The Bitbon System[i] provides you with a versatile model of cooperation by using Bitbon[i] as well as by participating in the IBO[i] process in the status of Contractat[i], Contributor[i] or Bitup-Agency[i]. When interacting with the Bitbon System in the process of Contributing[i], each Bitup-Agency constitutes its integral part and performs certain functions, the purpose of which is to make a decision on the admission of the Contractat’s project to the IBO as well as to supervise its implementation in the Bitbon System under the terms and conditions of the Projectbon Protocol[i].
Basic functions of the Bitup-Agency:
1. Performance of the Asset Digitization Procedure[i].
2. Provision of consulting services to the Bitbon System Users[i] regarding business projects at all stages of their implementation.
3. Evaluation of the Contractat’s business project to determine the validity of the proposed business model.
4. Preparation and supervision of the business plan in accordance with the basic international rules of conducting commercial activity.
5. Drawing up the terms and conditions of the Projectbon Protocol of a specific project in accordance with the business plan approved by the Contractat.
6. Admission of the Contractat’s project to the IBO and supervision of its implementation in the Bitbon System.
7. Control of the Bitbon distribution at all stages of the business project implementation and fulfillment of all obligations by the Contractat under the terms and conditions of the Projectbon Protocol of this project.
8. Legal analysis of the Contractat’s business project.
9. Provision of additional information during the IBO process at the request of the Contributor, which confirms the validity of the Contractat’s business plan.
10. Controlling the fulfillment of the Contractat’s obligations to the Contributors under the terms and conditions of the Projectbon Protocol of a specific project.
In order to receive the status of a Bitup-Agency, the Bitbon System provides a licensing procedure. During this procedure, the completeness as well as reliability of information, provided by a registered legal entity (company or bank) that wishes to receive the status of a Bitup-Agency, is verified. The possibility of meeting all the necessary requirements for operation in the Bitbon System is also verified. Particularly, a number of criteria for key categories are considered: applicable law and place of the applicant’s residence/incorporation; probable conformity with regulatory requirements; company website; security of information storage and transmission, etc.
For this type of activity, the organizational structure of a Bitup-Agency should include the following specialists with at least five years of practical experience:
- Specialist in International Law;
- Audit Specialist;
- Business and/or Financial Analyst.
If the above-mentioned specialists are not included in the Bitup-Agency staff, then such Bitup-Agency can enter into agreements with other companies that provide the above-mentioned services on a professional level and delegate some of its functions to third parties to fulfill the necessary obligations of the Bitup-Agency.
After successfully completing this procedure and receiving the appropriate status, a Bitup-Agency can create Projectbon Protocols based on conclusions obtained by qualified specialists in the fields of risk insurance, audit, evaluation of Assets[i], etc.
A Bitup-Agency can accept and admit to the IBO process the Projectbon Protocol whose value does not exceed the volume of own collateral designated in Bitbons by more than 10 times.
A Bitup-Agency has a certain responsibility for confirming the validity of the Contractat’s business plan.
The Projectbon Protocol defines the obligations of a Bitup-Agency with respect to the Projectbon[i] provision stipulated by the Projectbon Protocol of a specific project.