1 TAUT = 0 CHF

General Terms and Conditions

regarding legal relations in connection with blockchain-based electronic commodity vouchers for the acquisition of physical gold (shortly «TAUT» or «Token») of the company Tresor-Token AG.

Scope of Regulations

These General Terms and Conditions define the rights and obligations of all directly involved parties, in particular of:

  1. Tresor-Token AG, Industriestr. 4, 9486 Schaanwald, Principality of Liechtenstein (as the issuer of the tokens and owner of the stored gold until the redemption of TAUT)

    hereinafter referred to as «Tresor-Token AG»
  2. Rheingold Edelmetall AG, Schliessa 16, 9495 Triesen / Principality of Liechtenstein (as the seller of gold to clients and as the custodian of gold for «Tresor-Token AG»)

    hereinafter referred to as «Rheingold Edelmetall AG»
  3. Authorized Person - Client (applicant for the purchase and buyer of TAUT, person authorized to dispose of TAUT)

    hereinafter referred to as «Authorized Person / Clients»

Business Model Overview

The parties agree that the gold seller and custodian, Rheingold Edelmetall AG, will sell gold to the clients, store this gold on behalf of the clients in the storage of Tresor-Token AG, and transfer ownership of the gold to Tresor-Token AG in accordance with the services utilized by the clients.

Tresor-Token AG is commissioned by the clients and thus authorized to take ownership of the stored gold and to create tokens in proportion to the stored gold (one Tresor-Token AG token - TAUT for each gram of gold) and to transfer these to the authorized persons at their VT-Identifier (public address, «Wallet»).

Tresor-Token AG owns its own wallet with already generated TAUTs. Clients can also purchase TAUTs directly from the wallet of Tresor-Token AG, subject to availability.

Authorized persons over TAUTs have the right to exchange their TAUTs for physical gold, subject to the conditions of these General Terms and Conditions.

By registering on the Tresor-Token website, the clients confirm that they have read and understood these General Terms and Conditions and accept the following contractual conditions. Furthermore, they expressly waive basic information in the sense of Art. 30 ff of the Law on Tokens and VT Service Providers (Token and VT Service Providers Act; TVTG) in its current version.

A. Purchase of Gold from Rheingold Edelmetall AG.

  1. The price for a 100 g Swiss Affinage gold bar with a purity of 99.99%, listed on the website of the gold seller Rheingold Edelmetall AG, serves only as a guide price. The actual price is based on the price on the website on the day of payment receipt. The client will receive as many 100 g bars as are covered by the payment received. If, after deducting the costs for the 100 g bars, there is still money remaining in favor of the client, Rheingold Edelmetall AG will transfer this difference to Tresor-Token AG. For every 1 g of gold paid for from this difference, Tresor-Token AG will credit one TAUT token to the client’s wallet.
  2. If the client purchases gold from Rheingold Edelmetall AG and takes ownership of it, he/she is obliged to immediately transfer the ownership of this gold to Tresor-Token AG by means of a transfer of possession instruction from Rheingold Edelmetall AG. The legal basis for this transfer is the agreement between the client and Tresor-Token AG, according to which Tresor-Token AG commits to creating a number of TAUT tokens equivalent to the value of the transferred gold and crediting them to his/her wallet.
  3. For each 100 g bar of gold that is stored in the name of the client in the storage of Tresor-Token AG, Tresor-Token AG commits to immediately, and no later than within four working days, create 100 tokens (TAUT) and credit them to the client's wallet.

B. Purchase of Tokens (TAUT) from Tresor-Token AG

  1. If the client wishes to purchase fewer than 100 tokens, they can do so directly from Tresor-Token AG. Once the payment is received in the bank account of Tresor-Token AG, they will credit the client's wallet with the number of tokens covered by the received payment.
  2. We would like to point out that regulations in our fee schedule, our privacy policy, and our separate price list can occasionally be adjusted. It is recommended to consult these documents regularly to stay up to date.

C. Re-Purchase of Physical Gold by the Owners of Tokens (TAUT))

  1. Every lawful authorized holder of tokens (TAUT) has the right to have their tokens destroyed by Tresor-Token AG, or transferred to a non-usable locked wallet, in exchange for ownership of 1 g of physical gold per token. The fees for converting tokens into physical gold are set based on the actual costs incurred by Tresor-Token AG. These primarily include the labor hours used, costs of the KYC process, and documented additional expenses.
  2. Before the transfer and issuance of the physical gold, a KYC (Know Your Customer) check is conducted on the willing token holder. If Tresor-Token AG has reasonable suspicion that the presented tokens were not acquired lawfully, it reserves the right to release the gold only based on a final judgment from the competent Liechtenstein court.
  3. The gold is issued in 100g bars. Excess grams are compensated at the daily price in legal currency – whereby the client has the option to purchase smaller bars at the corresponding daily price..
  4. The handover of the gold takes place at the storage location in Liechtenstein, FL 9495 Triesen, Schliessa 16. The client can instruct Tresor-Token AG, at their own expense, to hand over the gold at another certified gold storage facility from the worldwide partner association of Rheingold Edelmetall AG.
  5. The client is solely responsible for managing all tax matters related to the acquisition, storage, and transfer of the gold. Tresor-Token AG assumes no responsibility or liability for the client’s tax affairs.

