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Exchange Rule Book

[Version: 2.0, Last updated: 26.09.2025]

 

1. Introduction 

These Exchange Rules define the terms, obligations, and processes associated with exchange activities on the Smart Valor AG Exchange ("Platform"). These rules are fully compliant with the Markets in Crypto-assets Regulation (MiCAR) and are binding upon all clients participating in exchange activities on the platform. 

2. Platform Overview 

Smart Valor AG operates a cryptocurrency exchange platform comprising a central limit order book and matching engine designed for executing and settling transactions involving Crypto Assets and Fiat currencies. 

3. Definitions 

“Available Balance” refers to the client's aggregated funds across crypto assets and fiat currencies, accessible for initiating orders. 

“Clients” denote the account holders (both corporate bodies and individuals) who actively engage in placing exchange orders on the platform. 

“Crypto Asset” constitutes any digitally represented value or entitlement capable of being electronically transferred and stored via distributed ledger or equivalent technologies, encompassing assets available for exchange on the platform. 

"Fiat Currency" means an official currency that is regulated and backed by governments and central banks. 

“Downtime” indicates any timeframe during which essential platform functionalities experience disruptions or cease normal operations. 

“Inside Information” refers to confidential, non-public information utilized by insiders to exchange or attempt exchange in crypto-assets or associated financial instruments. 

“Limit Price” represents the specified price threshold at which a client desires their order to execute or achieve a more advantageous rate. 

“Market Abuse” encompasses actions or behaviours constituting or potentially constituting market manipulation, insider exchange, or similar prohibited activities under prevailing legal frameworks, subject to corresponding sanctions. 

“Market Price” denotes the most favourable current ask price for purchases or the highest prevailing bid price for sales, effectively representing the optimal offer available on the order book. 

“Order” signifies a definitive proposal submitted by a participant to buy or sell crypto assets on the platform, resulting in a transaction upon execution. 

“Order Book” describes the centralized register containing buy and sell orders submitted by clients for specific crypto assets. 

“Order Matching Process” is the mechanism by which buy and sell orders for identical crypto assets are paired based on price-time priority, culminating in transactions. 

“Settlement” refers to the finalization of a transaction on the platform, wherein all exchange obligations are irrevocably satisfied, precluding any subsequent adjustments or disputes. 

“Exchange Pairs” are the exchange pairs made available on the exchange platform for clients to transact. 

4. Operating Hours 

The Platform operates continuously, 24 hours a day, seven days a week, excluding scheduled or unscheduled maintenance periods. 

5. Access to Exchange Platform 

Access is available via: 

API connectivity is subject to rate limits, with IP whitelisting available. 

6. Account Funding and Order Submission 

Clients must maintain a funded account with a sufficient "Available Balance" to cover the order size and associated exchange fees. 

Order placement does not incur fees. 

Funds allocated to an order will be placed on hold and will remain unavailable until the order is executed or cancelled. 

Clients can cancel any unfilled orders without incurring fees.

7. Order Matching 

Orders are executed using a strict Price-Time Priority mechanism: 

Orders with the most advantageous price (highest bids, lowest asks) receive priority. 

In cases of identical price levels, earlier orders have execution priority.  

8. Order Types 

Smart Valor AG supports the following order types: 

8.1. Market Orders 

  • Execute immediately at the best available current market price. 
  • Potential for price slippage depending on market liquidity. 
  • Market orders do not support time-in-force parameters.  

8.2. Limit Orders 

  • Allow clients to set a specified execution price. 
  • Execute only at the defined price level or better. 
  • Limit orders placed at prices favorable to immediate execution relative to market price are executed instantly. 

9. Exchange Settlement and Confirmation 

  • Executed exchanges are instantly settled through immediate account balance updates. 
  • Clients may withdraw Crypto Assets immediately, subject to withdrawal policies and limits. 
  • All executed exchanges are final and binding. 

10. Exchange Fees 

Smart Valor AG employs a maker-taker fee model: 

Maker Fees: Applicable to orders adding liquidity (not immediately matched). 

Taker Fees: Applicable to orders removing liquidity (matched immediately against the order book). 

A uniform fee of 0.29% applies to both maker and taker trades executed on the exchange. 

Fee schedules are transparently published and regularly updated at https://smartvalor.com/en/faq/buy-crypto?question=3. 

11. Order Minimums 

Minimum order size requirements vary by asset and are detailed at smartvalor.com when placing an order. 

12. Exchange Controls and Market Integrity 

To protect clients from unintended slippage, price spikes, or execution in illiquid conditions, Smart Valor AG employs several price-protection mechanisms: 

Price Floor and Ceiling Controls 
The platform enforces operator-defined minimum and maximum price boundaries for all order submissions. Any order with a price outside these configured limits is automatically rejected by the Order Management System (OMS), ensuring protection against extreme or erroneous pricing. 

Cancel Sensitivity 
Monitors the frequency of order cancellations, especially in volatile markets. If thresholds are breached, the system can trigger alerts or restrict cancellations to prevent manipulative behavior and support market stability. 

