A new legal initiative in Australia wants to allow DAO project governors to contract with other legal entities through DeFi tools.
Specialists and lawyers focused on decentralized finance (DeFi) are launching an initiative to create a new type of legal entity in Australia representing decentralized autonomous organizations (DAOs).
The country’s Digital Law Association and global law firm Herbert Smith Freehills are lobbying an Australian Senate committee to formally recognize new decentralized models for corporate governance. These new DAO models would replace the board of directors with an internet community, the Australian Financial Review reported Thursday.
The initiative specifically intends to allow “DAO Limited” project governors to contract with other legal entities through DeFi tools implementing blockchain technology to remove traditional intermediaries like banks and exchanges. Limited liability status will also prevent Australian members of a DAO from being liable for losses incurred by decisions made by a member of the community.
According to the lawyers, legalizing DAOs in Australia could make the country more attractive for global digital asset businesses as groups of local DeFi entrepreneurs reportedly shift offshore to jurisdictions like Singapore and Germany.
A DAO is a decentralized organization with certain sets of rules that are encoded as a computer program and are usually based on blockchain technology. The first most important attempt to create a DAO was “The DAO,” a machine-operating venture organization launched in 2016.
The news comes as some cryptocurrency exchanges shifting to a decentralized structure. Yesterday, ShapeShift crypto exchange announced plans to open-source its platform and dissolve its entire corporate structure in a move to underscore its commitment to DeFi. “Inspired by the broader DeFi community, we’ll now help pioneer a new model of economic coordination for the 21st century. No corporate entity, no banks and no borders. The tools are ready,” ShapeShift founder and CEO Erik Voorhees said.
Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 10 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.Watch a video on .
These trading signals help earn huge profit in just a few hours after purchasing the coins published on the Telegram channel.Are you already making a profit using these trading signals? If not, then try it!We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP subscribers of the Crypto Pump Signals for Binance channel.