MiCA Whitepaper Inline XBRL

N	Field	Content
00	Table of contents	I. Compliance with duties of information II. Summary Part A: Information about the offeror or the person seeking admission to trading Part B: Information about the issuer, if different from the offeror or person seeking admission to trading Part C: Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114 Part D: Information about the crypto-asset project Part E: Information about the offer to the public of crypto-assets or their admission to trading Part F: Information about the crypto-assets Part G: Information on the rights and obligations attached to the crypto-assets Part H: Information on the underlying technology Part I: Information on the risks Part J: Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts
01	Date of notification	2025-12-22
02	Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.
03	Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114	This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.
04	Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114	The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.
05	Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114	FALSE
06	Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114	The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.
07	Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114	Warning This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other documents pursuant to the applicable national law.
08	Characteristics of the crypto-asset	BSV (Bitcoin Satoshi Vision) is a decentralized, peer-to-peer digital crypto-asset native to the BSV Blockchain. It is classified under MiCA as an other crypto-asset, not falling within the definitions of an Asset-Referenced Token (ART), Electronic Money Token (EMT), or a Utility Token. BSV is not backed by any asset or issuer and does not confer any legal rights such as ownership, dividends, or governance. BSV is fungible, divisible up to 8 decimal places (smallest unit: 0.00000001 BSV, or 1 satoshi), and transferable without the need for intermediaries. The asset facilitates peer-to-peer transactions, acts as a unit of account, and serves as the medium for transaction fees paid to miners for network operation. BSV assets do not feature programmable staking, governance, or delegated validation mechanisms as part of their core protocol. The BSV blockchain enables payments for computational services and data transactions on a massive scale. It supports unbounded block sizes, allowing for high transaction throughput. Network security and consensus are achieved through a proof-of-work protocol, with miners using computational resources to validate transactions and append blocks to the chain in return for block rewards and transaction fees. BSV supports smart contract functionality via the native Bitcoin Script language, with restored opcodes and deterministic execution enabling complex transaction types and tokenization frameworks. Its consensus mechanism (Proof of Work, with SHA-256 hashing) secures the network and aligns incentives for miners to process and validate transactions. BSV has a fixed maximum supply of 21 million coins, done at genesis in 2009, with distribution governed by a halving schedule every 210,000 blocks. Tokens are distributed as reward for each new block and are released to miners through a decreasing block reward schedule, with no mechanisms for subsequent minting or burning of existing tokens. Transaction fees collected on the network are distributed to miners as an additional incentive for maintaining network security and operational integrity. The BSV asset is fully functional at the time it is being admitted to trade so can be used by the purchaser immediately to transact with the blockchain, access the network, etc. This is a new submission and this whitepaper is classified as OTHR pursuant to Regulation (EU) 2023/1114.
09	Further information about utility tokens	This field does not apply, as I.05 is False.
10	Key information about the offer to the public or admission to trading	This whitepaper is prepared in search of admission to trading. LCX AG (Liechtenstein Cryptoassets Exchange), has a registered address at Herrengasse 6, 9490 Vaduz, Liechtenstein, and is a regulated crypto-asset exchange built for compliant token issuance, trading, custody, and tokenization services. BSV was not launched through a public offering but originated on November 15, 2018, via a hard fork from Bitcoin Cash. There is no central issuer, and BSV was distributed to existing BTC and BCH holders at a 1:1 ratio. BSV is available for trading on various centralized and decentralized exchanges. Listings are determined by individual platforms, and acquisition occurs via secondary markets, peer-to-peer transfers, or mining. No guarantees are provided regarding future trading availability or liquidity. Purchasers should assess market risks and regulatory considerations before acquiring BSV.

N	Field	Content
B.1	Issuer different from offerror or person seeking admission to trading	FALSE
B.2	Name	N/A
B.3	Legal form	N/A
B.4	Registered address	N/A
B.5	Head office	N/A
B.6	Registration date	N/A
B.7	Legal entity identifier	N/A
B.8	Another identifier required pursuant to applicable national law	N/A
B.9	Parent company	N/A
B.10	Members of the management body	N/A
B.11	Business activity	N/A
B.12	Parent company business activity	N/A

