DeFi Development Services Posted January 6 Report Share Posted January 6 Masses are anticipating 2023 as the ‘Year of the DAO’ because DAOs are getting advanced and innovative. However, DAOs will start following the law in 2023 is something surprising yet interesting. Actually, in 2021, a DAO crypto platform had no good options for legal incorporation but had to compromise a lot. There was a need for a person, maybe a director or a trustee, who could maintain all the records of members, meetings, rules, and so on. 2022 flipped the script with the introduction of jurisdiction in DAOs. A few states like Wyoming & Tennessee in the USA and the Republic of the Marshall Islands have developed DAO LLCs with flexible and powerful legal entities that are custom-made for DAOs including all the benefits of traditional LLCs. With this development, this new year has come up with an increasing number of DAOs incorporating jurisdiction which grants them access to banking, protects its members from personal liability, and even ensures that the DAO crypto platform can pay its tax if needed (for nonprofit organizations incorporating means paying no income taxes at all). Quote Link to comment Share on other sites More sharing options...
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