ARK becomes the first SCIC cryptocurrency in France
The ARK ecosystem is now incorporated in France as a cooperative society (SCIC), registered under n ° 833 439 300, with a structure that matches our open source blockchain organization. It is the first of its kind in the crypto-world and one of the first blockchain projects to join the European Union.
SCIC is the French acronym for "cooperatives of general interest". It is a new private cooperative of common interest that allows anyone - employees, users, volunteers, public bodies, companies, associations - to act together in a legal framework to govern an entity.
All members of the SCIC are shareholders and will belong to one of the statutory categories: founders, advisers or employees.
The principle of voting is: 1 shareholder = 1 vote.
The crew of ARK, being the holders of initial actions, will elect the Executive Board of the legal entity, which allows ARK to continue with the current structure of the board.
A LONG PROCESS
ARK decided on the SCIC after working with its legal team and evaluating different options to create a legal entity. After deciding that incorporation through the Swiss Foundation, a popular option for blockchain projects, was not the best option for ARK, the team turned to France. There, they found the SCIC incorporation process. According to the team, that option had almost everything they had been looking for in terms of incorporation.
Like SCIC, ARK will be able to structure a corporate government based on a board of directors and contributions from the ARK community. In addition, the incorporation of SCIC allows ARK to establish a well-defined structure, without legal ambiguities, related to capital gains and taxes.
Through its status as SCIC, the board of directors of ARK, with the exception of founders and employees, may appoint additional shareholders. These new shareholders can also be appointed to the supervisory board, as provided in the bylaws. The statute can be amended as many times as necessary.
In French legislation, the SCIC format also allows public institutions to become shareholders if the Board considers it relevant.
As a common interest benefit company, a SCIC must maintain at least 52.5% of the company's profits as legal reserves. In the case of Ark, there is no plan to distribute the benefits to shareholders. Therefore, you will have 100% of the profits for use in development, marketing and operations.
AN EXCITING PATH AHEAD
This SCIC establishment of ARK in France is not only the first of its kind, but will also strengthen the credibility of the cryptocurrency in France, the European Union and the rest of the world.
The perspective of ARK and its SCIC training has attracted the interest and enthusiasm of some regulatory institutions. During this process, ARK was invited by the Autorité des Marchés Financiers (AMF) - the French regulatory body for the financial markets - and the Bank of France (National Bank of France) to present the ARK Project and explain the conditions of the ARK TEC. The discussion was profound and encouraging. Talking with the AMF about the best way to comply with French laws resulted in a positive two-way conversation with the French government.
The ARK team is proud to be part of the crypto friendly environment of France, and proud to be the leader in this breakthrough in the adoption of cryptocurrencies. And now that the SCIC is finalized, the team will be able to expand and advance Blockchain ARK technology, which will provide more opportunities for all.