Introducing Lolly VIP
Lolly VIP are ownership non-fungible membership and special purpose tokens operated by Lolly Global Ltd. Lolly VIP are issued by Lolly Blockchain Ltd on behalf of the Operator. Lolly VIP represent membership of a group or club of sers, limited in number in a specific Market.
To secure a Lolly VIP token, a user needs to qualify for the Lolly VIP and uphold the membership/ownership requirements.
Lolly VIP Owners receive benefits from ownership from time-to-time from Lolly.
Lolly VIP allows Lolly to engage with specific groups of users and reward users, engagement with users, and work together with users to generate more rewards for all stakeholders.
Lolly VIP Token Terms and Conditions
Lolly VIP in General
The Operator is the issuer of a series of non-fungible tokens (“Lolly VIP Tokens”, “Lolly VIP”), cryptographically secured, and centrally issued by the Operator on the blockchain.
Lolly VIP are unregulated non-fungible tokens (“NFT”) tokens issued by the Operator.
Lolly VIP ownership (“VIP Ownership”) grants Users and/or Brands and/or Businesses (“VIP Owners”) a limited membership with defined and undefined benefits for VIP Owners.
The Operator’s admin system allows VIP Owners to sell Lolly VIP to other users via a bid and offer marketplace (“Lolly Marketplace”).
The Operator may from time-to-time issue benefits to VIP Owners in the form of free tokens and/or benefits and/or exclusives and/or discounts and/or benefits received from Brands and/or Businesses via the Lolly VIP (“Returns”).
VIP Ownership can be obtained from the Operator without any cash payment for certain actions, including but not limited to contributing to the system, inviting friends to join, and engaging on social media.
Lolly Property are denominated in United States dollars in Wallets.
Know Your Customer and Anti-Money Laundering Check Requirement
The Operator uses Sum and Substance Ltd, a leading third-party system and service, (“Sumsub”, sumsub.com) to undertake Know Your Customer (“KYC”), Anti-Money Laundering (“AML”), Politically Exposed Person (“PEP”), and fraud checks on all Users wishing to purchase Lolly Advance Tokens.
The Operator also uses Sumsub for KYC, AML, PEP, and fraud checks for any User wishing to withdraw funds over an aggregate amount of $500 (five hundred United States dollars).
VIP Owners own a wallet to hold Lolly Advance Tokens (“Wallet”).
The Wallet is denominated in US dollars.
Users, Brands, Businesses, and Entities have separate Wallets for Lolly VIP Tokens held (“User Wallets”, “Brand Wallets”, “Business Wallets”, and “Entity Wallets”). User Wallets, Brand Wallets, Business Wallets, and Entity Wallets are collectively referred to as “Wallets”.
Lolly VIP Tokens issued to or purchased by VIP Owners are automatically added to their Wallets.
Registration of Users as Admin for a Brand, Business or Entity is subject to verification and/or authorisation by other Admins for the Brand/Business/Entity and/or the Operator and/or KYC, AML, PEP, and fraud checks by Sumsub.
Issuance of Lolly VIP Tokens
Lolly VIP Tokens are launched and issued at no cost/sold by the Operator. The Lolly VIP will define the Lolly VIP being issued, including but not limited to the:
- Name, and
- Token ID, and
- Market, and
- VIP type, and
- Defined benefits to the VIP Owner
- Undefined benefits to the VIP Owner, and
- Price of the Lolly VIP (if any)
Receiving Lolly VIP
Lolly VIP Tokens are issued by the Operator in return for defined actions or participation by users.
Lolly VIP Tokens are often issued at no cost to users.
If Lolly FIP Tokens are sold, payment is due within 28 days of invoice issuance. Paid VIP Tokens are only created and delivered after payment receipt.
All Lolly VIP issuances and purchases are subject to approval by the Operator. For paid Lolly VIP Tokens, an order for Lolly VIP is confirmed once the Operator issues an invoice for the order. The Operator then issues the Lolly VIP to the VIP Owner’s Wallet. If an order is not confirmed or requires further information or contact with the VIP Owner, the Operator will notify the VIP Owner concerning the order.
Lolly VIP purchases are payable by VIP Owners within 28 days of order approval and receipt of invoice. If unpaid, the Lolly VIP Token is automatically returned to Lolly and a credit note issued.
Receiving Returns from VIP Ownership
The Operator is responsible for the issuance of Returns to VIP Owners.
If applicable, the VIP Owner and the Operator will enter self-invoicing agreement, renewed every calendar year, allowing the Operator to issue invoices to itself on behalf of the VIP Owner for the Returns generated by the Lolly Property. The self-invoicing agreement is electronically issued by the Operator.
Selling Lolly VIP through the Lolly Marketplace
The Lolly Marketplace is a bid and offer secondary marketplace allowing VIP Owners to offer Lolly VIP Tokens on the secondary market. Lolly VIP Owners set their own price which must be equal to or above the original price paid for the Lolly VIP Token.