N	Field	Content
C.1	Name	N/A
C.2	Legal form	N/A
C.3	Registered address	N/A
C.4	Head office	N/A
C.5	Registration date	N/A
C.6	Legal entity identifier	N/A
C.7	Another identifier required pursuant to applicable national law	N/A
C.8	Parent company	N/A
C.9	Reason for crypto-asset white paper Preparation	N/A
C.10	Members of the management body	N/A
C.11	Operator business activity	N/A
C.12	Parent company business activity	N/A
C.13	Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A
C.14	Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A

N	Field	Content
E.1	Public offering or admission to trading	ATTR
E.2	Reasons for public offer or admission to trading	MiCA Crypto Alliance (MCA) is voluntarily filing a MiCA-compliant whitepaper for BSV to enhance transparency, regulatory clarity, and investor confidence. While BSV is classified as “Other Crypto-Assets” under MiCA and does not require a whitepaper, this initiative supports compliance readiness and aligns with MiCA’s high disclosure standards. By doing so, MCA is ensuring a trustworthy and transparent trading environment for BSV within the EU’s evolving regulatory framework. Additionally, this filing facilitates market access and institutional adoption by removing uncertainty for institutional investors and regulated entities seeking to engage with BSV in a compliant manner. It further supports the broader market adoption and integration of BSV into the regulated financial ecosystem. The primary reasons for this admission are to provide EU/EEA investors access to BSV within a regulated environment and to set a high transparency standard.
E.3	Fundraising target	0
E.4	Minimum subscription goals	N/A
E.5	Maximum subscription goals	N/A
E.6	Oversubscription acceptance	N/A
E.7	Oversubscription allocation	N/A
E.8	Issue price	N/A
E.9	Official currency or any other crypto-assets determining the issue price	N/A
E.9	Any other tokens determining issue price	N/A
E.10	Subscription fee	N/A
E.11	Offer price determination method	N/A
E.12	Total number of offered/traded crypto-assets	21000000
E.13	Targeted holders	ALL
E.14	Holder restrictions	FALSE
E.15	Reimbursement notice	N/A
E.16	Refund mechanism	N/A
E.17	Refund timeline	N/A
E.18	Offer phases	N/A
E.19	Early purchase discount	N/A
E.20	Time-limited offer	N/A
E.21	Subscription period beginning	N/A
E.22	Subscription period end	N/A
E.23	Safeguarding arrangements for offered funds/crypto-Assets	N/A
E.24	Payment methods for crypto-asset purchase	N/A
E.25	Value transfer methods for reimbursement	N/A
E.26	Right of withdrawal	N/A
E.27	Transfer of purchased crypto-assets	N/A
E.28	Transfer time schedule	N/A
E.29	Purchaser's technical requirements	N/A
E.30	Crypto-asset service provider (CASP) name	N/A
E.31	CASP identifier	N/A
E.32	Placement form	NTAV
E.33	Trading platforms name	LCX AG
E.34	Trading platforms market identifier code (MIC)	LCXE
E.35	Trading platforms access	BSV is widely traded on multiple regulated and unregulated trading platforms globally. As a decentralized crypto-asset with no central issuer, BSV is not restricted to a single exchange and can be accessed by retail and institutional investors worldwide. LCX Exchange will provide access to BSV trading with several pairs. Investors can access BSV through LCX.com, the official LCX exchange, as well as other supported cryptocurrency trading platforms. To trade BSV, users must register, complete KYC (Know Your Customer) verification, and comply with platform-specific requirements.
E.36	Involved costs	The trading platforms where the admission to trading is sought do not involve any costs related to investors’ access.
E.37	Offer expenses	This field does not apply, as there is no offer to the public.
E.38	Conflicts of interest	There are no conflicts of interest arising at the moment of writing the white paper in relation to the offer or admission to trading.
E.39	Applicable law	Liechtenstein
E.40	Competent court	Liechtenstein

