The NUVA Foundation
The NUVA protocol is managed by the NUVA Foundation, a Cayman Islands exempted limited guarantee foundation company that serves as the cornerstone for long-term project development, governance, and treasury management. The Foundation operates with a robust governance structure designed for regulatory compliance and operational excellence. Its board of directors brings relevant industry expertise and oversees critical services.
The NUVA Foundation is following a carefully structured path toward progressive decentralization, aligned with community interests and regulatory expectations around safety, soundness, and accountability. This journey will be transparent, deliberate, and inclusive—designed to ensure stability during early stages while gradually expanding community governance as the network matures.
Key responsibilities include:
Governance and Decentralization:
Acts as the legal wrapper for the project by holding governance tokens and managing the project’s decentralized objectives.
Operates without formal ownership, aligning with the ethos of decentralization by avoiding conflicts between shareholder interests and project goals.
Manages decision-making processes, often mirroring DAO governance through its constitution or bylaws, which can be tailored to reflect token-holder voting or community-driven decisions.
May appoint supervisors or directors to oversee governance, ensuring compliance with the project’s objectives without traditional ownership structures.
Treasury Management:
Holds and manages the project’s treasury, including funds raised through token sales, grants, or other revenue sources.
Distributes governance tokens or funds to developers, investors, or other stakeholders as per the project’s roadmap (e.g., via services agreements or airdrops).
Ensures long-term financial stability by managing assets in a tax-neutral environment, leveraging the Cayman Islands’ lack of corporate, income, or capital gains taxes.
Asset Holding and Protection:
Holds intellectual property, governance tokens, or other critical assets, providing a robust legal structure for asset protection under Cayman Islands law.
Benefits from firewall provisions under the Trusts Act, protecting assets from foreign claims, and the ability to seek court directions for contentious matters.
Regulatory Compliance:
Ensures compliance with the Cayman Islands’ Virtual Asset (Service Providers) Act (VASP Act) if engaged in regulated activities like token custody or exchange, though token issuance itself may not always require VASP registration.
Maintains a beneficial ownership register (unless exempted) and complies with anti-money laundering (AML) and know-your-customer (KYC) requirements.
May apply for a tax exemption certificate (up to 30 years for exempted companies), ensuring tax neutrality for the project’s long-term operations.
Strategic Oversight:
Oversees the broader strategy of the project, including partnerships, development milestones, and community engagement.
Acts as the legal entity interfacing with traditional financial systems, providing legitimacy and recognition in global markets, especially in civil law jurisdictions where trusts may be less understood.