D. Security of the Deposited Gold

  1. Rheingold Edelmetall AG commits to securely store the gold of Tresor-Token AG separately from the gold of other customers. They are liable for theft, robbery, loss due to force majeure such as natural disasters or war, as well as embezzlement or misappropriation by their own staff. Rheingold Edelmetall AG undertakes to insure with a recognized insurance company.
  2. The gold owned by Tresor-Token AG serves to protect clients from a gold ban in their country of residence, which could prohibit the possession of gold and demand the physical handover of the owned gold to the state of residence.
  3. Since TAUT represents the right for the lawful token holders to obtain prepaid goods in the form of gold from Tresor-Token AG (commodity voucher), Tresor-Token AG pledges the gold stored at Rheingold Edelmetall AG to the TAUT holders based on their claim against Tresor-Token AG, which the clients hereby accept. Thus, they have no access to it, except for the issuance to a token holder who wishes to destroy their tokens and obtain physical gold.
  4. In the event of insolvency of Tresor-Token AG, the physical gold would form a special estate due to the pledge. In the case of bankruptcy of Tresor-Token AG, the entitled persons have a right of separation to the gold entitled to them. The notarially certified pledge contract, concluded for the benefit of the token holders, prohibits both Rheingold Edelmetall AG and Tresor-Token AG from releasing or otherwise encumbering the gold, except for issuance to a token holder who wishes to destroy and withdraw their tokens from circulation.
  5. Tresor-Token AG commissions a reputable trust or audit firm to conduct regular inspections of the gold storage, at least once a year. This company particularly verifies whether the amount of gold in the storage of Rheingold Edelmetall AG matches the number of tokens (TAUT) in circulation. Tresor-Token AG commits to publishing the audit reports on its website.

E. Right of withdrawal

Clients acknowledge that the Liechtenstein Consumer Protection Act (KSchG) in its Article 4 provides that a consumer has the right to withdraw from a contract with a business without giving any reason within fourteen (14) days, starting from the day after the acceptance of the contract, if the consumer’s declaration of contract was not made in premises used by the business for commercial purposes. The right of withdrawal under the KSchG does not apply to clients as consumers in particular if: (i) clients have initiated the business relationship with Tresor-Token AG for the purpose of concluding the terms (Art. 4 para. 3 lit. a KSchG); (ii) there have been no discussions between the parties or their representatives prior to the conclusion of the terms (Art 4 para. 3 lit. b KSchG); (iii) the terms are subject to the Liechtenstein Distance Selling Act (FAGG) (Art 4 para. 3 lit. d KSchG).

Clients acknowledge that they do not have a right of withdrawal from a service provided for in these terms under the KSchG, as the Distance Selling Act (FAGG) is applicable. Clients acknowledge that if they qualify as consumers within the meaning of Art. 1 of the Liechtenstein Consumer Protection Act (KSchG), they generally have the right under Art. 12 of the Liechtenstein Distance Selling Act (FAGG) to withdraw from a contract within 14 days after its conclusion without giving any reasons.

The right of withdrawal under the FAGG does not apply to the delivery of digital content not stored on a physical medium (i.e., tokens) if the entrepreneur - with the consumer's explicit consent, who is informed that such consent entails the loss of the right of withdrawal - delivers the token immediately before the expiration of the withdrawal period. Clients expressly agree that Tresor-Token AG fulfills this contract immediately and must not delay the fulfillment (i.e., the transfer of TAUT) until the expiry of the period during which the consumer would have the right to withdraw from the contract. Clients who qualify as consumers hereby explicitly waive their right to withdraw from this contract within 14 days of concluding this contract.

F. Law and Jurisdiction

These General Terms and Conditions are written in several languages. In case of translation differences, German, as the official language of Liechtenstein, shall prevail.

All contracts are subject to Liechtenstein law, excluding the norms of International Private Law and the UN Sales Law. The jurisdiction of the Liechtenstein courts is agreed upon, as far as mandatory statutory law does not prescribe other jurisdictions.