CoinVoice has recently learned that in August this year, the Hong Kong High Court heard the world's first lawsuit involving a 'Decentralized Autonomous Organization (DAO)' and ruled that six defendants must disclose detailed financial statements and supporting documents of their blockchain and Real World Asset (RWA) tokenization projects to respond to allegations of asset misappropriation, involving more than 6 billion HKD. Wu Jiezhuang, Chairman of the Legislative Council of Hong Kong and the 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 regulatory legislation for DAOs.
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 usually exist in the form of DAOs but are like 'orphaned souls' without a place to land around the world. If Hong Kong wants to develop a digital asset ecosystem, it must quickly regulate DAOs and establish a framework for them, allowing these public chains to land in Hong Kong.
Wu Jiezhuang continues to point out that currently, the United States and Abu Dhabi have relevant legal frameworks regulating DAOs, and Hong Kong should also establish one as soon as possible. Since DAOs do not have legal entities, it is suggested that the SAR government refer to the current licensing practices in the securities industry to establish a licensing system for DAOs, requiring licensed DAOs to clarify internal individual relationships and to appoint responsible personnel (RO) to ensure that licensed companies comply with the regulations of the regulatory authorities and maintain the daily operations of the company. [Original link]