Empowering Web3 Projects

At the heart of many successful Web3 projects are dedicated founding teams, often referred to as DevCos or Labs entities. These teams are responsible for designing, building, and shipping the core protocol & product – a critical role that requires focus, expertise, and resources.

As projects grow, they also require strong foundation management, governance frameworks, and treasury operations to support decentralization, transparency, and long-term stability. These are specialized operational disciplines that run alongside protocol development and benefit from dedicated expertise and infrastructure.

That is where Mugen comes in.

Mugen partners directly with DevCo and Labs teams to design, establish, and operate foundations and related entities. We take ownership of the operational layer by structuring foundations correctly, implementing governance and reporting frameworks, coordinating service providers, and managing treasury and financial workflows.

We put in place processes that support accountability, regulatory alignment, and sustainable runway as ecosystems scale.

This separation is strategic. A well-run foundation strengthens decentralization, builds stakeholder trust, and gives the network a durable operating base.

With Mugen operating the foundation layer in close coordination with the core team, DevCos stay focused on product, protocol, and ecosystem growth, while the operational backbone is managed with rigor and consistency.

Mugen works closely with a variety of Web3 entities that are looking to establish and scale their operations. Our clients include:

Foundations

Mugen partners with foundations that are responsible for the governance, and treasury management of Web3 projects. We design the foundation’s structure, implement the necessary processes, and handle the day-to-day operations on their behalf.

DAOs

Decentralized Autonomous Organizations (DAOs) are a key part of the Web3 ecosystem, and Mugen has experience supporting their operational needs. We help DAOs establish robust governance frameworks, manage their treasuries, and ensure regulatory compliance.

Development Companies

The founding teams behind Web3 protocols, often referred to as DevCos or Labs entities, are a core part of Mugen’s client base. We empower these development companies to focus on building and shipping their innovations by handling the operational complexities of the offshore entities.

Investment Funds

Web3 projects frequently raise capital from venture investors through instruments like SAFEs. Mugen works with the funds and investors behind these projects to set up the necessary operational and legal structures.

By partnering with this diverse range of Web3 organizations – from foundations and DAOs to development companies and investment funds – Mugen enables its clients to navigate the complexities of scaling their operations and achieving their goals.

We operate in four jurisdictions. Cayman Islands, British Virgin Islands, UAE and Cyprus. Cayman and BVI are our primary focus, that’s where most foundation structures are domiciled.

Mugen provides end-to-end foundation setup and ongoing operational management. For Web3 projects, we operate from pre-TGE structuring through post-TGE execution. 

Our services are designed to ensure regulatory compliance, operational independence, and long-term decentralisation while enabling development teams to remain focused on building the project or protocol.

While formal regulatory advice is provided by external counsel, Mugen plays a critical role in implementation and execution, including:

• Operationalising legal and regulatory frameworks
  Translating legal advice into practical governance structures, operating procedures, and day-to-day processes.
• Maintaining DevCo and Foundation separation
  Implementing and enforcing arm’s-length operating models, including MSA structures and activity boundaries.
• Governance and policy execution
  Supporting the adoption and ongoing application of governance policies, controls, and decision-making frameworks.
• Treasury operations and controls
  Managing treasury processes in accordance with compliance guidance provided by legal and financial advisers.
• Coordination with professional advisers
  Acting as the operational interface between the foundation and its legal, tax, audit, and banking partners.

Many compliance issues in Web3 arise not from poor legal advice, but from poor execution.

Mugen ensures that what has been designed by counsel is correctly implemented, consistently followed, and operationally sustainable over time. This reduces regulatory risk while allowing development teams and foundation stakeholders to operate with confidence.

Mugen is designed to operate as the ongoing operational backbone of foundations, DAOs, DevCos and Funds. Beyond initial setup, we manage treasury operations, foundation administration, and day-to-day execution so that decentralised projects can operate independently, compliantly, and at scale.

Yes.

Mugen, along with it’s trusted partners, provides strategic and operational GTM and growth support where growth intersects with governance, token economics, and ecosystem development.

Mugen helps founders and boards turn vision into scalable operating and growth models by designing business plans, roadmaps, and GTM strategies tied to real adoption and revenue outcomes. We advise on strategy, policy design, token economics, and incentive alignment, while mitigating regulatory, tax, audit, and AML risk.

We also support market entry and capital formation through brand positioning, website strategy, investor decks, and fundraising narratives, as well as GTM planning across partnerships, pipeline strategy, and ecosystem growth.

At the foundation level, Mugen manages community outreach and communications, operating social channels, aligning messaging across stakeholders, and handling inbound media in line with governance and compliance requirements.

Finally, we design and operate ecosystem and grants programmes, including proposal review, milestone-based funding, and performance tracking, supporting long-term developer and ecosystem adoption.

No, Mugen can work with any company at the cutting edge of innovation

Mugen’s philosophy is that bespoke is best when it comes to supporting Web3 projects. We don’t believe in one-size-fits-all configurations – every initiative has unique needs, so we customize our services accordingly.

