Please describe your proposed solution.

Currently, some large projects raising funds, especially those involving cryptocurrencies, may encounter some restrictions and problems when trying to access Argentine banks, so we know that all similar projects will encounter the same problems. That said, the best way to solve this problem is to find the safest way to raise it through CRYPTO-friendly countries and then enter Argentina through legal channels. Therefore, we want to investigate beforehand which channels will allow large projects to enter Argentina through these countries and avoid the problems that may occur. This is the main goal of this project and we hope that through our research and investigation we can help other projects in the same situation to follow the same pathway and successfully obtain funding to carry out their future projects.

Please describe how your proposed solution will address the Challenge that you have submitted it in.

This project fits perfectly with the objectives of this CHALLENGE and shares the same issues we will be facing, so we hope to create a system that will allow other people with similar projects to use the same approach to fundraising to avoid legal and tax issues when entering to Argentina.

What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

1. There is a risk that the entire process will take longer than expected and that the study will have to be extended to meet the objectives of the study.
2. The studied process may be affected by changes in the law that may affect the fundraising or remittance process later on, in which case new alternatives will have to be found, such as changing to another country, or legal entity or business model, and updating the report.
3. Some countries are not yet accessible due to COVID restrictions, so you may have to hire a local agent to complete the research required above, or you may have to delay access to the study until it is open.
4. Some laws are not yet clear, especially for TOKENIZATION, so we have to study in which countries are not currently restricted in order to find the appropriate legal regulation.

Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

<u>DETAIL PLAN:</u>

Many of the large projects funded by Project Catalyst require legal and financial support and guidance in their subsequent funding and implementation. This is because a new set of complications arises when a project has virtual assets in operation in a blockchain system. The status of cryptocurrencies varies from jurisdiction to jurisdiction. Many countries strictly control and interfere with cryptocurrencies, while others accept them and make them legal tender. Therefore, we need to find countries that accept cryptocurrencies and are more open and stable to ensure that our future remittances and processes run smoothly.

Currently, the amount of money we need to raise to go directly into Argentine banks may suffer some restrictions and problems, so all similar projects will encounter the same problems. That is, choosing the safest route to raise through CRYPTO friendly countries and then entering Argentina through legal channels. We need to investigate which channels will allow large projects to enter Argentina through these countries. This is the main purpose of this project and we hope that through our research and investigation we can help other projects in the same situation to follow the same pathway and successfully obtain the money to carry out their future projects.

As the manager of the 5 MW ADA SOLAR project, we needed to ensure that the future funds raised would be able to enter Argentina legally and smoothly, so we combined the legal background to research a few CRYPTO-friendly countries to select the most suitable, friendly, inexpensive, and lenient countries for future fundraising and to facilitate the legal conversion and then transfer into Argentina.

MALTA and ANDORRA in Europe have been selected as countries for our study and research, as well as for future studies on the feasibility to work with their financial entities. We hope that our research methodology will provide a basis for other large scale projects in Argentina or LATAM area in the future. We chose these two countries because we know that there are no special legal restrictions and they are more friendly to cryptocurrencies, so we can research more effectively and get all the information we need to know. In order to solve these problems, we will go to MALTA and ANDORRA in person (Airfare Accommodation self-funded) not only to consult with local legal advisors in detail, but also to investigate the legal legal issues related to fundraising, including opening accounts, conditions, taxes, fees, limits, remittances and their appropriate legal entity or identity and the information needed for subsequent use to ensure the process is error free.

Once the research related to fundraising for both countries is completed, we will do a two-part report for MALTA and ANDORRA

Will also consult with the relevant laws in these countries regarding TOKENIZATION to ensure that there are no legal issues involved in the future issuance of TOKEN.

<u>TIMELINE: The project will last 14 weeks and will be divided into two parts</u>

I. The bank or EXCHANGE in the country where the funds are raised

1 to 4 weeks to visit MALTA (at own expense) learn about the law and find a legal consulting firm to ask about the costs and taxes and legal issues of all the processes of converting cryptocurrency to fiat currency. Will include the following:

1- Logistics, hotel accommodation and meals from Buenos Aires to MALTA and ANDORRA and back to Buenos Aires. (at own expense)

2- Consultation with local banks to open accounts with cryptocurrency friendly banks/exchanges for fund raising

3- Consultation with a local law firm for related issues and taxes

4- Consulting on account opening procedures, fees, taxes, fund raising, transfer and remittance procedures and restrictions, related laws and measures

5- Consult with the relevant laws of these countries regarding TOKENIZATION to ensure that no legal issues are involved in the future issuance of TOKEN

6-Make notes, photos and videos for the final report

4 to 8 weeks to visit ANDORRA (at own expense) to learn about the law, find a legal consulting firm, and ask all the fees, taxes, and legal issues related to the process of converting crypto currency to fiat currency.

1- Negotiate with local banks or exchanges for a safe and secure way to remit the funds raised to Argentina.