Market Data Latency Monitoring 
Continuously monitors incoming market data feeds to detect latency or stale pricing. If delays exceed acceptable thresholds, order execution may be paused or flagged to avoid executing exchanges based on outdated information. 

Number of Open Orders 

To ensure orderly exchange and system stability, Smart Valor AG imposes a cap on the number of simultaneously active orders that a client may place per exchange pair. Once a client reaches this limit, any additional order submissions for that pair will be automatically rejected until the number of active orders falls below the permitted threshold. This limit helps maintain optimal system performance and fair access for all participants. 

Spread Price Protection 

Market Orders on Smart Valor AG’s platform are protected by a Spread Protection Mechanism. The protection threshold is calculated from the first execution price of the market order. This threshold forms part of the platform’s price collar mechanism, which may be defined at the individual instrument level. If the remaining quantity of a Market Order would execute at prices beyond this collar, the order will be partially filled up to the permitted range, and any unfilled portion will be cancelled. This mechanism safeguards clients from excessive slippage, particularly in volatile or low-liquidity markets. 

Reference Price Protection 

All client orders are subject to Reference Price Protection, which limits how far the execution price may deviate from the prevailing market rate at the time the order is submitted. The reference price is calculated based on aggregated price data from several third-party liquidity sources, reflecting a fair market value for the asset. Orders are only executed within a defined price band (“Reference Price Protection Threshold”) around this reference price. If an order’s execution would exceed this range, only the portion within the threshold is filled, while the remainder is cancelled. This may result in partial execution, especially in volatile or thinly exchanged markets. 

These controls are calibrated regularly and are key to maintaining a reliable and investor-safe exchange environment. 

13. Asset Custody 

  • Assets held in custody comply with relevant legal and regulatory standards. 
  • Custody Technology utilizes Multi-Party Computation (MPC). MPC is an advanced technology used for generating, storing, and managing cryptographic signature keys that secure crypto assets and cryptographic instruments. Within the MPC system, keys are never entirely stored in a single location. 
  • Smart Valor AG utilizes an Omnibus custody model, wherein crypto assets belonging to multiple clients are collectively stored on shared distributed ledger (DLT) addresses and managed internally via unique account assignments. This ensures clear segregation and protection of client assets, especially in case of insolvency. 
  • Clients access custody services through the following secure channels:  
  • The Crypto assets are deposited and withdrawn securely through designated blockchain addresses controlled by Smart Valor. 
  • Smart Valor AG employs a tiered wallet structure, categorizing wallets based on security and transaction frequency: 
    • Hot wallets: Continuously online, designed for frequent and smaller transactions. 
    • Warm wallets: Require manual interaction by authorized personnel, used for rebalancing of funds. 
    • Cold wallets: Offline storage requiring stringent verification for large, infrequent transactions. 
  • All wallets used to hold client crypto assets, whether individual or omnibus, are created, governed, and monitored within the custody solution. These wallets are configured to align with Smart Valor AG’s internal segregation policies, approval workflows, and custody procedures. 
  • Smart Valor maintains a comprehensive Business Continuity Plan (BCP), compliant with Regulation (EU) 2023/1114 on Markets in Crypto assets (MiCAR), to guarantee uninterrupted access to client crypto assets and minimize disruptions during emergencies. 
  • Smart Valor AG implements rigorous control measures to ensure crypto asset security, including: 
  • Secure private key management utilizing MPC technology, ensuring keys are never exposed or consolidated. 
  • Strict multi-factor authentication procedures for all wallet transactions. 
  • Continuous employee training on cybersecurity practices. 
  • Regular internal and external audits of all custody-related systems and processes.  

14. Exchange Availability and Interruptions 

Smart Valor AG retains the right, at its sole discretion, to temporarily suspend exchange or platform access to ensure market integrity, including scenarios such as: 

  • Technical disruptions 
  • Volatile or disorderly market conditions 
  • Network or infrastructure disruptions 
  • Regulatory requirements 

In these situations, Smart Valor AG may enforce Maintenance Mode. 

15. Scheduled Downtime 

Scheduled maintenance periods and system upgrades are communicated in advance via social networks, email and status page. 

16. Market Abuse Prohibition 

Clients must not engage in activities considered as market abuse, manipulation, or insider exchange. Examples include but are not limited to: 

  • Wash exchange 
  • Spoofing 
  • Layering 
  • Exchange based on inside information 

Engaging in such activities will result in suspension or termination of exchange privileges and may attract legal penalties. 

17. Market Data Transparency 

Smart Valor AG ensures transparency by publicly disclosing: 

  • Bid and ask prices, order book depth 
  • Price, volume, and timing of executed transactions 

Market data is accessible through multiple channels:  

  • SMART VALOR Web Interface 
  • Mobile Applications: Android and iOS 
  • API endpoints: WebSocket and REST APIs for integration with client-side systems and exchange algorithms 
  • Historical Archives: Clients may request exchange history and execution data reports for compliance, tax reporting or analysis. 

This information is available freely and continuously on a non-discriminatory basis.