The ARK blockchain project, known for pushing the envelope with its symbiotic ARK Bridge technology and 8 second block times has done it again. This time ARK has become France’s first incorporated cryptocurrency firm, as a unique entity known as a Collaborative Society or SCIC ( Société Coopérative d’Intérêt Collectif in Francé)
ARK ECOSYSTEM registration number n° 833 439 300 decision to register as this entity comes off after months of investigating legal framework options that would be in line with the b firm’s vision for their blockchain project. They passed on registering as a Swiss Foundation like many other crypto projects because they believe crypto companies are “NOT non-profit”
This type of entity enables shareholders in the company to onboard any type of business entity, companies, experts, public agencies to help make strategic decisions for the future of the ecosystem. The management structure is divided into “Employees”, “Founders”, and “Advisors”.
This structure provides the benefits of being a non-profit as long as earnings are not redistributed to shareholders, covering the cryptocurrency funds held by ARK.
ARK are advised by Fieldfisher law firm member Arnaud Grunthaler, who is a member of the French Prime Minister’s Think Tank, “France-Stratégie” which is dedicated to developing a legal framework that will make France attractive for blockchain development.
ARK has also forged a close working relationship with Autorité des Marchés Financiers or AMF. AMF is Frances regulatory body for financial markets, the relationship will be beneficial for Ark’s future regulatory compliance. ARK will also be on-boarding the first executive team members in the next few months.
After a successful launch of the Ark network on March 21st of this year, Ark now seems set to “prepare the world for a decentralised future”.