2 minute read

I think ultimately, whether you are doing right thing for public goods or not, is the only things for you to consider, but less friction with jurisdiction means your project/protocol will be well accepted from vast majority people and secure easy continuity of activities, so I think I need to gather as many information as possible on which country is best, but failed to found out consolidated information of best practice, while how to consider exists.

That is why I am starting to accumulate information here. I am going to keep these info. up-to-date as possible, but please notify me when you have found flaws. Sharing information is always welcomed.

When it comes to legal entity, crypto protocols need to consider what kind of entity is best for them. As far as I have seen, there is 2 types of history of groups that serve for protocols.

  • 2 types of groups that serve for protocols
    • Corporation becomes DAO.
    • DAO needs legal entity.

Former is going to become DAO for diversificaiton and transforms their legal entity. Latter is going to establish legal entity for coverting all or some part of their activities.

Most information I have collected is from Privacy Policy or Terms of Use, so I guess these legal entity is for B2C (i.e. facing protocol-to-people), so probability is high to exist another entity for B2B.

# Protocol Legal entity Country resides Reference date of reference
1 Uniswap Uniswap Labs NY, US https://www.linkedin.com/company/uniswaporg/about/ 2022/6/12
2 Compound Compound Labs Inc CA, US https://www.bloomberg.com/profile/company/1620454D:US 2022/6/12
3 Curve None (probably) - https://gov.curve.fi/tos 2022/6/11
4 Aave Avara UI Labs Ltd Cayman Islands https://aave.com/privacy-policy/ 2022/6/11
5 MakerDAO Maker Ecosystem Growth Holdings, Inc Cayman Islands https://makerdao.com/en/privacy/ 2022/6/11
6 MakerDAO MakerDAO Bank Participation Trust Delaware, US https://thedefiant.io/makerdao-bank-deal-dai-loans/ 2022/6/11
7 InstaDApp InstaDApp Labs LLC Delaware, US https://www.crunchbase.com/organization/instadapp 2022/6/11
8 LIDO DeFi Ltd. Cayman Islands https://lido.fi/privacy-notice 2022/6/12
10 Eular The Euler Foundation Cayman Islands https://www.euler.finance/terms/#terms 2022/6/12
11 Nexus Mutual Collective Risk Services CIC UK https://nexusmutual.io/pages/Terms-of-Use.pdf 2022/6/12
12 Polkadot Web 3.0 Technologies Foundation Switzerland https://polkadot.network/privacy/ 2022/6/12
- Maple Finance Maple Labs Pty Ltd Australia https://maplefinance.gitbook.io/maple/additional-links/privacy-policy#information-collection-and-tracking-technologies 2022/6/11
- CityDAO CityDAO LLC Wyoming, US https://opencorporates.com/companies/us_wy/2021-001023598 2022/6/11
- CitaDAO CitaDAO Protocol Limited British Virgin Islands https://docs.citadao.io/intro/privacy#what-information-we-collect 2022/6/11
- Babylon Finance Babylon DAO Inc. Panama https://www.babylon.finance/terms 2022/6/11
- Paxos Paxos Trust Company NY, US https://paxos.com/2019/03/29/privacy-policy/# 2023/3/22
- Paxos Paxos Global Pte. Ltd Singapore https://paxos.com/2019/03/29/privacy-policy/# 2023/3/22
- Paxos Paxos Technology Limited UK https://paxos.com/2019/03/29/privacy-policy/# 2023/3/22
- Sun Invest Sun Labs AG Switzerland https://www.suninvest.com/ 2023/3/22
- Bitrefill AIRFILL PREPAID AB Sweden https://www.bitrefill.com/terms/?hl=en 2024/1/19
- Bitrefill Bitrefill ES Sweden https://www.bitrefill.com/terms/?hl=en 2024/1/19
- Bitrefill AIRFILL PREPAID AB El Salvador https://www.bitrefill.com/terms/?hl=en 2024/1/19
- Bitrefill Airfill US LLC Delaware, US https://www.bitrefill.com/terms/?hl=en 2024/1/19
- Banxa EU Internet Ventures B.V. Amsterdam Netherlands etc https://banxa.com/wp-content/uploads/2023/11/Banxa-Customer-Terms-and-Conditions-30-October-2023-BANXA.pdf 2024/2/19

Besides practice above, there is good reading to consider legal structure of DAO.

Voices from people lives in

Bankless held good Q&A.

Where’s the best place to live for crypto? https://newsletter.banklesshq.com/p/wheres-the-best-place-to-live-for/comments?s=r

Good reading to consider