According to PANews, the Hong Kong High Court heard the world's first lawsuit involving a decentralized autonomous organization (DAO), ruling that six defendants must disclose detailed financial statements and supporting documents of blockchain and real-world asset tokenization (RWA) projects in response to allegations of asset misappropriation, with a claim amount of up to HK$6 billion. This case marks the first understanding of DAO by the legal community, reaffirming the important principle that Web3 business activities must respect the rule of law. The court emphasized that DAO controllers must be responsible to token holders and ensure transparency and accountability of project funds.
Today, Councillor Ng Kit-chung and Ms. Wong Meng-ying, a lawyer from the case law firm MUNG, held a press conference. Ng Kit-chung said that Hong Kong has enough soft infrastructure and legal professionals to develop DAOs, and suggested that the authorities take this opportunity to improve the relevant laws, dispel investors' concerns, and attract global compliant, healthy, and economically developed DAO companies to settle in Hong Kong. Currently, Web3 policies are being implemented step by step, and Bitcoin and Ethereum spot ETFs have landed in Hong Kong. We look forward to the first reading of the Legislative Council on stablecoins and over-the-counter trading laws as soon as possible to regulate stablecoins.
In addition, Wu Jiezhuang said that the SAR government should be encouraged to promote Hong Kong's soft infrastructure and the characteristics of "one country, two systems". Under the advantages of common law, he believes that the development of Web3 in Hong Kong can achieve immediate results. Finally, Wu Jiezhuang proposed to enhance Hong Kong's Web3 influence and improve the ecosystem, improve DAO legal norms, attract a large number of overseas talents and funds to Hong Kong, and make Hong Kong a DAO center and Web3 world center.