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 for a bank account. As a product, Amazing Blocks offers “digital legal entities as a service”. Specifically, this is 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 a non-cash contribution for setting up a company

Until now, setting up a company in Liechtenstein required the initial contribution of at least CHF 50,000 in cash for a stock corporation (Aktiengesellschaft, AG). Furthermore, in order to traditionally be able to make this contribution, you first need to fill out many documents and have them ready for a bank. Alternatively, non-cash contributions such as real estate are also possible but only if an expert opinion is provided in writing, which is costly and complex. All in all, setting up a company is a time and money consuming process. Amazing Blocks’ CEO Sofia Balogianni commented as follows in regards to the traditional system: “The process of founding a company should not depend on single entities such as a bank. When founding a startup, it is all about saving time and money, something we want to deliver by being first movers in using crypto assets as an initial non-cash contribution.”

Benefits of using crypto assets as an initial non-cash contribution

At Amazing Blocks, we decided to take the next step and leave traditional structures behind as we are strong believers in digital finance. As proof for this, the Ethereum address 0xc00dd1ff1205cac5b710c823e477ca1294dc7257 can be used. Here, it can be seen that ETH 261.00 have been deposited as an initial non-cash contribution on 7th August 2020, right before the company has been formally established at the commercial register in Vaduz. To do this, a “non-cash contribution agreement” was required to prove to the commercial register that the founders had deposited the ETH. If the price of ETH would have fallen significantly such that the total value would have been below CHF 50,000 then the commercial register would probably have rejected the registration. The question always arises what the market price of crypto assets is. It was therefore very helpful that the Swiss tax office publishes daily prices of crypto assets. The Swiss tax office is a reputable authority such that prices of ETH can be relied upon. If you are interested in the “non-cash contribution agreement” we used, we are happy to share it: Request it here or send us an email ( We are happy to share our knowledge with entrepreneurs who seek to do the same. See the entry in the commercial register highlighting that ETH 261.00 ETH were used to set up the company formally:

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 the 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

When companies can be founded fully remotely and without the need for a bank account in Liechtenstein to leverage the Liechtenstein Token Act, a skyrocketing influx of capital can be expected. Futuristic minded investors will be able to seize the immense potential of leveraging the Liechtenstein Token Act. As a pioneer, Amazing Blocks seeks to be a major driver of reshaping the current world of finance. Being able to avoid the process of initiating a bank account will be pivotal in future development. Nothing beats instant, trustworthy and automated processes, and transactions while at the same time complying with all rules, laws, and regulations.

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

“The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A. That kind of thing will develop on the Internet and that will make it even easier for people to use the Internet.” A statement made in 1999 by Nobel-prize winner and highly acclaimed economist Milton Friedman, not knowing that his initial vision would affect far more than just transferring monetary funds. E-cash has been prevailing since 2008 with the invention of the Bitcoin blockchain, but now due to the Liechtenstein Token Act (TVTG) even legal entities or – to be precise – their shares as equity tokens can be digitally represented and thus “tokenized”.

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 endeavor. 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.

If you are interested in this “non-cash contribution agreement” we used, we are happy to share it: Request it here or send us an email ( We are happy to share our knowledge with entrepreneurs who seek to do the same.

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Amazing Blocks offers a software-as-a-service that enables its clients to tokenize shares of a Liechtenstein legal entity. Legal entities can then be founded based on equity tokens and administered with less effort, in a digital way and remotely from anywhere. The best use cases are legal entities for blockchain startups and as a legal wrapper (special purpose vehicle, SPV) for any tokenized asset (e.g. machines, cash flow generating contracts, trademarks, real estate, classic cars). Our goal is to standardize legal entities which then dramatically reduces the cost and time needed to tokenize assets and rights. Digital legal entities are easy to administer (e.g. ownership transfer of equity in a few minutes) as they rely on tokenized shares in line with the Liechtenstein Token Act. Here, our software helps guarantee a high degree of automation and standardization. In a similar way, fundraising and ESOP for your legal entity can be done anytime: A few clicks in our software and the shares for the new investors or employees are generated and transferred – inline with the legal entity’s articles of association.

Interested? Then, contact us!

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