CODE OF CONDUCT
AND ETHICS POLICY

CODE OF CONDUCT AND ETHICS POLICY 

BITCOIN CAPITAL RESERVE LIMITED 
ACN 689 640 266 

Effective Date: 8 October 2025 
Review Date: 8 October 2026 
Approved by: Board of Directors 

1. PURPOSE AND APPLICATION

1.1 Purpose 

This Code of Conduct and Ethics Policy (Policy) establishes ethical and conduct standards for Bitcoin Capital Reserve Limited (Company or BCR), reflecting our commitment to integrity in Bitcoin treasury operations. 

1.2 Application 

This Policy applies to: 

(a) All Directors; 

(b) All officers, employees, and contractors; 

(c) Consultants and advisers acting on behalf of the Company; 

1.3 Regulatory Framework 

Ensures compliance with: 

(a) Corporations Act 2001 (Cth), sections 180-184 (director and officer duties); 

(b) NSX Listing Rules; 

2. CORE VALUES

Our operations guided by: 

(a) Integrity – Honest and ethical in all dealings; 

(b) Accountability – Responsible for decisions and actions; 

(c) Transparency – Clear and timely disclosure; 

(d) Prudence – Careful judgment in managing Bitcoin; 

(e) Respect – Professional treatment of all stakeholders; 

(f) Custodial Responsibility – Recognizing the unique nature of Bitcoin and paramount importance of secure custody. 

3. DIRECTOR AND OFFICER DUTIES

3.1 Fiduciary Duties (Corporations Act) 

All Directors and officers must: 

3.2 Digital Asset-Specific Duties 

Given Bitcoin focus, additional duties: 

(a) Custody Oversight – Ensure robust governance over Bitcoin custody and private key management; 

(b) Technical Competence – Maintain sufficient understanding of Bitcoin to make informed decisions; 

(c) Security Vigilance – Implement and monitor cybersecurity measures; 

(d) Regulatory Awareness – Stay current with digital asset regulations; 

(e) Market Monitoring – Understand Bitcoin market dynamics. 

4. CONFLICTS OF INTEREST

4.1 What is a Conflict 

A conflict exists when personal interests may compromise judgment in acting for the Company. 

Common Examples: 

4.2 Disclosure Requirements 

Must disclose immediately to the Board: 

(a) Any actual, potential, or perceived conflict; 

(b) Family relationships with Company service providers; 

(c) Any circumstances compromising independent judgment. 

How to Disclose: 

• Written notice to Company Secretary 

• Declaration at Board meeting 

4.3 Managing Conflicts 

Once disclosed: 

Minor Conflicts: 

• Disclosure and monitoring 

• Information barriers if needed 

Material Conflicts: 

• Recusal from relevant decisions 

• Independent oversight 

Serious Conflicts: 

• May require resignation from conflicting position 

4.4 Related Party Transactions 

Any transaction with related party must: 

(a) Be approved by disinterested Directors; 

(b) Be on arm’s length terms; 

(c) Be properly documented; 

(d) Be disclosed per NSX requirements. 

5. ETHICAL STANDARDS

5.1 General Conduct 

All personnel must: 

(a) Act with honesty and integrity; 

(b) Comply with all laws and Company policies; 

(c) Treat stakeholders with respect; 

(d) Maintain confidentiality; 

(e) Avoid conflicts of interest; 

(f) Report suspected violations. 

5.2 Specific Guidelines 

Honesty: 

• Provide accurate information 

• Correct mistakes promptly 

• Be transparent about limitations 

Fairness: 

• Treat all individuals with dignity 

• Avoid discrimination 

• Consider different perspectives 

Competence: 

• Maintain appropriate qualifications 

• Seek continuing education 

• Recognize limitations 

5.3 Digital Asset-Specific Standards 

Information Security: 

• Protect private keys and security information 

• Use secure communication for sensitive discussions 

• Report security incidents immediately 

Market Conduct: 

• Avoid market manipulation 

• Ensure transparent Bitcoin transactions 

• Maintain accurate transaction records 

Regulatory Compliance: 

• Stay informed about digital asset regulations 

• Report suspicious activity 

6. GIFTS AND ENTERTAINMENT

6.1 General Principle 

Gifts and entertainment must not: 

(a) Create or appear to create conflicts; 

(b) Compromise independent judgment; 

(c) Violate laws or regulations; 

(d) Create obligations or expectations. 

6.2 What’s Acceptable 

6.3 Approval Requirements 

All disclosed gifts recorded in register. 

7. CONFIDENTIALITY

7.1 What is Confidential 

Confidential information includes: 

(a) Bitcoin holdings and strategies; 

(b) Financial information and business plans; 

(c) Technical information about custody and security; 

(d) Market analysis and research; 

(e) Personnel and employment matters; 

(f) Any other proprietary information. 

