The Ras Al Khaimah Digital Asset Oasis (RAK DAO) in the United Arab Emirates recently announced that it will launch a legal framework for decentralized autonomous organizations (DAOs) to allow smaller DAOs to operate legally. (Preliminary summary: DAO has obtained independent legal status in the United States! This article summarizes the key points of the Utah (Decentralized Autonomous Organization) bill) (Background supplement: List DAO as a legal person! The new US proposal promotes "decentralized organizations to register in California") The United Arab Emirates (UAE)’s free economic zone focusing on digital assets, the Ras Al Khaimah Digital Asset Oasis (RAK DAO), recently announced that it will launch a legal framework for decentralized autonomous organizations (DAOs) to allow larger-scale Small DAOs can also operate legally. Solve the legal and governance requirements of DAO RAK DAO pointed out that this legal framework will help solve the legal and governance requirements of DAO, including: clarifying tax obligations and benefits; allowing DAO to have ownership of on-chain and off-chain assets; providing DAO founders with Provide legal protection from personal liability to members and contributors; allow the DAO to enter into legally binding contracts and provide guidelines for resolving internal and external disputes. According to reports, the legal framework will be presented and discussed at the DAO Legal Clinic on October 25. DAOs can be established remotely in the future. Irina Heaver, a partner at NeosLegal law firm, added that according to this legal framework, DAOs will be allowed to be incorporated in the United Arab Emirates in the future, but the relevant entities will not be required to reside in the country. At the same time, these DAOs can also open bank accounts, and compared to the high cost of setting up a DAO in Switzerland, the cost in the United Arab Emirates is only $3,000. Heaver commented: This remote accessibility will make it easier for global players to participate in the booming virtual asset industry in the United Arab Emirates. This affordability will allow even the smallest DAOs to protect themselves and operate within the legal framework. DAO has independent legal status in the United States. It is worth mentioning that the DAO is not the first organization in the United Arab Emirates to obtain legally independent status. As early as March last year, the Utah Legislature passed a law (removed The Centralized Autonomous Organization Amendment) legally recognizes DAO as a unique organizational form, clarifies and protects the legal and tax responsibilities of DAO members, and also supports DAO in distributing funds to members in the form of a partnership. In addition, at the end of April last year, San Francisco City Councilor Matt Haney also proposed a bill, Assembly Bill 1229, proposing to amend California's corporate code to include DAOs, blockchain networks and smart contract protocols. If passed, it would allow DAOs to register and pay taxes in California and provide better protections for Californians participating in the Web3 economy. The congressman said at the time: We are entering the next era of the Internet, and no matter what we call this new technology - blockchain, Web3 or cryptocurrency - we all know that it is an important part of the future technology and economy, because we The laws have not kept up with the times. California's loss of its status as a world leader in technology will have a devastating blow to employment, innovation and the status of the state. Related reports: The U.S. court recognized that Tornado Cash’s “governance token, DAO” is an entity legal person, and rejected Coin Center’s radical proposal brought by Buterin: DAO will govern the city, and citizens can participate in politics as shareholders and share profits. Buterin said: DAO is the orthodox currency. Circle projects, official officials are mostly scams. "The UAE will launch a "DAO special method": small-scale bank accounts can be opened, and the cost is as low as 3,000 mg." This article was first published on BlockTempo (Dong District Dong Trend - The Most Influential Powerful blockchain news media).

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