Who is the founder of B.I.A.?
Co-founder of B.I.A. is Cand.merc.aud Thorbjørn K.K. Henriksen (Master of Tax law).
Thorbjørn has been a co-founder and board member of all bitcoin associations in Denmark (Danish Bitcoin Association, Copenhagen Crypto packing S.M.B.A. and B.I.A.). He was the first to request the Tax Council for a binding answer regarding bitcoin back in 2014 (SKM2014.226), where Lasse Birk Olesen from Conify was the technical owner for Thorbjørn.
Thorbjørn got his bitcoin upbringing back in 2012/2013 by Niklas Nikolajsen (founder of Bitcoin Suisse AG). Thorbjørn is probably the most used legal adviser in Denmark regarding crypto.
See his LinkedIn profile is director of CPH auditing, Copenhagen Legal; Mentor Tax Accounting S.M.B.A and CPH SKAT - and in this connection have learned that crypto investors not only demand legal advice, but also help to buy and sell crypto optimally in a secure legal set-up. It is in this context that the B.I.A. was founded.
Who does B.I.A. help?
B.I.A. only helps crypto-investors who are members of the B.I.A. - which costs 1,000 euros a year. BIA is for crypto investors who want to rent a crypto trader for their own private crypto portfolio - and who want a trade association (BIA) to be responsible for the selection of the trader, monitoring of the trader, remuneration of the trader, calculation of crypto the tax - and perhaps also responsible for drafting the contract between the crypto-trader and the member.
The member’s Crypto pool must thus remain in the member’s own crypto account - after which the selected trader only gets an API access to the account to trade your coins according to the investment strategy chosen in collaboration with B.I.A., the trader and the member.
The remuneration to the association is 5% of the profit from the crypto pool - and the member’s crypto pool must be at least 50,000 euros at start-up. The remuneration for the trader is individually agreed, but usually about 20% of the profit, but depends on how big the pot is.
Can I use B.I.A. if I only want legal advice on bitcoin and crypto?
No, if you only want legal advice we refer to CHP SKAT (thh@cph-tax.com)
Can I become a member of B.I.A. if I have a crypto account of less than 50,000 euros?
No, B.I.A. membership requires the member to have a crypto account of more than 50,000 euros to be managed by a B.I.A. designated trader.
But you can team up with other people and together form a company that has a crypto account of more than 50,000 euros. Thereafter, the company becomes a member of the B.I.A
Should my crypto-assets be transferred to B.I.A. to be managed?
No, your crypto remains in your own crypto account. You will give the B.I.A.-designated trader an API access to the account, after which he can sell and buy crypto, but not take money out of the account.
Can I stop the API access to the crypto account?
You can stop the B.I.A. Trader's API access to your account at any time.
Who chooses the crypto trader for my crypto portfolio?
It is you as a customer who chooses the crypto-trader. B.I.A. provides only a range of traders to choose from. You can also bring your own trader and just let the B.I.A. be a monitor.
