{"id":27216,"date":"2024-08-20T21:45:35","date_gmt":"2024-08-20T18:45:35","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27216"},"modified":"2024-08-20T17:30:00","modified_gmt":"2024-08-20T14:30:00","slug":"hong-kong-legislator-calls-for-dao-regulation","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/hong-kong-legislator-calls-for-dao-regulation\/","title":{"rendered":"Hong Kong Legislator Calls for DAO Regulation"},"content":{"rendered":"<p>Legislator from <strong>Hong Kong<\/strong>, Johnny Ng, advised that the government should investigate controlling the activities of <strong>distributed autonomous entities (DAOs)<\/strong>, since local media sources state that the High Court of the city recently ordered defendants to reveal financial records connected to a <strong>DAO<\/strong> project.<\/p>\n<p>In an effort to turn <strong>Hong Kong<\/strong> into a worldwide Web3 hub, Ng, a member of the Legislative Council, told local media on Monday that the government ought to create a legal framework for running <strong>DAOs<\/strong>.<\/p>\n<p>Ng&#8217;s comment follows a court&#8217;s decision last week ordering six defendants to reveal bank information linked with <strong>Mantra DAO<\/strong>, <strong>Hong Kong<\/strong> newspaper <a href=\"https:\/\/www.scmp.com\/news\/hong-kong\/hong-kong-economy\/article\/3275066\/hong-kong-urged-grab-chance-after-world-first-financial-disclosure-order-blockchain-case\">The South China Morning Post<\/a> said, based on justifications. In this instance, the defendants contended that ownership resides with token holders, whereas the plaintiffs claimed that the defendants stole <strong>DAO<\/strong> project funds.<\/p>\n<p>DefiLlama data shows that <strong>Mantra DAO&#8217;s<\/strong> market capitalization right now is $740 million, while on July 22, it was $1.1 billion. The legislator also said the case might be a major legal precedent for the Web3 sector. Ng has earlier urged simpler banking access for <strong>Hong Kong&#8217;s<\/strong> crypto companies.<\/p>\n<p>Last year, <strong>Hong Kong<\/strong> laid out the welcome mat for cryptocurrency companies; in June 2023, it formally launched a crypto licensing system for trading platforms, therefore enabling approved exchanges to provide retail trading services.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legislator from Hong Kong, Johnny Ng, advised that the government should investigate controlling the activities of distributed autonomous entities (DAOs), since local media sources state that the High Court of the city recently ordered defendants to reveal financial records connected to a DAO project. In an effort to turn Hong Kong into a worldwide Web3<\/p>\n","protected":false},"author":6,"featured_media":27217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1239,8027,1469,8026],"class_list":["post-27216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dao","tag-distributed-autonomous-entities","tag-hong-kong","tag-hong-kong-dao"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hong Kong Legislator Calls for DAO Regulation - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/hong-kong-legislator-calls-for-dao-regulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hong Kong Legislator Calls for DAO Regulation - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Legislator from Hong Kong, Johnny Ng, advised that the government should investigate controlling the activities of distributed autonomous entities (DAOs), since local media sources state that the High Court of the city recently ordered defendants to reveal financial records connected to a DAO project. 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