DIP-77(a) Dope DAO EMI 'Credit' Card

GM Dope DAO

Apologies for the muck around team, with the previous proposal I sought authorisation to spend 1k USD to set up the card, but its useless unless we put some funds into the account.

The first attempts to secure a card failed. See at here: https://snapshot.org/#/dopedao.eth/proposal/0xd934aef8e71d1528f0dd2968344a31ea0bbe3b3ea67fd387c0e45a5b958ecfa4

So I have explored the option recommended by Winston Wolfe with UTGL. UTGL are Hong Kong based and will offer the DAO an EMI card provided I KYC and act as the UBO.

The card will be a debit style card that is linked to an account. Funds can only be spent if corresponding funds are placed into the account. The EMI card will serve the purpose of paying DAO FIAT expenses by converting Crypto into FIAT at a LVR ration of 90%. This means if we pay $1000 USDC into the account we could draw down $900. Therefore the account will only be able to ever be in positive credit. Which is a good safety feature for the DAO and for me being the UBO.

Aside from the $1000 USD set up fee (payable in crypto) the fees are: USDC/T to USD: 1% Overseas card spending: 1.95% ATM withdrawal: 2.5%

This proposal will authorise the release $1000 USD set up fee as well as $1000 USD to put onto the card (both values equivalent in ETH).

Thanks for your patience. Tani