A foundation is a unique type of legal entity founded with the sole intention of achieving a specific purpose. This purpose is articulated by its founders and captured in its Articles of Association, a legally binding document that governs the foundation’s actions.
The Carbon Reserve is awaiting approval by the Swiss Federal Supervisory Authority. This approval will mean that the Carbon Reserve is able to pursue its purpose within the Swiss legal framework for foundations. It will also allow the Swiss Federal Supervisory Authority to oversee the activities of the Carbon Reserve, continuously ensuring that the foundations activities are fully aligned to the purpose for which it was established.
The foundation has a Board of Governors, who are responsible for providing strategic direction to the executive management team and for guiding policy decisions, including, but not limited to carbon asset procurement and monetary policies.
The governance needs of the Carbon Reserve are expected to change as it grows. Initially, the founders will have a prominent role on the Board of Governors, a role that is expected to diminish over time, ultimately allowing the foundation to be governed by an independent board free from the influence of its founders.
The Board of Governors delegates the day-to-day operations of the Carbon Reserve to an executive management team made up of individuals who are specialists in their fields. The executive team is responsible for overseeing the three functions within the Carbon Reserve:
The integrity of this initiative is too important to risk its unlawful exploitation. While the network is open and accessible to everyone with internet access, the network’s entry points, in the form of exchanges and wallets, follow all applicable anti-money laundering regulations.
The Carbon Reserve has delegated compliance with anti-money laundering regulation to Toco AG. The Carbon Reserve and Toco AG will work with law enforcement and ensure that third parties can access and analyse transaction information to detect and penalise fraud.
We recognise that consumers of financial services products can be vulnerable. We support the authorities charged with consumer protections and we are committed to complying with all regulations in the jurisdictions where we operate.
The Carbon Reserve is committed to compliance with global privacy regulations and to working with regulators and policymakers to shape a regulatory environment that promotes privacy and blockchain technology. The Carbon Reserve collects information from its users only as required for compliance with applicable AML, CFT, and sanctions laws.
The development of a global payment system and financial infrastructure based on environmental assets, such as carbon reductions, is a massive undertaking. Its success depends on its trusted and safe integration with the existing financial system. The worlds governments and their regulatory and law enforcement authorities are key stakeholders in this.