Lemma has been tasked with assisting the Balancer Foundation and Opco with their financial reporting, creation of the transparency report and accounting. Lemma is a service provider based out of the Cayman Islands. https://www.lemma.solutions/
With the assistance of the Balancer team we created a transparency report. This report summarizes the events of the last year for the Foundation and Opco. We also performed a comparison between the agreed budget and the actual figures with explanations for large movements.
Appreciate this report and the information around savings is valuable not only for transparency, but in tangible terms. Well done on that front. What should the communities expectations be on any detailed update related to the implications from MiCA and regulatory bodies? Will updates be given on a need to know basis, or with a defined cadence?
OpCo has been leading these discussions alongside its internal counselor (Warburton), to provide some clarity on the matter. With the upcoming launch of v3/zenUI, we think the timing is perfect to reassess regulatory concerns around VASP/CASP implications and how MiCA may or may not affect BVI companies. In the next few weeks, GRC/OpCo will be giving the Eco-council (team leaders) the overview of these assessments made together with an EU firm, and inform governance accordingly.
It is our understanding, in consultation with our advisors, that Balancer OpCo Limited does not qualify as a (BVI) VASP under the exemption of “(b) providing service as a software developer or provider of unhosted wallets whose function is only to develop or sell software or hardware” but we are constantly monitoring guidance for registrations. Cayman/BVI has a thriving blockchain community, and we are confident it will remain a competitive jurisdiction for crypto. Unlike 2-3 year ago, today we have many friendly jurisdictions, meaning policymakers are well aware business can simply move elsewhere in changing tides.
Addendum: acting now as executive director at OpCo, my intent is now to give regular updates to governance here on the forum, just as any other DAO SP. So, I sincerely appreciate the question and any feedback to what the community would like to learn from these reports.