More and more firms offer VASP licensing consultation, and also more and more firms receive their VASP license from the Central Bank - a clear indication that the AML/CTF legislation is now better understood after a few years since it was launched.
Anu Initiative is in the process of shifting towards a Decentralized Autonomous Organization (DAO) model, and implementing the necessary financial and legal controls in order to receive the VASP license from the Central Bank of Ireland.
More updates on the DAO model and VASP licensing coming soon.
(C) = Complete (WIP) = Work in Progress
Updates on Decentralized Autonomous Organization (DAO) building: We need to have a solid understanding of the underlying blockchain technology that powers it (Polygon), as well as the following prerequisites:
(C) A clear and well-defined purpose: We need to have a clear idea of the purpose of the DAO, including the goals and objectives it aims to achieve. This includes creating a whitepaper that outlines the project's features, benefits, and potential use cases.
(WIP) A community of supporters: A DAO relies on a community of supporters to function. We need to build a community of individuals who share our vision and are willing to participate in the governance and decision-making processes of the DAO. Develop a marketing plan to promote our project and attract investors. This may include participating in industry events, creating content, and engaging with the crypto community on social media.
We acquired the tools required to build the Anu Initiative community. Completing the Minimum Viable Product for our DAO and receiving the License from the Central Bank of Ireland are pre-requisites for deploying these tools and achieving the goal of building a vibrant community.
(C) A smart contract platform: We need to choose a blockchain platform that supports smart contracts, such as Polygon, to build our DAO. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Develop a working prototype or minimum viable product (MVP) that demonstrates the core features of your project. This helps to build trust with potential investors and users.
(C) A clear governance structure: We need to establish a clear governance structure for the DAO, including rules and procedures for decision-making and voting.
Our governance structure documented here
(WIP) Funding: We need to have the necessary funding to build and operate the DAO, which may come from investors, crowdfunding, or other sources.
(WIP) Launch a fair initial coin offering (ICO): An ICO is a fundraising mechanism that involves the creation and distribution of tokens that represent a stake in the project. We can launch an ICO to raise funds for our project. However, we should ensure that our ICO complies with applicable securities regulations - and that it offers a fair-launch to our Smart Contract. Participate in reputable crypto exchanges to increase the visibility of our project and attract new investors. This helps to build liquidity and value for our project's tokens.
We will look into the ICO phase after we receive the VASP license from the Central Bank of Ireland.
(WIP) Secure partnerships: Secure partnerships with other projects, companies, or organizations that align with our project's goals and objectives. This helps to build trust and credibility with potential investors.
Working in progress on securing partnerships.
(C) Expertise: We need to have a team with expertise in blockchain development, smart contract programming, and DAO governance. We may also need legal and financial experts to ensure compliance with relevant laws and regulations.
(C) Security: We need to ensure the security of the DAO by implementing appropriate security measures, such as multi-factor authentication, encryption, and regular security audits.
Much of this is already in place (C), and we are working to complete the rest **(WIP)**.
CTO, Anu Initiative