N	Field	Content
F.1	Crypto-asset type	BSV is a L1 native token, classified under MiCA as an “other crypto-asset,” not falling within the definitions of an Asset-Referenced Token (ART), Electronic Money Token (EMT), or Utility Token.
F.2	Crypto-asset functionality	The crypto asset BSV is characterized by being a medium of exchange, a medium of account, and a source of block rewards for miners (structured as block subsidies and transaction fees). The asset itself does not offer any other features such as staking, governance, or programmability. Numerous other functionalities correspond to the crypto asset project, however, as the BSV blockchain supports smart contract functionality via the native Bitcoin Script language, with restored opcodes and deterministic execution enabling complex transaction types and tokenization frameworks.
F.3	Planned application of functionalities	Does not exist as all functionalities at the crypto asset level have been deployed already
F.4	Type of crypto-asset white paper	OTHR
F.5	The type of submission	NEWT
F.6	Crypto-asset characteristics	The BSV crypto asset is the digital asset native to the BSV blockchain. It functions primarily as a means of value transfer and payment for transactions on the BSV blockchain. The asset facilitates peer-to-peer transactions, acts as a unit of account, and serves as the medium for transaction fees paid to miners for network operation. BSV assets do not feature programmable staking, governance, or delegated validation mechanisms as part of their core protocol. The BSV asset operates with a fixed total supply, which caps the overall supply at 21 million units. Assets are distributed as reward for each new block and are released to miners through a decreasing block reward schedule, with no mechanisms for subsequent minting or burning of existing tokens. Transaction fees collected on the network are distributed to miners as an additional incentive for maintaining network security and operational integrity.
F.7	Commercial name or trading name	N/A as DTI is provided in F.13
F.8	Website of the issuer	This field does not apply, as there is no identifiable issuer.
F.9	Starting date of offer to the public or admission to trading	2026-02-10
F.10	Publication date	2026-02-09
F.11	Any other services provided by the issuer	This field does not apply, as there is no identifiable issuer
F.12	Language or languages of the crypto-asset white paper	English
F.13	Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available	2L8HS2MNP
F.14	Functionally fungible group digital token identifier, where available	CCCWM2C2N
F.15	Voluntary data flag	FALSE
F.16	Personal data flag	TRUE
F.17	LEI eligibility	FALSE
F.18	Home Member State	Malta
F.19	Host Member States	Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

N	Field	Content
G.1	Purchaser rights and obligations	BSV is a decentralized crypto-asset and does not confer any legal rights, claims, or entitlements against any issuer or centralized entity. Purchasers of BSV do not obtain ownership, voting rights, dividends, or profit-sharing in any project or organization. The primary functionality of the BSV asset is as a means of exchange, data anchoring, and settlement on the BSV blockchain. Purchasers may use BSV to initiate peer-to-peer transfers, pay transaction fees, or interact with blockchain-based applications. Users are responsible for securely managing their own cryptographic keys and selecting their preferred wallet, service provider, or platform, while ensuring compliance with all applicable legal, regulatory, and tax obligations in their respective jurisdiction. Network participation is voluntary and conducted on an open-source, permissionless basis. No centralized dispute resolution mechanism exists for BSV holders. However, a technical dispute resolution framework has been established specifically for mining activity under the BSV Network Access Rules. This framework is maintained by participating infrastructure operators and is publicly available at: https://nar.bsvblockchain.org/network-access-rules/part-iv-dispute-resolution-rules.
G.2	Exercise of rights and obligations	As BSV is not issued by a central authority, rights and obligations are executed through decentralized mechanisms. Users exercise their rights by holding, transferring, or using BSV within supported platforms, wallets, and services. Obligations include adhering to the protocol rules, maintaining security over private keys, and ensuring compliance with relevant laws (e.g., KYC/AML when using regulated services). All actions are subject to the consensus rules of the BSV protocol, and users are expected to act independently. Any technical or operational changes to the network must be adopted voluntarily by users, developers, and miners through consensus.
G.3	Conditions for modifications of rights and obligations	BSV operates on a decentralized protocol, and modifications to its functionality, including any changes that might affect user experience or protocol rules, are made through open-source development and community consensus. There is no issuer with the authority to unilaterally change user rights or obligations. Proposed updates are publicly discussed and adopted voluntarily by miners, node operators, and users. In cases of disagreement, hard forks may occur, resulting in parallel blockchains. Users are responsible for staying informed about such changes and deciding whether to upgrade their software or continue on a given chain. These dynamics underscore the importance of community participation and transparent development in determining the evolution of the network.
G.4	Future public offers	FALSE
G.5	Issuer retained crypto-assets	0
G.6	Utility Token Classification	FALSE
G.7	Key features of goods/services of utility tokens	N/A
G.8	Utility tokens redemption	N/A
G.9	Non-trading request	TRUE
G.10	Crypto-assets purchase or sale modalities	N/A
G.11	Crypto-assets transfer restrictions	This admission to trading does not outline any restrictions on the transferability of the crypto-assets.
G.12	Supply adjustment protocols	FALSE
G.13	Supply adjustment mechanisms	This field does not apply, as G.12 is false.
G.14	Token value protection schemes	FALSE
G.15	Token value protection schemes description	This field does not apply, as G.14 is false.
G.16	Compensation schemes	FALSE
G.17	Compensation schemes description	This field does not apply, as G.14 is false.
G.18	Applicable law	There is no written legal agreement between the issuer and the crypto asset holder that sets out the laws that govern the legal relationship between those two parties. In the absence of such an agreement, the laws that govern that relationship will depend on the location of the issuer (to the extent that can be identified) and the given crypto asset holder and characteristic performance of the legal relationship, and any agreed intention of the issuer and crypto asset holder.
G.19	Competent court	There is no written legal agreement between the issuer and the crypto asset holder that sets out which jurisdiction's courts will have authority to deal with a dispute between the crypto asset holder and the issuer. In the absence of such an agreement, the laws that competent court will depend on the location of the issuer and the given token-holder and characteristic performance of the legal relationship, and any agreed intention of the issuer and crypto asset holder.

