{"id":32738,"date":"2022-12-22T19:00:42","date_gmt":"2022-12-22T14:00:42","guid":{"rendered":"http:\/\/myanmarnewsgazette.com\/?guid=20f90be7ee2d97a4704a4e0d14bdc753"},"modified":"2022-12-22T19:00:42","modified_gmt":"2022-12-22T14:00:42","slug":"midao-awarded-facilitation-of-dao-registry-process-by-government-of-marshall-islands","status":"publish","type":"post","link":"https:\/\/myanmarnewsgazette.com\/midao-awarded-facilitation-of-dao-registry-process-by-government-of-marshall-islands\/","title":{"rendered":"MIDAO awarded Facilitation of DAO Registry Process by government of Marshall Islands"},"content":{"rendered":"
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Pacific island nation passes into law the Decentralized Autonomous Organization Act of 2022, legally recognizing DAOs as domestic limited liability companies under the country\u2019s existing laws, underscoring investment and exploration into decentralized ledger technologies<\/h4>\n

MAJURO, Marshall Islands, Dec. 22, 2022 (GLOBE NEWSWIRE) — In a world-first, the Republic of the Marshall Islands (RMI) announced today that the government has passed into law the Decentralized Autonomous Organizations Act of 2022, which legally recognizes DAOs and enables legal entities registered in the country to formally adopt DAO structures and governance tools. This development marks the furthest any country has gone in legalizing and encouraging the growth of decentralized entities and their associated elements,\u00a0representing a unique opportunity for MIDAO’s facilitation of DAO Registry Process in the Marshall Islands.<\/p>\n

The historic announcement comes amid growing calls for governments to introduce more regulatory oversight and scrutiny of blockchain and cryptocurrency. Following the collapse of the FTX centralized crypto exchange, many governments have announced plans for new legislation and beefed up enforcement from financial watchdog institutions. The government of the Republic of the Marshall Islands recognizes that a \u2018one-size-fits-all\u2019 approach will not work in this sector, and recognizes the benefits that decentralization can bring to its economy.<\/p>\n

\u201cThe Republic of the Marshall Islands is proud to be at the forefront of tech jurisprudence and compliance globally. With this adoption of the DAO Act of 2022, The Marshall Islands commits its courts and its resources to the burgeoning world of decentralization, and recognizes the unique place that decentralized autonomous organizations can hold not just in the blockchain space, but in the broader economy as well. We believe that our island nation is well-suited based on our history of shipping registration and compliance to take this step forward and offer DAOs a place to domicile easily, efficiently, and in a cost-effective manner<\/em>,\u201d said RMI Finance Minister Bransen Wase.<\/p>\n

\u201cWe are in the midst of the blockchain revolution, and people all over the world are exploring new ways to organize and make decisions in a more efficient and egalitarian manner. Decentralized autonomous organizations present an enormous opportunity for people to organize in a more efficient and less hierarchical manner. We in the Marshall Islands recognize this unique moment to lead in this critical space<\/em>,\u201d said Bobby Muller, former RMI Chief Secretary, and President and Co-Founder of MIDAO.<\/p>\n

The Decentralized Autonomous Organization Act of 2022 in the RMI legally accomplishes the following:<\/p>\n