New Swedish Firm Offers Iranian Stock Investment for Bitcoin
Brave New World Investments AB operates entirely in cryptocurrency as Swedish banks refuse to offer it accounts.
Brave New World Investments AB, a new firm registered in Sweden, is now looking for angel investors prepared to buy the company’s shares. The funds will be used to trade in equities on the Tehran Stock Exchange. It does this on behalf of its European shareholders while also searching for angel investors among the Persian and bitcoin communities in Europe.
The team behind the venture is Mairtin O’Duinnin and Mikael Johansson, both with experience in finance and technology in Europe and the Middle East. Brave New World is the first known company in Sweden to incorporate without a bank account and handled all the initial funding in bitcoin. It was prevented by the Swedish banks due to fears that their US operations would be affected by the American financial sanctions if the banks allowed Swedish-Iranian business.
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Johansson commented to Finance Magnates: “We got to think of the venture as the sanctions against Iran were starting to get dismantled in early 2016. However, due to US financial sanctions still in effect against Iran, none of the Swedish banks wanted to help us – despite there being no relevant sanctions against Iran in Sweden or European Union stopping us.
Instead of giving up the idea we side-stepped the Swedish banking system and funded it on the blockchain – which the Swedish company registration accepted – after many meetings. Now we simply do not have a Swedish bank account (however we will soon have an Iranian bank account for the equity investments). We pay our bills, shareholder dividends, Iran deposits – everything – in cryptocurrencies.
There are no sanctions in Sweden or in the European Union obstructing Swedish-Iranian investments, so we are not breaking any laws in our jurisdiction. We religiously follow anti money laundry directives set by the relevant institutions of Sweden and the European Union. Due to the current US sanctions, the company will not have US operations nor US investors for an indefinite future.”
Quite unique way of handling Iranian investments.
How safe is the Tehran Stock Exchange, is a whole matter in its own right. I guess, these guys are just providing a non-bank platform.
It would be interesting to see, if their client base attracts individuals (Non-resident Iranians, for example) or actual institutional money.
Either way, it is going to garner a lot of interest from government agencies. They better be ready for those knocks on the door.
“It takes a great deal of bravery to stand up to our enemies, but just as much to stand up to our friends.”
Swedish investment in Iran has always been humanitarian, and value-creating in constrast to US military and weaponary invetment in Saudi Arabia and etc. The result do not need to be discussed around the new organizations creating terror and backed up by corrupt governments.
I am utterly sure that Sweden has much to teach to the world about safe business and solidarity.