7.2 Obligations 

All personnel must: 

(a) Protect confidential information from unauthorized disclosure; 

(b) Use confidential information only for legitimate business purposes; 

(c) Limit access on need-to-know basis; 

(d) Return all confidential information upon termination; 

(e) Continue to protect information after employment ends. 

7.3 Special Care Required 

Extra protection for: 

(a) Private keys and cryptographic security information; 

(b) Custody arrangements and security protocols; 

(c) Bitcoin acquisition strategies and timing; 

(d) Technical vulnerabilities or security incidents; 

(e) Regulatory communications. 

8. ANTI-CORRUPTION

8.1 Prohibition 

The Company strictly prohibits: 

(a) Offering, promising, or giving bribes; 

(b) Soliciting, accepting, or receiving bribes; 

(c) Any form of corruption involving government officials or private parties. 

8.2 Digital Asset Considerations 

Special vigilance required for: 

(a) Payments to officials in jurisdictions with unclear digital asset regulations; 

(b) Gifts to regulatory officials or policy makers; 

(c) Political contributions influencing digital asset policy; 

(d) Relationships with service providers in high-risk jurisdictions. 

8.3 Third Party Due Diligence 

Before engaging third parties: 

(a) Conduct appropriate due diligence; 

(b) Assess corruption risks; 

(c) Include anti-corruption provisions in contracts; 

(d) Monitor ongoing compliance; 

(e) Terminate if risks cannot be managed. 

9. WORKPLACE CONDUCT

9.1 Equal Opportunity 

The Company prohibits discrimination based on: 

• Race, colour, or ethnic origin 

• Gender, gender identity, or sexual orientation 

• Age, disability, or medical condition 

• Religion, political belief, or philosophical belief 

• Marital status, family status, or pregnancy 

• Any other characteristic protected by law 

9.2 Harassment and Bullying 

The Company prohibits: 

(a) Sexual harassment or unwelcome conduct; 

(b) Harassment based on protected characteristics; 

(c) Workplace bullying or intimidation; 

(d) Verbal, physical, or psychological abuse; 

(e) Retaliation against those who report issues. 

9.3 Health and Safety 

All personnel must: 

(a) Comply with workplace health and safety requirements; 

(b) Report unsafe conditions; 

(c) Participate in safety training; 

(d) Take reasonable care for safety of self and others. 

10. COMPLIANCE

10.1 Legal Compliance 

All personnel must: 

(a) Comply with all applicable laws; 

(b) Stay informed about relevant legal requirements; 

(c) Seek guidance when uncertain; 

(d) Report potential violations; 

(e) Cooperate with investigations. 

10.2 Digital Asset Regulatory Compliance 

Specific attention to: 

(a) NSX Listing Rules and continuous disclosure; 

(b) ASIC digital asset guidance; 

(c) Privacy and data protection; 

(d) International sanctions. 

10.3 Tax Compliance 

All personnel must: 

(a) Comply with tax laws; 

(b) Maintain accurate tax records; 

(c) Report taxable events appropriately; 

(d) Cooperate with tax audits; 

(e) Seek professional advice for complex matters. 

11. REPORTING AND WHISTLEBLOWING

11.1 Reporting Obligations 

Must report: 

(a) Violations of this Policy; 

(b) Breaches of laws or regulations; 

(c) Conflicts of interest; 

(d) Fraud, corruption, or criminal activity; 

(e) Safety hazards or security incidents; 

(f) Conduct harming Company’s reputation. 

11.2 How to Report 

Internal Channels: 

(a) Direct supervisor or manager; 

(b) Company Secretary: [Email] | [Phone]; 

11.3 Protection Against Retaliation 

The Company prohibits retaliation against persons who: 

(a) Make good faith reports; 

(b) Participate in investigations; 

(c) Cooperate with authorities; 

(d) Exercise whistleblower rights; 

(e) Refuse to participate in prohibited conduct. 

11.4 Investigation 

Upon receiving reports: 

(a) Promptly assess nature and severity; 

(b) Conduct thorough and impartial investigation; 

(c) Maintain confidentiality where possible; 

(d) Take appropriate remedial action; 

(e) Implement measures to prevent recurrence; 

(f) Report outcomes to Board. 

12. 12. POLICY ADMINISTRATION

12.1 Ownership 

• Board: Ultimate responsibility 

• CEO: Implementation and enforcement 

• Company Secretary: Administration and monitoring 

• All Personnel: Compliance 

12.2 Review 

This Policy is reviewed: 

(a) Annually by Board; 

(b) Following significant regulatory changes; 

12.3 Communication 

The Company ensures: 

(a) Policy readily accessible; 

(b) Regular communication about requirements; 

(c) Clear guidance on application; 

(d) Available on Company website; 

(e) Integration with other policies.