Republic of the Marshall Islands (RMI) announced On December 22nd, we announced that we enacted the Decentralized Autonomous Organizations Act of 2022.
The law formally recognizes DAOs and allows domestically registered legal entities to adopt DAO structures and governance tools.
The Decentralized Autonomous Organizations Act of 2022 provides both for-profit and non-profit DAOs with the option to register in an internationally recognized LLC structure.
Additionally, the law recognizes DAO governance, voting, and tokenization processes as legal.
The newly passed bill aims to attract DAO and Web3 leaders by setting up a DAO registry process facilitated by local company MIDAO.
Additionally, as part of the bill, the government will establish an investment fund to facilitate further education and training on DAOs.
Marshall Islands in early November announced plans to introduce its own cryptocurrency as legal tender alongside the US dollar.
Post Marshall Islands passes law to recognize DAO as a legal entity, making its first appearance on CryptoSlate.