our project (www.akiyacollective.org) is:

• legally an unincorporated non-profit association based in the US, with a fiscal sponsorship, with operations based in japan
• in the future, planning on incorporating a non-profit
• looking to issue ERC-721s that will act as a crowdfunding mechanism to purchase abandoned homes in japan
  • NFTs do not represent house ownership, nor governance
    • house will be owned by non-profit
    • governance will be done with smaller council, with input from community
    • everything will be transparent
  • price appreciation as return to investors
    • how to prevent this being a security?
• and potentially an ERC-20 token as well in the future
• we want this project to be accessible, so we want to be careful around KYC + securities laws

Affidavit

Precedents

• nonprofit entity + research

  Nonprofits / Foundation Research

  One of the most popular forms of registering a DAO (especially, protocol and community DAOs) is a foundation, which has several advantages that make it attractive for DAO incorporation:

  • A foundation is a self-owning entity. It has members that make contributions to fund the project’s development according to its statutory goals, but no owners. In contrast, corporations have shareholders, who own the company.
  • Members of a foundation have the right to vote on governance proposals. The organization and further implementation of the decisions are handled by a DAO Council. This is a governance body elected by the DAO members, which has a fiduciary (trust-based) obligation to manage the contributions of the DAO members in their interests (Treasury).
  • The foundation statute regulates the key aspects of a DAO. These include goals, which the DAO can spend its funds on; members’ acceptance; and members’ voting procedures, which form the governance aspects of the DAO.
  • from: https://legalnodes.com/article/choose-a-crypto-friendly-country-for-dao

• Is a public token sale feasible? For example, in Singapore, the US (Wyoming), and the Bahamas, a public sale would require a VASP authorization, whereas no permit is needed in the Marshall Islands or Panama.‍
• Are KYC procedures and maintenance of a register of DAO members required? Switzerland, Liechtenstein, Singapore, and the Cayman Islands have high KYC (know your customer) standards. Panama, the British Virgin Islands, and the Marshall Islands have much more relaxed requirements for KYC with some not requiring any KYC checks at all.

• mapping of legal structures to dao?
  • we need this so that we can shield dao participants / members from any kind of liability
• tokeneconomics: Tokenomics

other alternative solutions

https://en.wikipedia.org/wiki/Fiscal_sponsorship

reference

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