According to Techub News, as reported by Hong Kong Wen Wei Po, Hong Kong Legislative Council member Wu Jiezhuang stated that the current framework for the development of Web3 in Hong Kong is still not complete, suggesting that the SAR government introduce regulatory legislation for DAOs. He pointed out that the entire digital asset ecosystem can be divided into two important parts: exchanges and public chains, the latter often existing in the form of DAOs, but like 'unowned souls' having no place to land worldwide. If Hong Kong wants to develop a digital asset ecosystem, it must regulate DAOs as soon as possible and establish a framework for DAOs, allowing 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 Jiezhuang also stated that currently the United States and Abu Dhabi have relevant legal frameworks to regulate DAOs, and Hong Kong should establish one as soon as possible. Since DAOs have no legal entities, it is suggested that the SAR government could refer to the current licensing system in the securities industry to establish a DAO licensing system, requiring licensed DAOs to clarify their internal individual relationships and to appoint responsible officers (RO) to ensure that licensed companies comply with regulatory requirements and maintain daily operations.