Part H – Information on underlying technology

N	Field	Content
H.1	Distributed ledger technology (DTL)	N/A as DTI is provided in F.13
H.2	Protocols and technical standards	Hashing: SHA-256 Proof-of-Work Key generation & signatures: ECDSA (secp256k1) Node communication: Peer-to-peer (P2P) over TCP/IP, gossip protocol. Transaction scripting: Bitcoin Script (stack-based, full opcode set) Ledger model: Unspent transaction output (UTXO-based). Development language: C++ (Bitcoin SV Node), Go (Teranode). Developer SDKs exist in Python, TypeScript, and Go. Block time: Target average of 10 minutes between blocks Difficulty adjustment: Network recalculates the mining difficulty every 2016 blocks to maintain ~10 min block time. Block size: No fixed consensus limit; miners set policy limits themselves since the Genesis upgrade; blocks have absolutely no limit with Teranode. Transaction formats: P2PKH, P2SH. Merkle structure: Transactions hashed in a binary Merkle tree; root recorded in block header for validity. Transaction ordering: Topological (TTOR), where parent transactions precede child transactions Wallet standards: BIP32 (HD wallets), BIP39 (mnemonics), BRC-100 (Open Wallet Standard). Coinbase maturity: Outputs from a coinbase transaction become spendable after 100 blocks Longest chain rule: The valid chain with the most cumulative proof-of-work is accepted by nodes Address format: Legacy Base58 (no Bech32, no SegWit) Block header: Contains previous block hash, Merkle root, timestamp, difficulty target, and nonce. Transaction finality: nLockTime and nSequence fields control when transactions become valid and included in a block Mining reward: Block subsidy halves every 210,000 blocks (~4 years) plus collected transaction fees First-seen rule: For conflicting unconfirmed transactions, the first one seen by a node is accepted into its mempool Script number & data push limits: Transaction script sizes, data pushes, and SigOps counts governed by miner policy after Genesis, not by fixed consensus rules Policy vs. consensus: Consensus rules define validity of blocks and transactions; miner policy settings control what miners relay and include in blocks beyond consensus requirements SPV support: Simplified Payment Verification allows lightweight clients to verify transactions without storing the entire blockchain.
H.3	Technology used	The BSV Blockchain is a decentralized, public, and permissionless distributed ledger that restores the original Bitcoin protocol. It enables global peer-to-peer electronic transactions with a focus on stability, security, and scalability. Transactions are recorded in massively scalable blocks, ensuring efficient and secure distributed record-keeping. By restoring the original Bitcoin protocol, the BSV Blockchain provides a stable foundation for long-term compatibility with established crypto-economic models and technical standards, while supporting advanced functionality through Bitcoin Script for smart contracts, tokenization, and enterprise-scale data applications. The BSV network comprises several node types with distinct roles. Mining nodes construct blocks, validate transactions, and secure the network through Proof-of-Work. Archival nodes maintain a full historical record of the blockchain without necessarily participating in mining. SPV (Simplified Payment Verification) clients verify transactions by checking block headers and Merkle proofs rather than storing the entire chain, enabling lightweight applications and mobile wallets. Enterprise or application nodes may index blockchain data or provide specialised services without performing full validation or mining. Key technical features include the following. Unbounded Block Size: A core tenet of BSV is the removal of artificial block size limits. Unlike BTC (which has a 1MB block size limit) or BCH (32MB, variable limit), BSV allows for extremely large blocks (gigabyte-level blocks have been mined) to accommodate a high volume of transactions. This is intended to achieve massive on-chain scalability. The current node software SV Node supports block sizes up to 4GB. With the upcoming Teranode node software, any block sizes are removed (blocks of over 100GB have been mined in a test environment). Low Transaction Fees: Due to the large block sizes and increased transaction capacity, BSV aims to keep transaction fees exceptionally low, as there is no artificial congestion on the network. making it suitable for micropayments and high-volume data transactions. BSV 's focus on massive scalability allows transaction fees to scale with the network, enabling economic viability of the network while keeping transaction fees low. Restored Bitcoin Script: On BSV, several changes to Bitcoin Script (e.g. disabling of Opcodes) have been undone, thereby intending to restore the original Bitcoin Script functionality. This enables more complex smart contracts and applications directly on the blockchain without needing additional layers or tokens. This restored