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The Republic of the Marshall Islands has declared a law that will permit businesses to formally adopt decentralised autonomous organisations (DAOs).
The law, the Decentralized Autonomous Organizations Act of 2022, acknowledges the benefits of DAOs and the government is hoping to promote the expansion of more DAOs in the country with it. As per a press release announcing the news, the DAO Act will allow businesses to register as limited liability organizations (LLCs). From this, they will be able to register and operate as DAO LLCs. Registering as a DAO LLC will define the company under the act and the regulations.
This follows the crash of FTX, a centralised crypto exchange which saw the industry overall rattled about central control in the crypto and blockchain industry. According to MIDAO CEO Adam Miller:
“During this crypto reset moment following FTX, it is critical that people understand this event would not have happened if the exchange were decentralized – DAO structures could have prevented this from happening.”
The act will also increase regulatory infrastructure. of decentralised finance (DeFi) in the country. According to the announcement, the law will allow both for-profit and non-profit organisations to register as DAOs. This comes as part of an effort to attract DAO developers and teams as well as Web3 “pioneers” to the country. The DAO Act will be facilitated by MIDAO, which aims to explain why DAO structures will work in the Republic of the Marshall Islands because of the RMI legal system in place.
By registering as a DAO, companies will be able to use decentralised governance, which includes voting protocols on the blockchain and tokenisation of assets.
With the news of the announcement, Bobby Muller, President and Co-Founder of MIDAO noted:
“We are in the midst of the blockchain revolution, and people all over the world are exploring new ways to organize and make decisions in a more efficient and egalitarian manner. Decentralized autonomous organizations present an enormous opportunity for people to organize in a more efficient and less hierarchical manner. We in the Marshall Islands recognize this unique moment to lead in this critical space.”