According to PANews, the Hong Kong High Court recently presided over the world's first lawsuit involving a Decentralized Autonomous Organization (DAO). The court ruled that six defendants must disclose detailed financial statements and supporting documents for a blockchain and Real-World Asset Tokenization (RWA) project in response to allegations of asset misappropriation, with claims amounting to HKD 6 billion. This case not only marks the legal community's initial understanding of DAOs but also reaffirms the crucial principle that Web3 business activities must respect the rule of law. The court emphasized that DAO controllers are accountable to token holders, ensuring transparency and accountability of project funds.
Today, legislator Wu Jiezhong and MUNG law firm's lawyer Huang Mengying held a press conference to update the public on the case and share their views. Legislator Wu Jiezhong stated that Hong Kong currently has sufficient soft infrastructure and legal expertise to develop DAOs. He suggested that the authorities take this opportunity to thoroughly study and improve relevant laws, clarify responsibilities and rights, and alleviate investor concerns. This could attract globally compliant, healthy, and economically developing DAO companies to settle in Hong Kong. The ongoing implementation of Web3 policies, including the launch of Bitcoin and Ethereum spot ETFs in Hong Kong, is seen as a significant step forward. Wu expressed hope for the swift introduction of stablecoin and over-the-counter trading regulations, aiming for the first reading in the Legislative Council to regulate stablecoins.
Additionally, Wu Jiezhong advocated for promoting Hong Kong's soft infrastructure and the unique 'one country, two systems' framework. He believes that, with the advantages of common law, Web3 development in Hong Kong can achieve immediate results. Wu also proposed enhancing Hong Kong's Web3 influence and ecosystem, improving DAO legal norms to attract a large influx of overseas talent and capital, and positioning Hong Kong as a DAO hub and a central player in the Web3 world.