Before you start

Things you'll want to check with your organisation first.

At your organisation

When receiving project funding via an equity-free, reputation-building cryptocurrency grant from Cardano Project Catalyst, there are several important things to keep in mind:

1. Understand the grant is traceable All transactions into and out of the digital wallet you link to the project are generally traceable on the Cardano blockchain. It's the decentralised and transparent public ledger records all Cardano transactions.

2. Understand the terms of the grant

   Make sure all those responsible for the project carefully read and understand what's expected by the community who voted for you to get the grant. This includes the amount of funding being provided, the timeline for the project, and all the specific reporting requirements or milestones that need to be met.

3. Familiarize yourself with the ADA Its is important to understand how the cryptocurrency works and how it can be exchanged or sold. This may involve working with a cryptocurrency exchange or wallet provider to manage funds.

4. Be clear about using the grant for the intended purpose The grant should only be used for the specific project or purpose for which it was provided.

5. Keep accurate records It is important to keep accurate records of all expenses related to the project, including any expenditures related to the grant. This will make it easier to track progress so the company can see that the grant funds are being used appropriately.

6. Monitor and report progress

   Meeting reporting requirements and providing accurate and detailed information on the project’s progress is a must do.

7. Consider the impact on your organisation's reputation Receiving a Project Catalyst funding can be a valuable way to build an organisation's reputation and establish it as a leader in its field. However, it is important to consider how the grant may be perceived by customers, investors, and other stakeholders. This may involve communicating the company’s values and mission and your project's alignment with your organisation's principles.

8. Decide who is going to be responsible for your organisation's wallet One or more people can look after the wallet which receives project funds. Its good to be really clear on who that is and make sure they know they are responsible for all transactions and for the the key(s) to the wallet.,

In your jurisdiction

There may be certain legislative and regulatory requirements that you'll needs to comply with, like:

1. Tax obligations

   Consult your accountant or tax advisor to understand any tax implications and ensure compliance with local tax laws.

2. Securities laws

   Consult your lawyer to understand any legal requirements and ensure compliance with applicable securities laws.

3. Anti-money laundering (AML) and Know Your Customer (KYC) regulations Understand the compliance requirements and do your due diligence.

4. Intellectual property rights Understand the intellectual property rights around technology or other assets associated with the project. Consult with your lawyer to review relevant contracts or agreements you're party to throughout the life of the project.

*There are services set up by the Project Catalyst community that can help here.

If you know a crypto accountant or lawyer in your jurisdiction who is crypto-currency capable please do let us know here.