Bank Account

The virtual entity cannot open a bank account. That is also not necessary. The virtual entity can use the BEX wallet or any other wallet like BTC, ETH, USDT, etc., as an entity account.

Securities

A fiat entity transfers the rights and obligations of the security to the Blockshare. The fiat shares remain the property of the issuer. Blockshares cannot be booked into a bank account. Blockshares can only be moved on the blockchain.

Bookkeeping

The virtual entity can (but does not have to) keep wallets according to the International Financial Reporting Standards (IFRS). The wallets replace the accounts. Everything else stays the same.

Taxes

In principle, the tax details are subject to self-disclosure. Taxes only apply at the location when cryptocurrencies are exchanged for fiat currencies. Exceptions reserved.

Legal Status

The virtual entity and/or security is not a recognized legal entity because it is based on the Internet without any jurisdiction. The people who set up a virtual entity and/or security could be held accountable at their location should it be misused.

Documents

The virtual entity can publish bylaws, public deeds, general meetings, etc. The virtual entity sets the guidelines itself.

Alias

Management may use aliases instead of real names in the virtual entity. The management only needs to legitimize itself to its business partners and/or investors. The management may, of course, also use the real names in the virtual entity.

Block Exchange (BEX)

BEX accepts a virtual entity and/or security for listing.