First company ever founded in Liechtenstein without bank account but instead with Ether as initial non-cash contribution

We are pleased to announce that on 13th August 2020, Amazing Blocks was established as the first company in Liechtenstein with an initial contribution of Ether instead of cash. For the foundation, a bank account in Liechtenstein was not necessary. It is now possible to found a company solely with the contribution of crypto assets in Liechtenstein without the need of a bank account. As a product, Amazing Blocks offers “digital legal entities as a service”. Specifically, this is a software to tokenize the shares for legal entities in Liechtenstein leveraging the new Token Act (TVTG) which came into force in January 2020.

Using Ether as non-cash contribution for setting up a company

Benefits of using crypto assets as initial non-cash contribution

Commercial Register Liechtenstein, Registration Number FL-0002.641.923–4

This should give you a hint at one of the core benefits involving this model: Increased transparency and a bankless establishment of the company but nevertheless complying with all laws and regulations. In general, the process of having to open a bank account in Liechtenstein might become unnecessary in the future.

Moreover, in the near future issuing shares and the respective distribution of voting rights can now be fully automated and standardized through an Ethereum based layer benefitting from smart contracts. Of course, security and legal concerns may arise on whether or not this model is to be trusted, but they can all be jettisoned by the unique technological structure of blockchain. This enables a smooth setup of a legal entity in Liechtenstein, enhanced by Amazing Blocks’ software to tokenize shares leveraging the Liechtenstein Token Act. Ultimately, this will lead to much higher flexibility for entrepreneurs and investors.

Future impact on reshaping the world of finance and entrepreneurship

Amazing Blocks: offering a software solution to tokenize shares of Liechtenstein legal entities as equity tokens

The accompanying benefits are tremendous: Time and money saving, full automation and standardization, high transparency and remote setup and management. Nevertheless, leveraging the Liechtenstein Token Act is not an easy endeavour. This is where Amazing Blocks finds its niche: Amazing Blocks offers a software — the Tokenpad — which is a user-friendly software-as-a-service to manage the tokenized shares of legal entities (that is, equity tokens) end-to-end, 24/7. Consequently, Amazing Blocks efficiently integrates finance, tech and law.

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Amazing Blocks offers a tokenization solution that enables its clients to tokenize various assets according to the Liechtenstein Token Act (software-as-a-service). The software covers both the issuance of tokens and investing in tokens. It suits the needs for tokenizing all kinds of assets (e.g. machines, cash flow generating contracts, trademarks, real estate, cars). Imagine that some asset should be tokenized. For this asset various tokens would make sense: Equity tokens, debt tokens, participation rights as tokens, ownership tokens, or any mixture of these tokens. The software of Amazing Blocks helps issuers to handle multiple assets and to issue multiple tokens for these assets. This is possible by integrating blockchain technology with the law (that is, the Liechtenstein Token Act). At the core, there is the “digital legal entity in Liechtenstein” based on “tokenized shares” which allows a very efficient foundation, a very efficient operation of the company and, thus, an efficient and flexible possibility to tokenize assets. This should now make a wide variety of tokenization projects possible, because the costs for tokenization are significantly reduced.

Interested? Then, contact us! Are you interested in what Amazing Blocks is doing? Visit our website, write an email to hi@amazing-blocks.io, or follow us on LinkedIn or Twitter. Or provide your email address here and we will immediately send you more information.

Digital legal entities in Liechtenstein based on true equity tokens to tokenize any asset in a standardized way to save time and money. - www.amazingblocks.io