The Marshall Islands could become a top destination for the crypto community after it gave legal recognition to DAOs. Is investing in a decentralized future the key to becoming an internationally recognized hub for the blockchain industry?
its Non-Profit Entities Act 2021, making it possible for any DAO to register and commence operations in the country. The amendments to the law mean DAOs can now incorporate as nonprofit LLCs with bylaws and membership that can be recorded on the blockchain.
“I spent months researching what technology could make it easier to launch and operate DAOs. Any solution would cost $10s of millions and over a year to build. Then, the Marshall Islands law emerged, and I realized I could help solve an even bigger problem for DAOs, costing only single-digit ETH and taking days to implement per DAO. That’s when I knew starting MIDAO would be the best way for me to have a positive impact on the DAO community.
As a result, implementing a DAO is not an easy task, even in regions with favorable regulations for nascent technology such as blockchain. David Paul, Minister-in-Assistance to the President and Environment Minister of the Republic of the Marshall Islands, played a key role in formulating and pushing the DAO legislation. Speaking to Cointelegraph, Paul explained why the country has bet its money on becoming a hub for DAOs:
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