Legal firms NeosLegal and RAK DAO are working together to develop the new system, which aims to clarify how DAOs can remain legally compliant.
This move comes amid the growing prevalence of DAOs, which are collective organizations governed through smart contracts on blockchain networks.
The RAK Digital Assets Oasis (RAK DAO), a free trade zone in the United Arab Emirates (UAE), is set to introduce a legal framework for a decentralized autonomous organization (DAO) on October 25, as reported by Cointelegraph on October 18. The framework is expected to have a significant impact on decentralized governance in the UAE and the broader Web3 ecosystem.
