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A DAO (decentralised autonomous organisation) is a member-owned, member-operated organisation set up independent of any central authority, to organise and deploy resources in blockchain-based ecosystems in a transparent manner through smart contracts. This includes pooling of economic and social resources in web3 systems or funding crypto-based projects through decentralised finance (DeFi). DAO setup relies entirely on democratic and participatory processes, such as the rule of code set by smart contracts and agreed upon by all participating members. This sets it apart from traditional structures of governance where power is equally distributed and easily facilitated to members around the world.
These features of DAO also make it harder to regulate and integrate with existing traditional business models, and as such are not yet recognised as legal entities, however, as of 201 a regulation has been set in place to formally recognise DAO legal structures in Australia.
DAO legal structures in Australia are a rapidly evolving discussion, and DAO lawyers are constantly working to lobby for a legal entity to represent DAOs as a recognised authority. If you are looking to set up a DAO in Australia, it is important to keep up to date with current legislation, and our DAO lawyers at Blockchain Australia help you devise a management strategy for your DAO, analyse whether membership interests are consistent with Australian law, and structure or restructure your DAO framework to be in line with changing regulations.
Our DAO lawyers have years of experience in DeFi and blockchain operations, and help to provide you with a legal anchor and liability protection, and digital management via smart contracts for all investors and group members in your DAO.
We know that the language of the law can be complex, so we keep things clear and digestible so you can grasp exactly what’s going on in DAO legal structures, even without any legal background.
Unlike traditional structures that limit both member and public access in decision making, in DAO setup all economic and social activity is recorded on the blockchain and is accessible and verifiable by all members of the DAO, increasing transparency.
Since decisions and resources in DAO are tokenised, they are decentralised and rely on group consensus within the DAO, eliminating the need for a central authority that governs all distribution and allocation of resources.
The use of smart contracts enables processes to be automated, including holding and controlling assets, and removes the need for written agreements with hidden clauses. Smart contracts also enable easier entry and exit for members in the DAO setup without an expeditious process.
Our technology-focused business has enabled us to partner with some of the leading blockchain experts around the world. When you work with Blockchain Australia, you unlock access to the best blockchain technologies and advice to ensure exceptional results.
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Founder @ Blacksheep / Cadena Legal
Founder - ZeroTech Optics & Digital Arms | CEO - TSA Outdoors
