Do DAOs need to register for review? Hong Kong Legislative Councilor Wu Jiezhuang: Suggesting that the government follow the licensing process of the securities industry

Hong Kong heard the world's first Decentralization Autonomous Organization (DAO) lawsuit this year, highlighting the legal and governance challenges of such new organizations. Hong Kong legislator Wu Jiedealer suggested that the Hong Kong government should establish a DAO regulatory framework as soon as possible to help the Web3 ecosystem develop and attract global resources. (Synopsis: A tweet raised 35,000 SOLs, what is the AI-Pool pre-sold by ai16zdao members?) (Background added: A new chapter for DeSci!) Quantum Biology DAO launches $QBIOToken, BIO Protocol first issuance) The Hong Kong High Court ruled the world's first Decentralization Autonomous Organization (DAO) lawsuit in August this year, marking the substantive stage of the legal and compliance challenges facing this new type of organization. As the Web3 ecosystem continues to grow, Hong Kong Legislator Ng Kit Dealer believes that Hong Kong should formulate a regulatory framework for DAOs as soon as possible to help the development of the digital economy. First DAO Litigation Triggers Regulatory Needs In August this year, the Hong Kong High Court heard the world's first case involving a DAO, requiring the defendant to disclose the detailed financial data of the Block chain and real-world asset tokenization (RWA) projects in response to allegations of misappropriation, involving more than HK$6 billion. This incident highlights the legal risks and governance gaps that DAOs may face during their operations. The DAO is an organization based on the Block chain smart contract, with no centralized hierarchy, and members participate in governance and decision-making by holding tokens. However, in the current legal system, the DAO lacks a clear legal subject status, which has become an important problem hindering its development. DAO is growing rapidly, and the regulatory framework needs to be improved Wu Jiedealer, chairman of the Hong Kong Legislative Council and Web3 Development Committee, pointed out that the total number of DAOs in the world has reached 200,000 and continues to rise, and if Hong Kong wants to become a Web3 hub, it should set up relevant regulations as soon as possible to attract DAO projects to land. Wu Jie dealer said: "At present, the public chain project in the form of DAO is like 'ownerless lonely soul', and it is difficult to find a suitable foothold in the world. If Hong Kong can provide a compliance framework, it will effectively attract these organizations to come to Hong Kong to develop and even pay taxes." He added that many DAO projects lack legal status to interface with the traditional financial system, and the establishment of a regulatory framework can facilitate cooperation between the DAO and banks and other financial institutions. Wu Jie dealer suggested that the Hong Kong government could refer to the regulatory model of the securities industry to introduce a licensing system for the DAO. The system will require the DAO to clarify its internal organizational structure and establish a Responsible Officer (RO) to ensure compliance with regulatory requirements and to maintain normal operations. He stressed that if Hong Kong can formulate a legal framework as soon as possible, it will help attract capital, technology and talent, and promote the comprehensive development of the Web3 ecosystem. At present, the United States and Abu Dhabi have established relevant regulations to govern the operation of the DAO. If Hong Kong can follow suit, it will further enhance its competitiveness in the global digital asset sector and become the core of the development of the regional digital economy. Related stories A tweet raised 35,000 SOLs, what is the AI-Pool pre-sold by ai16zdao members? A new chapter for DeSci! Quantum Biology DAO Launches $QBIOToken, BIO Protocol Issuance for the First Time Dissatisfied with LDO Loss Lawsuit" The US court ruled that Lido DAO is a partnership, and the members involved in governance are responsible for "DAO should also be registered for review? Hong Kong Legislative Council member Wu Jie dealer: It is recommended that the government follow the example of the securities industry to issue licenses" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Block Chain News Media".