scripting capabilities of Bitcoin Script also enables tokenization of digital and Real World Assets (RWAs). Protocol Stability: BSV emphasizes protocol stability to provide certainty for developers and enterprises building on the blockchain, ensuring that underlying changes won't break existing applications. Once the protocol has been fully restored (upcoming Chronicle release), no further changes should be made to the protocol. This ensures that transactions created now, will remain valid and unaffected in the future. BSV has a fixed maximum supply of 21 million coins, with the smallest unit being one satoshi (0.00000001 BSV). Transaction Capacity: Due to the increased blocksize, the capacity of BSV Blockchain is far superior to other Bitcoin networks (blocks are still created on average every ten minutes). In a single block, the peak throughput achieved on Mainnet is 70,000 transactions per second (tps), across 100 blocks this is ca. 2,000 tps. The latest Teranode software has achieved sustained 1.05 million tps over a two-week test period. This is a significant increase compared to BTC 3-7 transactions per second on L1.
H.4	Consensus Mechanism	The BSV blockchain uses the Proof-of-Work consensus mechanism within the “Nakamoto Consensus” framework and leveraging the SHA-256 hashing algorithm. Miners collect unconfirmed transactions into sequentially ordered candidate blocks and repeatedly hash the block header (which includes the previous block hash, Merkle root, timestamp, difficulty target, and a nonce) until a hash below the difficulty target is found. The first miner to find a valid hash broadcasts the block to the network. Other nodes independently verify the block’s validity, including transaction signatures and compliance with consensus rules, before appending it to their local copy of the chain. If two valid blocks are found simultaneously, miners resolve this temporary fork by extending the chain that accumulates the most proof-of-work, ensuring the entire network converges on a single authoritative ledger. Finality in BSV is probabilistic: the more blocks that are added after a transaction, the lower the probability of reversal. As block production continues, the risk of chain reorganisation diminishes rapidly, providing strong security guarantees for high-value transactions.
H.5	Incentive Mechanisms and Applicable Fees	BSV miners receive bitcoin assets as block rewards, which incentivize them to perform the energy-intensive activity of mining. Block rewards consist of two components: First, block subsidies, which are newly distributed BSV assigned to the miner who successfully mines a block. This subsidy halves every 210,000 blocks (~every four years), following the original Bitcoin schedule, limiting total supply to 21 million BSV. Second, transaction fees, paid by users whose transactions are included in a block. Fees are set by users and chosen by miners based on profitability; miners typically prioritise higher-fee transactions, especially when block space demand rises. As the subsidy declines with successive halvings, the network is designed to transition toward a fee-driven model, where miner revenues increasingly depend on transaction fees rather than new coin issuance. This encourages miners to process high transaction volumes within large blocks, making scalability economically attractive rather than burdensome. The system relies on game-theoretic principles. Mining is computationally expensive, so any attempt to attack the network would waste resources and forego legitimate rewards. Honest participation is incentivised because only the longest valid chain is accepted by the network, ensuring miners work collectively toward a single canonical ledger. Full nodes that do not mine have no direct financial rewards but help preserve decentralisation by verifying transactions and blocks independently, ensuring accuracy and security across the network. Over time, this design aims to reach critical mass, where transaction fee revenue alone sustains mining operations, enabling the system to function securely with minimal inflationary effects as the block subsidy approaches zero.
H.6	Use of distributed ledger technology	FALSE
H.7	DLT functionality description	N/A
H.8	Audit	TRUE
H.9	Audit outcome	The BSV Blockchain codebase is publicly available for review and continuous peer scrutiny. The protocol has undergone multiple large-scale stress tests and real-world validation through sustained operation at high transaction volumes and large block sizes. The protocol and node software has also undergone formal audits. Independent developers, enterprises, and researchers actively monitor and test the network, contributing to its transparency and robustness. Formal third-party security or technology audits have been and may be conducted at the application or service layer by entities building on top of the BSV Blockchain, while the base protocol remains stable and unchanged in line with the restored Bitcoin design.

