Regulatory Guidance for DAOs in the UK: What You Need to Know

In the UK, the Law Commission suggests that decentralized autonomous organizations (DAOs) should follow existing financial rules and tax laws instead of having separate legal oversight. They recently discussed the difficulties in defining DAOs and proposed that a single law for all DAOs wouldn't work because they are so different. The Commission recommended changing the Companies Act 2006 to cover DAOs that act like limited liability partnerships. They also called for a review of anti-money laundering (AML) rules for nonprofit DAOs. They advised international cooperation to create a global framework for AML and taxes for DAOs. Separately, the Solicitors Regulation Authority warned about a Bitcoin scam with fake law firms. They told people to check emails and look at the SRA's records to avoid being tricked.

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