According to Techub News and reported by Hong Kong Wen Wei Po, Hong Kong Legislative Council member Wu Jiezhang stated that the current framework for the development of Web3 in Hong Kong is still not完善, and he suggested that the SAR government introduce regulatory laws for DAOs. He pointed out that the entire digital asset ecosystem can be divided into two important parts: one is exchanges, and the other is public chains, which usually exist in the form of DAOs but are like 'orphaned souls' with no place in the world. If Hong Kong wants to develop a digital asset ecosystem, it must quickly regulate DAOs and establish a framework for DAOs to allow these public chains to land in Hong Kong. He also revealed that the industry has indicated that if there is a dedicated compliance framework for DAOs, there will be a willingness to land in Hong Kong and even pay taxes.
Wu Jiezhang also stated that currently there is a relevant legal framework 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 SAR government could 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 personnel (RO) to ensure that licensed companies comply with the regulations of regulatory agencies and maintain daily operations.