Law Firm specializing in DAOs
The term DAO ( Decentralized Autonomous Organization) was coined by the programmer Vitalik Buterin in an article he wrote in 2015, referring to any type of non-hierarchical organization that could be set up within the framework of a blockchain. Currently, it is understood as a virtual entity jointly controlled by several external users, in which they pool a pool of cryptocurrencies and decide, through voting, the use to be made of it. It is perhaps the cyber equivalent of the legal phenomenon of the legal person.
DAOs have the advantage of being entities that reside exclusively in cyberspace, and are therefore accessible and administrable from anywhere in the world. Until very recently, they had the serious disadvantage of completely lacking any kind of legal personality. However, in the last two years, legislative reforms in various territories around the world (Wyoming, Marshall Islands, Cayman Islands, etc.) have made it possible to create a sort of legal framework for the DAO phenomenon, giving them legal personality, either in the form of a foundation, as in the case of the Cayman Islands, or as a limited company, which is the solution envisaged in Wyoming or the Marshall Islands. In most of these territories, no KYC requirements are imposed on the holders of a DAO, nor are they generally required to have a permanent manager in the country. The US financial authorities even allow DAOs with legal personality to open and manage bank accounts throughout the country.
At VICOX LEGAL we believe that this cyber-legal institution will experience a great expansion in the coming years, and therefore we provide our clients with full advice on this matter, informing them in detail of the latest legislative innovations.
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