The Law Commission of the United Kingdom has suggested that decentralized autonomous organizations (DAOs) should not have separate legal oversight but rather be governed by existing financial regulations and tax laws. In a recent scoping paper, the Commission highlighted the challenges in defining a DAO and proposed that a one-size-fits-all law for DAOs is not practical due to their diverse nature. The Commission recommended amendments to the Companies Act 2006 to regulate DAOs functioning as limited liability partnerships and also called for a review of AML regulations for nonprofit DAOs. Additionally, international collaboration was urged to establish a global AML and tax framework for DAOs. In a related development, the Solicitors Regulation Authority warned about a Bitcoin scam involving fake law firms. Individuals were advised to verify the authenticity of emails and check the SRA's records to avoid falling victim to such scams. Read more AI-generated news on: https://app.chaingpt.org/news