DAOs are recognized by the Marshall Islands as limited companies

Marshall Islands Passed DAO Law The country recognized decentralized organizations as legal entities back in February A new law that was recently passed in the small Pacific country will allow organizations that support crypto projects to be officially registered on the Marshalls. After the adoption of the law, crypto communities will be able to receive an LLC structure, which is internationally recognized. Such companies will have DAO LLC in their name. Bransen Vence, Minister of Finance in the Marshall Islands, said: “The new law shows that we are devoting our resources to global decentralization, which is booming. We recognize the fact that DAOs can be important not only in the world of blockchain, but also in the wider economy.” A registration process for such communities has also been created.. MIDAO will be responsible for this procedure, namely the registration of crypto communities that want to start their activities in the country. Back in February, the Marshall Islands recognized decentralized organizations as legal entities. Since then, they can carry out their activities in the country. The new law goes further, allowing entities to register as DAP LLCs and identify themselves as such. The Marshall Islands has been thinking about introducing digital assets for a long time, and the government has already approved actions to create a blockchain-based crypto asset called Sovereign (SOV).