A sale through the Lolly Marketplace is credited at 95% (ninety five percent) to the VIP Owner’s USD Credit Wallet. 5% (five percent) and paid to the Operator as fee for covering transaction costs, currency costs, and Lolly Marketplace operating costs.
The USD Credit Wallet is denominated in US dollars.
Billing and Accounting
The Operator issues the VIP Owner with invoices and payment receipts confirming any payments for Lolly VIP and any Returns received from the ownership of Lolly VIP Token.
The Operator issues the VIP Owner with purchase receipts confirming any purchases of Lolly VIP.
The Operator issued the VIP Owner with receipts confirming any Returns.
The Operator issues the VIP Owner with transfer receipts confirming any transfers from (1) within the VIP Owner’s Wallet, or (2) the VIP Owner’s USD Credit to the Token Holder.
The Operator issues the VIP Owner with self-invoiced invoices for Returns generated by VIP Ownership.
The Operator issues the VIP Owner with sales notices confirming any sale of Lolly VIP Tokens and the crediting of amounts to the VIP Owner’s USD Credit.
The Operator issues the VIP Owner with withdrawal confirmations for any transfers made from the TVIP Owner’s USD Credit to an external bank account or crypto account held by the VIP Owner.
The Operator will, upon request, issue an annual statement to the VIP Owner for tax purposes.
The Operator uses Xero Limited, a third-party accounting system and service, (“Xero”, xero.com) for the issuance of purchase invoices, credit notes, self-invoiced payments, and withdrawal confirmations.
Taxation of Lolly VIP Tokens
Lolly VIP Tokens are non-fungible tokens under the United Kingdom’s Customs and Excise (HMRC) regulations.
Sales of Lolly VIP Tokens are not subject to any Value Added Tax (“VAT”).
All Lolly VIP Tokens are sold without any VAT charge.
Returns generated from VIP Ownership by VIP Owners in the UK may be subject to VAT. VIP Owners in the European Union may have to pay VAT on the returns in their jurisdiction.
Capital gains generated from the sale of Lolly VIP by VIP Owners to third-parties may be subject to Capital Gain (“CGT”).
VIP Owners are themselves responsible for reporting any income or CGT to their tax authority. The Operator will do so upon request by tax authorities.
These Lolly VIP Token Terms and Conditions incorporate:
The Operator accepts no liability for any damages that may be caused by the use of Lolly VIP Tokens, Lolly or its contents or by data or files sent and received howsoever arising. VIP Owners are themselves responsible for checking all data sent or received via the Internet for viruses and malware, including web addresses provided.
The Operator reserves the right to temporarily or permanently suspend or cancel any VIP Owners in the event of wrongdoing. VIP Owners whose accounts have been suspended or cancelled can no longer access Lolly.
The Operator reserves the right to temporarily or permanently suspend or cancel any VIP Owners, Users, Brands, Businesses, or Admins, in the event of wrongdoing or non-payment. VIP Owners whose accounts have been suspended or cancelled can no longer access any Wallets.
These Lolly VIP Token Terms and Conditions are construed under the laws of England and Wales and the parties agreed to the sole jurisdiction of London, England.
You and the Operator agree that the English language version of these Lolly VIP Terms and Conditions shall be controlling in all respects and shall prevail in case of any inconsistencies with translated versions, if any.
Any action by VIP Owners against the Operator must be brought in the VIP Owner’s individual capacity and may not be brought as a class action or any form of collective action.
VIP Owners agree to defend, indemnify, and hold the Operator, its parents, subsidiaries, affiliates, and their respective officers and employees, harmless from and against any claim, demand or damage including legal fees asserted by any third-party due to or arising out of:
- any violation of applicable laws, regulations or these Lolly VIP Token Terms and Conditions by you or anyone accessing Lolly through your User and/or VIP Owner access, with or without your permission
- the use of Lolly VIP Tokens by you or anyone accessing Lolly through your User and/or VIP Owner access, with or without your permission
- any negligent acts, errors or omissions by you or anyone accessing Lolly through your User and/or VIP Owner access, with or without your permission
- any injuries to or death of any person and for damages to or loss of any property, which may in any way arise out of or result from or in connection with these Lolly VIP Token Terms and Conditions, except to the extent that such liabilities arise from the gross negligence or wilful misconduct of the Operator
If any provision in these Lolly VIP Token Terms and Conditions is prohibited by law or judged by a court to be unlawful, void or unenforceable, the provision shall, to the extent required, be severed from the Lolly VIP Token Terms and Conditions and rendered ineffective as far as possible without modifying the remaining provisions of the Lolly VIP Token Terms and Conditions and shall not in any way affect any other circumstances of or the validity or enforcement of the Lolly VIP Token Terms and Conditions.
The Operator reserves the right to amend these Lolly VIP Token Terms and Conditions at any time. The latest Lolly VIP Token Terms and Conditions are available on the website.
VIP Owners agree to the latest Lolly VIP Token Terms and Conditions by using Lolly after the date of any amendment of these Lolly VIP Token Terms and Conditions.
This document was last updated 30 September 2023.