According to Cointelegraph, the number of Web3 foundation registrations in the Cayman Islands surged by 70% year-on-year, exceeding 1,300 by the end of 2024, with more than 400 new foundations added in the first five months of 2025. Cayman foundations are becoming the mainstream legal entity for DAOs, used to manage treasuries, hold IP, and handle compliance matters; at least 17 foundation treasuries now exceed $100 million in size. The OECD CARF reporting framework will be officially implemented in 2026, requiring crypto service providers such as exchanges and custodians in the Cayman Islands to conduct due diligence and reporting. However, protocol treasuries and passive foundations that only hold assets are expected to be outside the scope of mandatory reporting.