Johnny Ng, a Hong Kong lawmaker, has called on the Hong Kong government to seek into regulating decentralized self sustaining organizations (DAOs) after the metropolis’s High Court docket these days ordered defendants to yelp financial files connected to the DAO mission, in step with native media reviews. Ng, a member of Hong Kong’s Legislative Council, told native media on Monday that the government ought to introduce a honest framework for the DAOs in a expose to yelp Hong Kong right into a global Web3 hub.
The lawmaker’s feedback came after the court closing week gave reasons for an enlighten requiring six defendants to yelp financial files connected to the Mantra DAO, Hong Kong’s South China Morning Put up reported. Within the case, the plaintiffs accused the defendants of misappropriating the resources of the DAO mission, whereas the defendants claimed that the possession belonged to the token holders. In accordance with DefiLlama, Mantra DAO’s market cap is within the meanwhile round $740 million, up from $1.1 billion on July 22.
The lawmaker added that the case would possibly perchance location a extraordinarily most well-known honest precedent for the Web3 industry. He had beforehand called for simpler banking earn admission to for crypto firms in Hong Kong. Hong Kong welcomed crypto firms closing year and officially launched a crypto licensing regime for crypto buying and selling platforms in June 2023, allowing licensed exchanges to present retail buying and selling products and companies.
Image: Cryptopolitan
