Dash Core Group October 1st Funding Proposals
DCG is submitting 3 funding proposals for the October 1st budget cycle:
1) DCG Compensation part one: 2,663 Dash per month (currently in month 3/3)
2) DCG Business Development: 266 Dash per month (currently in month 1/2)
3) DCG Legal: 266 Dash per month (currently in month 1/2)
This Proposal
Dash Core Group is continuing to submit legal proposals to fund ongoing company legal expenses as well as to build reserves for the legal budget as we work to correct regulatory perceptions regarding Dash. We are taking a more proactive approach to combating the incorrect perception among regulators that virtual currency exchanges may be unable to comply with AML regulations while serving Dash users.
Current projects include:
1) Continuing to fund Dash Core Group’s regular course of business legal expenses for integration contracts, vendor agreements, non-disclosure agreements, and other general company legal needs.
2) Responding to specific requests exchanges receive from their regulators when we feel assistance can preserve an important exchange listing.
3) Addressing Australia exchange delistings. Dash Core Group has engaged in a number of conversations with exchanges in Australia. We have had success in reversing delisting, specifically with Coinspot and SwiftX and another major exchange in Australia that will be relisting Dash in the near future. It appears that Australian regulators, without a clear understanding of the underlying technology, identified Dash as a privacy coin and have asked a number of partners to discontinue working with Dash. Dash Core Group is planning on engaging exchanges and regulators in conversations to remedy this situation and may need to enlist the assistance of local legal counsel.
4) As mentioned in our previous month’s proposal, with the FATF Travel Rule being applied worldwide this year, Dash Core Group has been working with exchanges to engage and educate on why Dash compliance requirements exactly match those of other major cryptocurrencies. We recently engaged with an exchange based out of Singapore which is planning on working with the regulatory authorities to ensure Dash is understood by the MAS and can continue to be listed on exchanges in the country. Because Singapore is one of the leading financial centers in Asia, regulatory precedent set there often has a ripple effect throughout the region.
As mentioned in previous legal budget proposals, determining the exact costs for legal projects at the outset is impossible, and determining a likely range for many items is highly variable due to factors outside our control (e.g., whether there are follow-up requests from regulators). This means we can’t assign a specific cost to initiatives we undertake. We have tended to request conservative figures… we are erring on the side of requesting smaller sums incrementally over time rather than requesting one large long-lasting funding request; this approach should lead to less excess budget. We also apply any unused budget toward other legal expenses.
After the next 2 months of funding we don’t anticipate funding our legal reserve until the second quarter of 2021.
If you have any questions, please direct them to
@RyanTaylor in this post to ensure we are notified of your request.
Requested funding is as follows for the October 1st budget cycle:
· 263.5 Dash for legal expenses ($20,500 USD @ $78 per Dash)
· 2.5 Dash proposal reimbursement
Total: 266 Dash
The exact same funding request applies to the November 1st budget cycle.
Note: Any unused budget will be applied toward other legal expenses and taxes.
Show full description ...
