What Happened: The Dogecoin Foundation, a nonprofit organization aiming to support the development of the Dogecoin (CRYPTO: DOGE) ecosystem, is planning to open its headquarters in Liechtenstein.
The core team of the Foundation, which includes Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s legal and financial advisor Jared Birchall, told Decrypt.
Other key members of the Foundation are Ross Nicoll, Michi Lumin, Timothy Stebbing, Gary Lachance, and Jens Wiechers.
“We are currently in talks with people in Liechtenstein to establish a long-term legal entity there,” said board member Jens Wiechers.
“Liechtenstein has remained incredibly crypto-friendly, and as a member of the European Economic Area (EEA) would give the Foundation flexibility to operate with other European organizations,” Wiechers added.
“The foundation serves as an embodiment of Dogecoin to allow advocacy, support, and defense of Dogecoin to occur,” Foundation board member Michi Lumens told Decrypt.
Why It Matters: As a nonprofit organization, the Foundation has existed in the U.S. since 2014. But the current regulatory conditions for nonprofit crypto companies might not be the best, so the decision was made to settle in Liechtenstein.
Ever since the inception of the Foundation, Wiechers has fought off attacks on the brand at his own expense. However, with the Foundation’s re-establishment and structure, things will now be handled via funds available through the Foundation.
Number of companies have introduced “Doge-themed” products, including Unilever PLC’s (LON: ULVR) Axe deodorant that launched a limited edition DOGE scent and Kraft Heinz Co (NASDAQ:KHC) subsidiary Oscar Mayer that auctioned limited edition “Hot Doge Weiners” on eBay Inc (NASDAQ:EBAY).
The Dogecoin Foundation said it exclusively holds the Dogecoin mark and the Dogecoin Logo and intends to maintain them for the community.