On July 12, the UK Law Commission believes that decentralized autonomous organizations (DAOs) do not require separate legal oversight and should be integrated into existing financial regulations and taxation frameworks. The Commission said that in its current form, it is not feasible to implement a one-size-fits-all law for DAOs, as different ecosystems will tend to adapt their operations to local judicial requirements.
In addition, the Commission recommended a review of the Companies Act 2006 to facilitate oversight of DAOs operating as limited liability partnerships. The Commission also proposed a review of the scope of reform of not-for-profit DAOs and existing anti-money laundering regulations.
The UK Law Commission believes there is no need for a DAO-specific law
2024-07-12 08:26:28
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