Hong Kong Legislative Council Member Wu Jiezhuang: The SAR government can refer to the securities industry to establish a DAO licensing system

Wu Jiezhuang, the chairman of the Hong Kong Legislative Council, Web3 and the Virtual Asset Development Forum, stated that the Hong Kong High Court will hear the world's first decentralized autonomous organization (DAO) lawsuit in August this year. Currently, the United States and Abu Dhabi have relevant legal frameworks for regulating DAOs. Since DAOs do not have legal entities, it is suggested that the special zone government can refer to the licensing system of the securities industry to establish a DAO licensing system, requiring licensed DAOs to clarify internal individual relationships and establish responsible personnel (RO) to ensure that licensed companies comply with regulatory requirements and maintain daily operations.