2- Consult with local law firms on relevant issues and taxes to explore whether the local laws are enforceable

3- Consulting on account opening procedures, fees, taxes, fund raising, transfer and remittance procedures and restrictions, relevant laws and measures

4-Consult with the relevant laws in these countries regarding TOKENIZATION to ensure that there are no legal issues involved in the future issuance of TOKEN

5-Take notes and photos for the final report

Identify and open an account in the appropriate country to receive the fundraising funds

II. The process of bringing the fundraising to Argentina

8 to 14 weeks in Argentina to understand the legal and tax regulations and find the right legal channels to bring in the fundraising so that the funds can be used for the construction of the solar plant in the future

1- Research legal and tax issues or restrictions in Argentina regarding fundraising, TOKENIZATION and remittances

2- Enquire and investigate how to legally bring funds deposited in a foreign bank or EXCHANGE into Argentina

3- Set up a legal entity or procedure that meets the requirements to be able to receive the collected funds

4- Consult with taxation, transfer and remittance procedures and restrictions, related laws and measures

5-Make notes, photos and videos for the final report

<u>KEY MILESTONE</u>

Our key milestones will be based on specific, realistic and timely criteria.

• Find the necessary institution/s to implement the solution from MALTA with its corresponding financial services.
• Find the necessary institution/s to implement the solution from ANDORRA with its corresponding financial services.
• Find the necessary institution/s to complete the research in ARGENTINA with its corresponding financial services and thus close the complete circuit.

Please provide a detailed budget breakdown.

The budget will include the following content:

I. Investigation of the BANKS and CRYPTO EXCHANGES in the country where the funds are raised.

1 - 8 Weeks: MALTA and ANDORRA

1- Logistics from Buenos Aires to MALTA and ANDORRA and then back to Buenos Aires, hotel accommodation and meals (self funded).

2- Consultation with local banks and crypto exchanges for the fund raising.

3- Consultation with local law firms on relevant issues and taxes.

4- Consultation on account opening procedures, requirements, fees, taxes, fund raising, transfer and remittance procedures and restrictions, related laws and measures.

5- Consult with the relevant laws in these countries regarding TOKENIZATION to ensure that there are no legal issues involved in the future issuance of TOKENS.

6- Take notes, photos and videos for the final report.

We will assume to spend 240 hours in 8 weeks.

20 USD/Hr. X 6 hours X 8 weeks X 2 people = USD 9,600

II. The process of bringing the fundraising to Argentina.

9 - 14 Weeks: ARGENTINA

1- Negotiate with local banks or exchanges for a safe and secure way to remit the funds raised to Argentina.

2- Consult with local law firms on relevant issues and taxes to explore whether the local laws are enforceable.

3- Consulting on account opening procedures, fees, taxes, fund raising, transfer and remittance procedures and restrictions, relevant laws and measures.

4-Consult with the relevant laws in these countries regarding TOKENIZATION to ensure that there are no legal issues involved in the future issuance of TOKEN.

5-Take notes and photos for the final report.

We will assume to spend 120 hours in 6 weeks.

20 USD/Hr. X 4 hours X 6 weeks X 2 people = USD 4,800

TOTAL BUDGET USD 14,400

Please provide details of the people who will work on the project.

Jose Iadicicco: Co-founder of ADA SOLAR, Experienced project manager for many large projects. Stake pool operator (ADA ONE Pool), has more than 20 years of experience working with energy, network management systems, technology and telecommunication, IT specialist. Co-organizer of Cardano Summit 2021 and Hackathon 2022 in Buenos Aires, completed a solar power project in San Juan to power telecommunication systems in remote areas to create a seismic detection network system https://www.linkedin.com/in/jose-iadicicco-17363613/

Pojan Yang : Professor of Law at the University of Buenos Aires and UB.

Lawyer, Mediator and Notary Translator in the Ministry of judiciary.

Deep knowledge of administrative and commercial law.

Over 15 years of experience working for the Ministry of Justice.

If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

We will come back if we have new ideas to make CARDANO ECOSYSTEM more diverse and innovative.

Please describe what you will measure to track your project's progress, and how will you measure these?

We will measure the number of financial institutions (banks and crypto exchanges), from which we obtain satisfactory information that allows to carry out operations, from the two analyzed countries (MALTA and ANDORRA) and we will publish the reports corresponding to each institution, detailing the procedure of how to carry out operations with each one of them so that it can be replicated by other members of the community.

What does success for this project look like?

We consideer success for this project if we could complete the study in fourteen weeks:

• Research the laws governing MALTA and ANDORRA completed.
• Study of the legal or commercial organizations suitable for MALTA and ANDORRA completed.
• Study of MALTA's and ANDORRA's fundraising and remittance processes in compliance with the law completed.
• Study of the process of remittances into Argentina completed.
• Study of the laws that apply to remittances into Argentina completed.
• Study of legal and commercial organizations for remittances into Argentina completed.
• Study of the legal regulation of TOKENIZATION completed.
• The most important thing is to find a legal solution to get the fundraising project off the ground in Argentina .

Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

Entirely new one