At the core of our approach is a deep understanding of the diverse project structures and operational models found across the Web3 landscape. Whether you’re launching a DAO, establishing a foundation, or scaling a development company, Mugen has the expertise to design a tailored solution.

Our team works closely with each client to assess their specific requirements, challenges, and goals. We then architect a comprehensive operational framework that seamlessly integrates with their existing systems and processes. This could include everything from entity structuring and governance design to treasury management and growth strategy.

The result is a highly bespoke engagement that empowers Web3 projects to operate with maximum efficiency, transparency, and compliance – all while staying true to their distinct vision and community.

Getting started with Mugen begins with an initial consultation.

During this call, we assess your project’s structure, jurisdictional requirements, development setup, and stage of maturity, whether pre-TGE or post-TGE. This allows us to determine the appropriate structural model, governance framework, and operational support required.

Following the consultation, we outline a clear scope of work covering entity structuring, foundation setup, and or ongoing operational support.

To begin, book a consultation call. 

To understand why Mugen exists, it is important to understand the structural challenge many Web3 projects face.

US-based development teams, often referred to as DevCos or Labs entities, design and build protocols, raise capital from venture investors through SAFE agreements with token warrants, and lead early product development. However, when it comes time to mint, issue, and distribute tokens, current US regulatory frameworks do not permit token issuance from a domestic operating company. As a result, projects require an offshore foundation or token-issuing entity.

Once an offshore foundation is established, the US-based DevCo must remain operationally independent. It cannot participate in the foundation’s day-to-day activities, governance decisions, or treasury management. The only permissible relationship is through a formal Master Services Agreement (MSA), under which the DevCo provides defined services, such as ongoing protocol development, in exchange for a fee plus markup. This arm’s-length structure is essential for regulatory compliance.

This operational separation, often described as a “separation of church and state,” sits at the core of how Web3 foundations must function. It is also where many projects encounter friction.

Mugen designs, implements, and manages this separation. We operate and support the foundation, oversee governance processes, and manage treasury operations, allowing the DevCo to remain focused on what it does best: building and shipping the protocol. By removing operational, regulatory, and governance burden from development teams, Mugen enables projects to scale with clarity, decentralisation, and long-term resilience from pre-TGE through post-TGE and beyond.

Mugen is designed to operate as the ongoing operational backbone of foundations, DAOs, DevCos and Funds. Beyond initial setup, we manage treasury operations, foundation administration, and day-to-day execution so that decentralised projects can operate independently, compliantly, and at scale.

Mugen oversees treasury operations in line with approved governance frameworks and external compliance guidance, including:

• Consult directors on management of treasury capital and diversification of assets.
• Treasury reporting, forecasting, and runway planning.
• Administer treasury, including treasury counter-party risk mitigation, third party custodian account management, facilitating 
• Gnosis safe management and company wallet addresses.
• Utilizing multisig technology managed by third party custody providers.
• Operate and manage third-party custody asset accounts, authorized access, key shard management, multi-sig management.
• Coordination with custodians, exchanges, and financial service providers.
• Execution support for grants, ecosystem funding, and approved disbursements.

We do not take discretionary investment decisions. All activity is executed in accordance with foundation governance and authorised 

This structure allows development companies to remain focused on protocol development, while the foundation operates independently with clear governance, treasury oversight, and operational continuity.

Mugen provides end-to-end foundation setup and ongoing operational management. For Web3 projects, we operate from pre-TGE structuring through post-TGE execution. 

Our services are designed to ensure regulatory compliance, operational independence, and long-term decentralisation while enabling development teams to remain focused on building the project or protocol.

We help design and implement the legal and operational foundations required for compliant token issuance and decentralised governance, including:

• Foundation and token-issuer incorporation
  Jurisdictional structuring across Cayman, BVI, UAE, and other offshore frameworks in coordination with legal and tax counsel.
• Governance and operating model design
  Board, council, and committee structures, governance frameworks, policies, and voting processes aligned with decentralised best practices.
• DevCo and Foundation separation
  Structuring arm’s-length relationships between US-based DevCos and offshore foundations, including Master Services Agreements (MSAs) and operational boundaries.
• Pre-TGE readiness
  Operational, governance, and treasury frameworks required ahead of token generation events.

Once established, Mugen acts as the operational backbone of the foundation, providing:

• Foundation management and administration
  Day-to-day operational oversight, coordination with directors, councils, and service providers.
• Governance operations and voting support
  Proposal management, voting execution, record-keeping, and governance process administration for foundations and DAOs.
• Treasury management and oversight
  Treasury operations, controls, reporting, and coordination with custodians, exchanges, and financial partners.
• Regulatory and compliance support
  Ongoing compliance monitoring, policy maintenance, and risk management across jurisdictions.
• Service provider coordination
  Liaison with legal, accounting, GTM, audit, banking, and independent directorship providers.