Impact of the Corporate Transparency Act on Decentralized Blockchain Trusts**
Dear Friends, valued Members and Business Associates,
Thank you for reaching out with your inquiry regarding the Corporate Transparency Act (CTA) and its potential impact on decentralized Blockchain Trusts.
The Corporate Transparency Act, effective from January 1, 2024, requires certain business entities and trusts to report their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN) within the U.S. Treasury. This initiative is designed to enhance transparency and combat illicit financial activities by ensuring that the identity of individuals who own or control companies is disclosed to authorities.
Similar regulations exist in other jurisdictions, including the UK, EU, Australia, Canada, and 172 nations worldwide, where our Blockchain Trusts remain legally compliant under the 1958 UN Convention on e-Commerce:
Impact on Decentralized Blockchain Trusts:
Decentralized Nature: Our Blockchain Trusts differ fundamentally from traditional corporate structures due to their decentralized nature. Built and maintained on the blockchain, they offer unparalleled transparency, security, and immutability, setting them apart from conventional entities.
Jurisdiction: Blockchain Trusts operate under international laws, adhering to regulations specific to blockchain jurisdictions rather than being confined to any single nation's domestic laws. This global compliance framework provides a distinct layer of jurisdictional independence, safeguarding your assets from traditional regulatory reach.
Reporting Requirements: As decentralized entities, our Blockchain Trusts are not obligated to report Beneficial Ownership information to FinCEN or any similar authority under the CTA. They are designed to uphold privacy and autonomy while maintaining compliance within the innovative regulatory environment of blockchain technology.
Exemptions: The CTA and similar laws target traditional business entities, whereas decentralized blockchain-based structures often enjoy exemptions due to their unique nature and global recognition of blockchain jurisdictions.
Continuous Compliance: We are committed to ensuring that all our entities comply with relevant international standards, providing our clients with robust asset protection, privacy, and security. Our approach aligns with evolving regulatory landscapes, ensuring your peace of mind.
If you have any further questions or require additional clarification, please do not hesitate to contact us. We are here to support you in navigating these developments and ensuring that your assets remain secure and compliant.
Best regards,
Stephan Schurmann - CEO
Blockchain International Corporate Registry Authority
WhatsApp: +1-204-410-2888
Telephone: +1-587-430-2692
A: Bankers Hall, 888 3rd Street, Calgary, AB T2P 5C5, Canada