Hong Kong Lawmaker Calls for DAO Regulation Framework
CryptoNewsTerminal Staff20 Aug, 2024
Hong Kong Lawmaker Calls for DAO Regulation Framework
Hong Kong Explores Regulatory Framework for DAOs In response to a recent court order, Hong Kong lawmaker Johnny Ng has highlighted the need for a legal framework to regulate the operations of Decentralized Autonomous Organizations (DAOs). This move signals Hong Kong's ambition to become an international Web3 hub. Ng emphasized the importance of establishing clear guidelines for DAOs, noting that the recent High Court order underscores the potential legal complexities surrounding these entities. He believes that a comprehensive framework would provide clarity and protection for both DAO participants and the wider Web3 industry. The push for DAO regulation aligns with Hong Kong's broader efforts to foster innovation and attract Web3 businesses. By providing a legal framework, the city aims to create a supportive environment where DAOs can operate and contribute to the growth of the Web3 ecosystem.
