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28 July 2021

DeFi Industry Players Want DAOs Recognized as LLCs in Australia

DeFi Industry Players Want DAOs Recognized as LLCs in Australia


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DeFi Industry Players Want DAOs Recognized as LLCs in Australia.

The Digital Law Association of Australia and the internationally renowned law firm, Herbert Smith Freehills, want Decentralized Autonomous Organizations (DAOs) recognized by Australia’s laws as new-age corporate models, the Australian Financial Review reports on July 15.

With DAOs, executive positions are efficiently replaced by token holders who contribute to the project’s cause.

At the same time, because DAOs are classified as limited companies, losses incurred by the autonomous organization won’t spill over to the community–and thus token holders.

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