One of the first blockchain-based projects to enter the European Union, Ark Ecosystem, is a special project that has had a difficult journey ever since day one. It was also destined to be faced with many disappointments on the day of its ICO.
However, Ark Ecosystem was still able to attain its aspirations. In November, it was set up as a Cooperative Society of Collective Interest (SCIC) and was registered under the number 833 439 300. This is a favorable structure since it keeps common interest as its top priority.
A Cryptocurrency with a Future
Ark’s establishment as a SCIC in France is the first of its kind in the blockchain sector. This decision has undoubtedly enhanced the credibility of cryptocurrencies among the French public and worldwide. Ark’s team is very proud to have a role to play in the world of cryptocurrency in France.
This is already considered a major step towards the transition and adoption of virtual currency in the country. With its new status, Ark Ecosystem can now expand and make advancements to France’s blockchain technology. For some, this can also be an opportunity to get the public involved in the project.
The Ark Ecosystem in SCIC
SCIC is an acronym used in France to designate companies that are of general interest. This structure is a private cooperative that allows many different players such as public bodies, employees, companies or associations to interact all within the same legal framework. Average users and volunteers can also operate in favor of the common interest.
In general, all members of a SCIC belong to different statutory categories such as founders, employees or advisers. As an initial shareholder, Ark Ecosystem’s team can choose the administration of their choice. This allows them to maintain cohesion to their vision and is also a way for them to keep total control of the project.
Big Steps Towards Change
Ark’s decision to enter the cooperative status has managed to arouse the interest of a few major regulatory institutions. Alas, the company was invited by the Bank of France and the Financial Markets Authority (AMF) to explain their decision and present the project.
This resulted with the approval of the project from the French government after consulting with the AMF. These two would have discussed the best approach for Ark to comply with French legislations.
The choice to join as a cooperative was borne from meticulous work by the company’s legal team and an in-depth evaluation of all available options of incorporation. Before turning to France, the firm had also considered opting for a foundation status in Switzerland, which is already held by several other blockchain projects.
Another Process to Predict
In France, the SCIC status gives public institutions the ability to become shareholders if it is deemed appropriate by the CA. According to the company’s Charter, the board of directors can also appoint new shareholders to the project.
Shareholders may also be appointed to the Supervisory Board. However, the Charter itself may be changed at any time through a consensus of its shareholders.
Ark’s status requires it to keep at least 52.5% of its profit in legal reserves. The remaining profits will almost all be used to finance the development, communication and recruitment needed for the project.