Hong Kong Pushes DAO Regulation to Enhance Web3 Investment Opportunities
Hong Kong lawmaker Johnny Ng Kit-chong has called for a legal framework to regulate decentralized autonomous organizations (DAOs) to strengthen the region’s Web3 investment environment.
His call follows a High Court ruling in the Mantra Chain case, which ordered the disclosure of financial details to maintain the status quo pending trial. The case, involving allegations of fund misappropriation by former employees of Mantra DAO Inc. and its infrastructure host, Riodefi, highlights the application of the rule of law in Web3 operations. Ng emphasized that the ruling sets a significant legal precedent for the global Web3 ecosystem.
Clever Robot News Desk 22nd August 2024
