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
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2 min
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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.
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