Marshall Islands is the first in the world to legalize DAOs
DAO organizers will be able to register them as limited liability companies
23.12.2022 - 10:45
286
2 min
0
What’s new? The Marshall Islands authorities were the first in the world to adopt new rules allowing the registration of decentralized autonomous organizations (DAOs) as limited liability companies. And legal entities were allowed to formally implement DAO structures and governance tools. That is according to a press release from MIDAO, the organization that unites DAOs in the Marshall Islands.
What else is known? The government believes that a one-size-fits-all approach to regulating the crypto market will not work. Finance Minister Bransen Wase said authorities recognize the benefits that decentralization can bring to the country’s economy and are proud to be at the forefront of tech jurisprudence as well as regulatory compliance.
“With this adoption of the DAO Act of 2022, The Marshall Islands commits its courts and its resources to the burgeoning world of decentralization, and recognizes the unique place that decentralized autonomous organizations can hold not just in the blockchain space, but in the broader economy as well,” the Finance Minister concluded.
On November 2, the Japanese Digital Ministry announced the launch of its own DAO to study the challenges and potential of such organizations. The project will also help determine whether DAOs should be granted legal entity status.
For what decentralized autonomous organizations are and how they work, read GetBlock Magazine’s special feature.
Useful material?
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024