DAOs recognized as limited liability companies by the Marshall | C

DAOs recognized as limited liability companies by the Marshall Islands

The Pacific island nation passed the Decentralized Autonomous Organizations Act of 2022 on Thursday, extending the legality of DAOs, according to an announcement. Earlier in the year, the Marshall Islands became the first country to recognize DAOs as legal entities.

The new law will allow DAOs, decentralized communities that power crypto and blockchain projects, to be incorporated in the Marshall Islands. It will provide these decentralized crypto communities with an internationally recognized LLC structure as long as they identify as DAO LLCs, the announcement stated. This means that such organizations will need to have DAO LLC as part of their name.The Marshall Islands’ new law covers both for-profit and not-for-profit DAOs.

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