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The DIMO Foundation has been formed to help DIMO navigate the challenges of operating in a world with legacy businesses and regulations. It exists to help DIMO grow to the become the world's best and biggest network, while remaining compliant. Having an entity in a defined jurisdiction is helpful for the purposes of minimizing community liability, clarifying tax requirements, establishing intellectual property rights, entering into traditional contracts, and more.
The power and importance of the DIMO Foundation should shrink over time as DIMO matures and regulations evolve.
The DIMO Foundation is controlled by professional directors registered with the Cayman Islands Monetary Authority (CIMA) with extensive legal, financial, and blockchain experience.
Due to the lack of regulatory clarity, all blockchain projects have risk. No structure, including this one, has been rigorously tested in court. That said, the DIMO Foundation and its contributors have worked with top Cayman and offshore legal counsel, tax firms, and advisors to deploy the best possible entity structure and operating plan. The DIMO Foundation is constructed very similarly to many of the most reputable and successful blockchain communities.