General information	Page 3
Part A - Information about offeror or person seeking admission to trading	Page 4
Part B - Information about issuer, if different from offeror or person seeking admission to trading	Page 5
Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	Page 6
Part D - Information about other token project	Page 7
Part E - Information about offer to public of other tokens or their admission to trading	Page 8
Part F - Information about other tokens	Page 9
Part G - Information on rights and obligations attached to other tokens	Page 10
Part H – Information on underlying technology	Page 11
Part I - Information on risks	Page 12
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts	Page 13

N	Field	Content
I.1	Offer-related risks	BSV is a decentralized crypto-asset not issued or offered by a central entity. As such, there is no formal offering process or investor protection associated with traditional securities. Any acquisition of BSV is done on secondary markets or through mining. The BSV token is subject to significant price volatility, market fluctuations and liquidity fluctuations. Prospective holders may include individuals or entities unfamiliar with blockchain technology or digital assets, leading to misinterpretation of offer characteristics or susceptibility to loss due to decisions based on incomplete information. Certain categories (e.g., retail vs. institutional investors) may be exposed to differing levels of purchase or trading risk depending on their experience or access to information. The delisting of BSV on trading platforms and crypto intermediaries may affect the token's liquidity and token holders' ability to on/off-ramp the token.
I.2	Issuer-related risks	BSV does not have a central issuer, as it operates on a decentralized, permissionless blockchain maintained by independent miners, developers, and node operators. As a result, many issuer-specific risks, such as financial stability, operational risks, or conflicts of interest, do not apply. However, the BSV ecosystem is subject to certain risks common to all crypto assets, including: the value and liquidity of the BSV token is subject to volatility in digital asset markets, trading sentiment, and macroeconomic conditions. Price instability, low liquidity, or the emergence of superior competitors can negatively impact both resale value and market demand, affecting holders’ ability to exchange or realize value from their tokens. The risk of fraud, theft, hacking, phishing, or loss of private keys remains prevalent in digital asset markets. Unauthorized access to or compromise of user accounts and wallets could result in theft or irreversible loss of BSV. As with all crypto assets, legal uncertainties regarding the classification of BSV as a financial instrument or other regulated product may affect licensing, ongoing compliance obligations, and customers’ legal rights. Changes in money transmission, consumer protection, anti-fraud, and taxation regulations can impact the operation and utility of the token. Despite BSV’s very low energy usage for a proof of work network, proof of work mechanisms may nevertheless face regulatory scrutiny, particularly due to BTC’s (Bitcoin Core and similar) high energy usage and the effect of its negative publicity on proof of work at large. As it happens in relation to all crypto assets, dependence on third-party service providers such as wallet providers, custodians, and payment processors introduces operational and counterparty risks. Service interruptions, technical failures, insolvency, or cybersecurity breaches affecting these third parties could impair the functionality of our token, hinder transactions, or cause losses for users.
I.3	Crypto-assets-related risks	With all crypto assets, potential risks include market volatility, technology-related security vulnerabilities, and reliance on existing global internet and electricity infrastructure. There are also regulatory risks amidst the evolving legal landscape for crypto-assets. See additional risks in the previous section.
I.4	Project implementation-related risks	The implementation of the project is subject to various risks. These include the possibility of delays in the development or deployment of the BSV Blockchain or any associated technological upgrades. Factors such as unforeseen technical challenges, changes in regulatory requirements, or evolving industry standards could impact the project schedule or lead to modifications in the original project plan. Such delays or changes could affect the anticipated functionality, performance, or market adoption of BSV and related initiatives. The effectiveness of the project is dependent on the experience, skills, and stability of the key development teams responsible for designing, launching, and managing the blockchain and the token. If key members of the teams lack the necessary qualifications or experience, or if there are gaps in the track record of delivering complex blockchain projects, this may expose the project to increased operational or technical risks. All blockchain projects’ implementation may encounter obstacles such as failures in technology integration, unsuccessful upgrades, or software defects. Risks also include the potential for insufficient network adoption or user uptake, resulting in low utility and reduced value of the asset. Shifts in market demand, the emergence of superior technology, or inability to meet anticipated network capacity can also hinder successful project execution. The departure of critical team members or shifts in team structures may disrupt continuity in project management and technical execution, leading to setbacks or loss of strategic direction. Reputational risks may arise from public controversies, regulatory investigations, or negative coverage involving the association or key team members, which may impact user, partner, or investor confidence in the project.
