One school of thought argues that DAOs should avoid any legal structure and remain unregistered in all jurisdictions
But having a legal entity allows the DAO to engage in contracts with other real-world entities, and perhaps the biggest of all,
A legal entity protects the individual participants of a DAO from unlimited liability.
One structure that has gained popularity is the Cayman Islands Foundation structure.
Now while this setup doesn't need shareholders, it does require local directors, a Supervisor, a Secretary, and a DAO Administrator.
On Episode 79, I spoke with Karel Olivier, Lemma’s CEO & Co-Founder, to discuss their range of DAO Administrator services for DAOs in the Cayman Islands.
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Topics covered;
(0:00) Coming Up
(0:50) Episode intro
(2:55) Why Cayman Islands & incorporation set up
(5:43) Roles of directors, secretary, supervisor & DAO administrator
(8:27) DAO operator v/s DAO administrator
(9:36) Should director & DAO operator be the same person
(12:30) Role of supervisor with governance
(15:23) Join the next cohort of the Crypto Accounting Academy
(18:11) Pre-TGE, TGE & Post-TGE
(25:11) Highlights of the 2024 amended VASP Act
(27:28) Paragraph 8b on vested interest for directors
(30:08) Governance process for DAOs & tools
(33:59) ENS governance process
(35:37) Thanks to our sponsor Request Finance
(37:18) Opening a bank account & crypto-friendly banks
(39:48) Other important service providers
(42:15) Common mistakes around grants program
(52:36) Lemma services for pre-TGE, TGE, post-TGE
(56:04) Story behind Lemma’s name
(57:55) Filing requirements for DAO foundations
(59:45) Financial reporting of DAO to the community
(1:02:15) Closing thoughts
(1:04:03) Does Lemma work with other jurisdictions
(1:05:47) Karel’s favorite quote
(1:07:32) Reach out to Karel
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🤝Connect with Host
LinkedIN: www.linkedin.com/in/umarmhassam/
🤝Connect with Guests
Linkedin: www.linkedin.com/in/karel-olivier/
Website: www.lemma.solutions/