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Nym successfully establishes itself in France without a bank account (but with a bitcoin wallet)
We explain how the Swiss-based crypto company registered its subsidiary in France.
The Nym project has just achieved a minor revolution. To set up its French branch, the Swiss crypto company responsible for developing a protocol that strengthens the confidentiality of communications (crypto transactions, instant messaging, etc.) has not opened... a bank account!
Instead, it has paid bitcoins on a wallet ; 8 to be exact (180.000 euros at the current rate).
"The law does not require you to have a bank account when you set up a business," explains Alexis Roussel, Operations Director at Nym Technologies. "It is entirely possible to contribute assets in kind instead of euros, which is the case with bitcoin," he insists.
"The law does not require you to have a bank account when setting up a business," explains Alexis Roussel, Operations Director at Nym Technologies. "It is entirely possible to contribute assets in kind instead of euros, which is the case with bitcoin," he insists.
A contribution in kind consists, for a partner, in making available to a company an asset that is not a sum of money. This may be movable or immovable property. "We worked with a lawyer and a contribution auditor who helped us to do this with bitcoin", explains Alexis Roussel.
An flat, a car, shares or bitcoins, same battle!
In order to prove that the company was indeed in possession of the bitcoins, Nym Suisse produced a cryptographic proof from its wallet to certify that it was indeed its own. The company, which raised $50 million in 2022, then sent the 8 bitcoins and provided a new cryptographic proof on the destination wallet created by the French company. The latter is managed by the founders of this entity.
To pay salaries - the government requires them to be paid into a bank account, Nym France will be able to send cryptos to a broker who will send the sum in euros to employees (it has 45 in Switzerland). The same goes for tax payments (although we'll have to wait until next year to assess with certainty what the tax authorities think of this).
For day-to-day company expenses, managers will be able to make expense claims or else rely on alternative solutions such as Binance's bank card, which instantly converts cryptos into traditional currencies when payment is made.
"These operations entail additional financial costs and a little more complexity, but it's important that it's possible to exercise total sovereignty over one's funds, it's a huge issue," Alexis Roussel stresses.
In Switzerland, more than 300 companies have used this procedure since 2017 (read our report). Last year alone, 120 companies were set up using this model, with more expected to follow.
Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial and accounting advisors.
