Origin of Funds Process for the RightMesh Crowd Contribution Round
Thank you for your interest in the upcoming RightMesh Crowd Contribution Round of Token Generating Event (TGE) that will take place on May 30th at 13:00 CET. This article explains the final documentation request in the Bitcoin Suisse AML registration process, Origins of Funds, and provides answers to common questions we have received from our community regarding it.
What is Origins of Funds (OOF)?
OOF is the process of providing documentation/ verification for the types of assets a contributor wishes to use during the TGE. This is done to ensure that all assets or funds are acquired in a legal manner and are compliant with Swiss regulations.
What is the proof of origin of funds process?
1. During the Bitcoin Suisse registration process (see our full step-by-step guide here), you — as a potential contributor — must provide information on your annual income by selecting one of the income ranges (as seen below).
2. Next, you must select one, or multiple, of the origin of funds (how the assets were acquired by an individual) that are intended to be used through the Bitcoin Suisse platform. These include:
- Business Activities/ Savings/ Earnings
- Stock Sale
- Sale of Real Estate
- Donation
- Inherited
- ICO/ Contribution
- Other
3. Then, you must provide a detailed description of the economical background of the assets you intend to use through the Bitcoin Suisse platform.
For example, if you select ‘ICO/ Contribution’, you might input the following into the description section:
“I acquired my funds through a previous purchase of X # of tokens during the X ICO. The tokens were listed at $X price and appreciated in significant value. I sold them for $X on X date.”
4. Finally, submit Form 1A, and click finish.
For some, this is the end of the process and your application will be approved by Bitcoin Suisse. For others, you may be contacted by Bitcoin Suisse to provide additional documentation regarding proof of origins of funds.
Why do you need to provide more documentation?
Potential contributors may be selected for multiple reasons to provide OOF. Some examples include but are not limited to:
- substantial income listed from non-traditional sources (such as ICO/contributions vs salary);
- random additional security checks;
- the type of currency planned to be used through the Bitcoin Suisse platform.
How do you provide proof of OOF of FIAT currencies?
Accepted documentation for proof of OOF includes:
- pay stub with name and address on it
- bank statement with half of account number covered.
How do you provide proof of OOF of ETH?
Bitcoin Suisse will need to be able to document the journey of the amount of funds an individual wishes to contribute — meaning how it went from FIAT to the amount of ETH it is today. As ETH can be acquired in multiple ways, multiple options to provide proof of OOF are available. Some examples include:
- bank statement that shows the movement of FIAT funds to an exchange (your name must be visible on the exchange);
- documentation of trading history, especially trading of either FIAT or other cyrpto-assets into ETH (your name has to be visible on the exchange);
- withdrawal history of ETH to contributors ETH address;
- documentation of previous ICO participation;
- signing of message from Genesis block if you are a participant in the ETH Crowd Sale;
Final thoughts on OOF
The end goal of the AML procedure and OOF is to clarify the “journey” your funds have been on, from starting from FIAT until present, so they can verify the funds belong to you alone.
For more information regarding RightMesh and our TGE please visit our Telegram channel.
