According to ChainCatcher news, in August of this year, the Hong Kong High Court heard the world's first lawsuit involving 'Decentralized Autonomous Organizations (DAOs)', ruling that six defendants must disclose detailed financial statements and supporting documents for blockchain and real-world asset tokenization (RWA) projects to respond to allegations of asset misappropriation, involving over 6 billion HKD. Wu Jiezhuang, chairman of the Hong Kong Legislative Council, Web3, and Virtual Asset Development Forum Committee, believes that the current development framework for Web3 in Hong Kong is still not完善, and suggests that the SAR government introduce regulations for DAO oversight.
He stated that the entire digital asset ecosystem can be divided into two important segments: one is exchanges, and the other is public chains, which typically exist in the form of DAOs but are like 'orphaned souls' without a place to land globally. If Hong Kong wants to develop the digital asset ecosystem, it needs to regulate DAOs as soon as possible and establish a framework for them, allowing these public chains to land in Hong Kong.
Wu Jiezhuang continued to point out that there are already relevant legal frameworks regulating DAOs in the United States and Abu Dhabi, and Hong Kong should establish one as soon as possible. Since DAOs do not have legal entities, it is suggested that the Hong Kong SAR government refer to the current licensing practices in the securities industry to establish a DAO licensing system, requiring licensed DAOs to clarify internal individual relationships and appoint responsible officers (ROs) to ensure that licensed companies comply with regulatory requirements and maintain daily operations.