Hong Kong: Embracing DAOs and becoming a hub for Web3 development
As the digital economy flourishes, decentralized autonomous organizations (DAOs) are becoming a key force in driving innovation and shaping the digital future. Hong Kong, as an international financial center, is at the forefront of this change and is ready to embrace the opportunities brought by DAOs through legal reforms and position itself as a hub for Web3 development.
1. Opportunities and challenges for Hong Kong
Hong Kong Legislative Council member Ng Kit-chung pointed out that it is time for Hong Kong to pay attention to this thriving ecosystem. As neighboring regions such as Singapore actively take advantage of the opportunities provided by Web3, Hong Kong must also keep up with the latest developments and cultivate the technological seeds that will shape the digital future.
2. Inadequacies of the legal framework
However, Ng Kit-chung also pointed out that Hong Kong's current legal framework has not yet fully incorporated the unique attributes of DAOs. In order to become a beacon for blockchain businesses, Hong Kong must embark on a journey of change, rewrite the legal narrative, and create a hospitable environment for these decentralized entities to flourish.
3. The path of reform
According to Mok Shu-lian, chairman of the Standing Committee on Company Law Reform in Hong Kong, Hong Kong, with its unique one country, two systems system, is an ideal place to create a legal structure suitable for the development of DAOs. Mo Shulian proposed that DAO can become a formal legal structure recognized by the state while retaining its appeal as a DAO.
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