The DAO is recognized as an LLC in the Marshall Islands

The government of the Marshall Islands has passed an act that legally specifies dao As recognized limited liability companies.

The Pacific island nation was the first to recognize decentralized autonomous organizations (dao) as legal entities. The new law provides a legal framework for the operation of for-profit and non-profit DAOs. It also considers features of DAOs such as voting on proposals and asset tokenization.

Per the act, the republic will also set up an investment fund solely to help the government continue its work on DAO education and expand its economic integration.

In an effort to attract DAO players and larger web3 Enthusiastic about Republic, the licensing will be facilitated and managed by MIDAO.

In a statement, Marshall Islands Finance Minister Branson Vasey said the republic aims to be at the forefront of the technology while acknowledging the future role of The DAO in the larger economy. He added that based on its deep history of shipping registration and compliance, the country is well suited to step forward and provide space for DAOs to operate freely and cost-effectively.

Follow us on Google News




Leave a Reply

Your email address will not be published. Required fields are marked *