I.5	Technology-related risks	Network congestion is unlikely considering BSV’s large block size, although it is not theoretically impossible. This, and software bugs could in principle result in delayed or failed transactions, affecting users’ ability to transfer or settle BSV in a timely or predictable manner. BSV and BSV Blockchain require stable, consistent internet connectivity and reliable access to electricity for transaction processing, node participation, and ongoing operations. Any regional or global disruption to internet infrastructure or power supply may prevent users' ability to transfer their token or engage with the blockchain until such services are restored. The operational integrity of BSV relies on incentives for miners and participants to secure the blockchain and validate transactions. While BSV’s support for large blocks, smart contracts and programmability opens up many revenue opportunities for miners, a “security budget problem” cannot be excluded if transaction fees are not sufficient to maintain a healthy hash rate as the block subsidy decreases. All blockchains are subject to majority attacks. While proof of work blockchains like BSV are subject to a higher attack threshold (51% attacks) than the majority of other networks using proof of stake (⅓ attacks), attacks cannot be excluded. As with other blockchains, other attacks are also in principle possible, such as 51% attacks, Sybil attacks, denial-of-service attacks, or exploitation of undiscovered software vulnerabilities. All blockchains are subject to a risk of contentious hard forks. Disagreements among developers or miners could lead to a hard fork of the BSV Blockchain. Such an event may create divergent token versions and confusion about which version constitutes the legitimate token. Holders could face risks related to valuation, functionality, exchange support, or loss of utility, and may need to take technical action to participate in one or both resulting blockchains. The operational integrity of BSV relies on incentives for miners and participants to secure the blockchain and validate transactions. While BSV’s support for large blocks, smart contracts and programmability opens up many revenue opportunities for miners, a “security budget problem” cannot be excluded if transaction fees are not sufficient to maintain a healthy hash rate as the block subsidy decreases. All blockchains are subject to majority attacks. While proof of work blockchains like BSV are subject to a higher attack threshold (51% attacks) than the majority of other networks using proof of stake (⅓ attacks), attacks cannot be excluded. As with other blockchains, other attacks are also in principle possible, such as 51% attacks, Sybil attacks, denial-of-service attacks, or exploitation of undiscovered software vulnerabilities. All blockchains are subject to a risk of contentious hard forks. Disagreements among developers or miners could lead to a hard fork of the BSV Blockchain. Such an event may create divergent token versions and confusion about which version constitutes the legitimate token. Holders could face risks related to valuation, functionality, exchange support, or loss of utility, and may need to take technical action to participate in one or both resulting blockchains.
I.6	Mitigation measures	BSV relies on open-source peer review, decentralized development, and active community engagement to identify and resolve technical issues. Continuous monitoring by developers and researchers helps detect vulnerabilities early. The network incentivizes miner honesty through economic alignment, reducing risks of malicious behavior. The efficiency of the BSV Blockchain, low-cost transaction volumes as well as efforts to promote renewable energy in mining address environmental concerns. Rooted in the original Bitcoin whitepaper, Network Access Rules (NAR) provide clear legal and operational standards for node behavior.

Index

General information

Part A - Information about offeror or person seeking admission to trading

Part B - Information about issuer, if different from offeror or person seeking admission to trading

Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

Part D - Information about other token project

Part E - Information about offer to public of other tokens or their admission to trading

Part F - Information about other tokens

Part G - Information on rights and obligations attached to other tokens

Part H – Information on underlying technology

Part I - Information on risks

Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts