The Republic of the Marshall Islands Allows Registration of DAOs as Legal Entities – Regulation Bitcoin News - BitcoinEthereumNews.com
The Republic of the Marshall Islands has anounced it will allow decentralized autonomous organizations (DAOs) to become legal entities. At the time of writing, only one DAO has successfully incorporated in the country. DAOs Will Be Allowed to Register as Legal Entities The Republic of the Marshall Islands (RMI) has said it will allow decentralized autonomous organizations (DAOs) to register as legal entities. The move, which has been made by the recent passage of the Non-Profit Entities (Amendment) Act 2021, makes it possible for DAOs to be “recognized by the international legal system.” According to a recent media release, the island nation has already established a domestic organization, MIDAO Directory Services Inc., to help DAOs register as legal entities within the Marshall Islands. The media release adds that MIDAO was involved in the successful incorporation of Shipyard Softwares Admiralty LLC, an entity that builds “decentralized exchanges for specific types of trades, traders, and instruments.” In justifying the country‘s decision to recognize DAOs, the media release points to the RMI’s track record in the sphere of regulatory compliance. “The RMIs track record of regulatory compliance and fair legal adjudication is recognized worldwide, and the country is well-positioned to become the leading domicile for DAOs in the