Lawmakers in Australia want to regulate DAO decentralized autonomous organizations

 

Certain laws need to be passed before DAOs can be duly regulated, which the Australian government aims to achieve lawgivers in Australia want to regulate decentralized independent associations (DAOs). In this three-part series, Oleksii Konashevych discusses the pitfalls of stifling the arising miracle of DAOs and possible results.

On March 21, 2022, during Blockchain Week Australia, Australian Senator Andrew Bragg made many intriguing statements, one of which was about the intention of lawgivers to introduce regulations for decentralized independent associations.

Perse, it isn't new, as the Australian Senate Committee led by Senator Bragg recommended in October 2021 that decentralized independent associations be brought under the pack of the Pots Act, which provides norms for commercial governance and personalities.

Senator’s plan So, what did Senator Andrew Bragg say? Decentralized Autonomous Organisations can replace Companies. It might be the most significant development since the first joint-stock companies floated on the Amsterdam Stock Exchange in 1602

The Treasury will need to address these issues, leaving the field open for DAOs to continue to live up to their name. Any attempt to define a law (would) be tone-defeating.

Indeed, if duly enforced, all three objects can be achieved the consumers will be defended from vicious and unconscionable businessmen, earnings will be properly tested and at the same time, the arising assiduity of DAOs won't be stifled.

And then's a hitch. All DAO and fintech regulations we've seen in the world so far went down that regulatory path of counting on conventional approaches and styles. The red vid. The difference between them is just about the miserliness of the mesh.

The problem is that new approaches to regulating this assiduity aren't bandied extensively in society and among politicians. They aren't on the docket. But these generalities live, and I spent five times of my academic exploration working on them.

The threat is that because these new generalities aren't raised, they aren't on the docket of politicians and functionaries, so when it comes to regulating, they will relate to the being styles, to the commodity that they know, and this isn't good because they only know the conventional ways of regulating. But DAOs appeared as the response to obsolete approaches, inordinate bureaucracy, and red vid.