{"id":299794,"date":"2021-07-15T16:40:17","date_gmt":"2021-07-15T13:40:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/australian-digital-finance-industry-wants-to-legally-recognize-daos\/"},"modified":"2021-07-15T16:40:17","modified_gmt":"2021-07-15T13:40:17","slug":"australian-digital-finance-industry-wants-to-legally-recognize-daos","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/australian-digital-finance-industry-wants-to-legally-recognize-daos\/","title":{"rendered":"# Australian digital finance industry wants to legally recognize DAOs"},"content":{"rendered":"<p>&#8220;<strong># Australian digital finance industry wants to legally recognize DAOs <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNmFhMzE4NzUtY2Y2Yi00MzVjLWEzOWYtZWQzYTkxMGNiYmMzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Specialists and lawyers focused on decentralized finance (DeFi) are launching an initiative to create a new type of legal entity in Australia representing decentralized autonomous organizations (DAOs).<\/p>\n<p>The country&#8217;s Digital Law Association and global law firm Herbert Smith Freehills are lobbying an Australian Senate committee to formally recognize new decentralized models for corporate governance. These new DAO models would replace the board of directors with an internet community, the Australian Financial Review <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.afr.com\/companies\/financial-services\/digital-lawyers-call-for-a-new-legal-entity-the-dao-limited-20210715-p589wp\">reported<\/a> Thursday.<\/p>\n<p>The initiative specifically intends to allow \u201cDAO Limited\u201d project governors to contract with other legal entities through DeFi tools, implementing blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> to remove traditional inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ries like banks and exchanges. Limited liability status will also prevent Australian members of a DAO from being liable for losses incurred by decisions made by a member of the community.<\/p>\n<p>According to the lawyers, legalizing DAOs in Australia could make the country more attractive for global digital asset businesses, as groups of local DeFi entrepreneurs reportedly shift offshore to jurisdictions like Singapore and Germany.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Wyoming legally recognizes first DAO in the United States<\/em><\/strong><\/p>\n<p>A DAO is a decentralized organization with certain sets of rules that are encoded as a computer program and are usually based on blockchain technology. The first most\u00a0important attempt to create a DAO was \u201cThe DAO,\u201d a machine-operating venture organization launched in 2016.<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> comes as some cryptocurrency exchanges are shifting to a decentralized structure. Yesterday, ShapeShift crypto exchange announced plans to open-source its platform and dissolve its entire corporate structure in a move to underscore its commitment to DeFi. \u201cInspired by the broader DeFi community, we\u2019ll now help pioneer a new model of economic coordination for the 21st century. No corporate entity, no banks and no borders. The tools are ready,\u201d ShapeShift founder and CEO Erik Voorhees said.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/australian-digital-finance-industry-wants-to-legally-recognize-daos\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Australian digital finance industry wants to legally recognize DAOs &#8221; Specialists and lawyers focused on decentralized finance (DeFi) are launching an initiative to create a new type of legal entity in Australia representing decentralized autonomous organizations (DAOs). The country&#8217;s Digital Law Association and global law firm Herbert Smith Freehills are lobbying an Australian Senate&#8230;<\/p>\n","protected":false},"author":1,"featured_media":299795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvNmFhMzE4NzUtY2Y2Yi00MzVjLWEzOWYtZWQzYTkxMGNiYmMzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,74860,75186,74868,20358,4965],"class_list":["post-299794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-cryptocurrency-exchange","tag-dao","tag-defi","tag-australia","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/299794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=299794"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/299794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/299795"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=299794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=299794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=299794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}