fees, charges, costs, or other applicable fees ("Transaction Fees") at its sole and absolute discretion, at any time and without prior notice. Transaction Fees may be calculated as a fixed amount, a percentage of the transaction value, or based on any other formula or basis determined by the Company from time to time.
10.2 By using our Platform, you acknowledge and agree to pay any applicable Transaction Fees as determined by the Company and accept any changes thereto without objection or claim.
The Company may use tracking technologies to collect information about your device, such as its IP address, network provider, browser type, timestamp, time zone, and device speed or orientation. By using our services, you consent to this data collection and acknowledge that the information, including personal information, may be matched with public or private sources accessible to Blox. Please refer to our Privacy Policy for more details on how we use this information.
12.1 By using our Services, you acknowledge and accept the inherent risks associated with blockchain, digital assets, and online platforms, including potential losses arising from system failures, technical issues, cyberattacks, and regulatory changes. You agree that you are solely responsible for your actions and any resulting losses.
12.2 The Company provides all services “as is” and expressly disclaims any warranties, whether express, implied, or statutory. The Company shall not be liable for any indirect, incidental, consequential, or punitive damages arising from or related to the use of the Platform, including but not limited to loss of data, loss of tokens, unauthorized access, or service interruptions.
12.3 You agree to indemnify and hold the Company and its related parties harmless from any claims, losses, or liabilities arising from your use of the Services, breach of terms, or violation of any applicable laws. All risk associated with the use of the Platform and MYRC token rests solely with you, and you acknowledge that you are using such services at your own discretion and risk. To the maximum extent permitted by applicable law, the Company, its affiliates, shareholders, directors, officers, employees, agents, licensors, or service providers shall not be liable to you or any third party for any loss, damage, claim, liability, cost, or expense, whether direct or indirect, special, incidental, consequential, exemplary, or punitive, including but not limited to loss of profits, data, business, goodwill, or digital assets, arising out of or in connection with, including but not limited to:
(a) your access to or use of the Platform or any part thereof;
(b) any unavailability, suspension, termination, delay, malfunction, or failure of the Platform or any related services;
(c) any reliance placed by you on the functionality, stability, or security of the MYRC token;
(d) any act, omission, or event beyond the Company’s reasonable control, including cyberattacks, regulatory changes, blockchain protocol failures, or force majeure events.
12.4 You irrevocably waive any claim against the Company arising from any service failure or token loss, except in cases of gross negligence or willful misconduct on the part of the Company.
12.5 You expressly agree to indemnify, defend, and hold harmless the Company and its affiliates, directors, officers, employees, and agents from and against any and all claims, losses, damages, penalties, liabilities, costs, regulatory actions, investigations, fines, proceedings, or expenses (including reasonable legal and professional fees) that may be incurred or suffered by the Company, whether directly or indirectly, as a result of or in connection with, including but not limited to:
(a) your use of the MYRC token in contravention of any applicable laws, including the Financial Services Act 2013 or any regulations, directives or guidelines issued by BNM or any relevant authority;
(b) your use of the Platform or MYRC token for any prohibited, unauthorised, or illegal purposes;
(c) any breach by you of the Governing Documents or any representation, warranty, or undertaking made herein; or
(d) any act or omission by you that causes, or is reasonably likely to cause, regulatory, reputational, legal, or financial harm to the Company.
13.1 All content and intellectual property related to our Platform and services provided through our Platform belong to the Company or its licensors. You may not use, copy, or share any of these materials without our prior written consent. All rights are reserved unless we expressly allow otherwise.
13.2 By using our Platform and the services provided through our Platform, you agree that we may collect and use data generated from your usage (“Usage Data”). We may use the Usage Data, excluding any personal or identifying information—for any purpose, including improving our services, creating new features, or for analytics, even after you stop using the Platform. Please refer to our User Agreement, Cookie Policy and Privacy Policy for more details on the usage and collection of the Usage Data.
14.1 We may update or amend the terms of this Agreement from time to time. You will be notified of any changes via our Platform and/or email. Continued use of our Platform after any changes are made constitutes your acceptance of the revised terms. If you do not agree to the changes, you should stop using our Platform and close your account. Material changes will be notified in advance via notice on our website or email, unless they are made for legal, regulatory, or clarifying purposes.
14.2 For this purpose a “material change” means a significant change other than changes that (i) are to your benefit, (ii) are required to be made (a) to comply with applicable laws and/or regulations, or (b) as otherwise required by one of our regulators, (iii) relates to a new product or service made available to you, or (iv) to otherwise clarify an existing term.
The Company shall not be liable for any failure or delay in providing its services due to events beyond its reasonable control, including but not limited to natural disasters, government actions, acts of terrorism, pandemics, labor disputes, power outages, equipment failures, or internet disruptions.
This Term Sheet and all related transactions shall be governed by and construed in accordance with the laws of Malaysia. Any dispute arising out of or in connection with the Platform or services provided through the Platform shall be submitted to the exclusive jurisdiction of the courts of Malaysia.
For further inquiries or to report any issues relating to the Platform, Users may contact the Company at support@blox.my.